New-business support in the Greater Exeter area
Exeter’s economy is in a very strong position with the possibility to grow even further thanks to significant planned retail and economic developments and the increased availability of employment land. Research conducted by the BBC and published during March 2012 listed Exeter in the Top 10 local authority districts in England for business entities that show a high growth potential. Out of the 7,345 businesses in the area, nearly 1000 showed a good potential for growth making Exeter as a business location one of the best for new companies.
More than £500m has been invested in the Exeter area between 2011 and 2015 to improve the area’s infrastructure. Projects include road upgrades, new railway stations, cycle paths and improved flood prevention initiatives as well as creating new university facilities and iconic business premises. With the Exeter economy continuing to attract investment, grow and support businesses and attract employees of a high calibre more and more locals are seeking to start their own businesses in an attempt to take advantage of the favourable economic climate.
Although the Exeter City Council’s direct funding of business support through their Business Boost scheme came to an end in March 2017 there are numerous other organisations that will assist anyone wanting to start their own business or who have recently done so.
Heart of the South West Growth Hub
The Heart of the South West Growth Hub was launched in March 2016 with services available to all businesses in Devon, Plymouth, Somerset and Torbay regardless of size and sector. The hub serves as a single point of contact for anyone seeking support and advice on any issues pertaining to the aspirations and operations of their businesses.
Business & IP Centre (BIPC)
This association follows a programme that was developed by the Business & Intellectual Property Centre at the British Library in London. The BIPC Exeter offers free support to entrepreneurs, business owners and inventors and is located at the Exeter Library. There are currently only 10 centres such as these across the United Kingdom, making Exeter very fortunate to have one.
Major banks and reputable loan providers
Many banks offer free services such as financial health checks and can also offer assistance in obtaining funding to start up a business. If you have previous bad credit you may have to approach a reputable loan provider such as this example from Norway in order to obtain finance for your business. Building a good relationship with your business manager at your local bank can prove to be very beneficial for your business in the future.
Regardless of how steady the economy of an area may seem there are always risk factors involved and it is imperative to conduct sufficient research before investing any time and money in starting a new business. As far as new-business support systems are concerned Exeter has more in place than even some of the major cities in the UK making it as good a place as any to start your new business venture.
Photo by Ilya Pavlov on Unsplash
