Our company will be based in Cambridge. We have decided to choose this specific location due to it being the fastest growing city in the UK. The City is known for a number of successful companies especially tend to produce the most innovative tech companies. The City Tracker report has shown that Cambridge has the fastest-growing city economy in the Country. Other cities included, Milton Keynes, Manchester, inner London as well as Coventry. Cambridge, similarly to Milton Keynes both showed GVA growth of 2.7% as result of high share of service and knowledge-based industries.
(Property Week, 2016)
The report shows prediction for future growth of the top 10 fastest growing cities, from 2016-2026. Once again, Cambridge is shown at the very top with the highest percentage of 25.1. This is the main reason why we think this is the best location to start an architectural firm. The prediction gives us some level of certainty that our company will be able to continuously grow throughout the years.
(Property Week, 2019)
Business Development
Cambridge has a number of fast growing business development areas. One of them being, Silicon Fen, which is a perfect location for high-tech business and first-class facilities. A new business in this area would attract the correct clientele suited to our firm. Moreover, Cambridge is known for many business incubators, which provide good support services and resources such as office and meeting space as well as coaching and networking connections to entrepreneurial companies. Some of the best business incubators include Eagle Lab’s Cambridge Incubator who offer co-working private offices and mentoring. Their primary purpose increases the growth and success of startup companies.
(Eagle Lab, 2017)
Location
The business will not only be surrounded by passionate and ambitious individuals who will be able to share ideas, but also many support services which is available for any innovative new startup. The location of Cambridge has many transport links, with easy access to London, Norwich, Peterborough etc. There is a 45min train available, which will direct you to the centre of London as well as a 30 minute train to Stansted Airport, allowing easy access for business trips in the UK as well as abroad. Although London could have been a potential location for our business due to it being one of the most innovative cities, the high expenses of living there and maintaining a business was definitely above our budget. However, it does not mean that once our business expands, the firm could either relocate or expand around many places in the UK.
Additionally, the chosen location allows for contact and close relationship with Cambridge University Engineering and Architectural Department who are known to participate with many business. The exceptional knowledge that Cambridge University offers could prove invaluable to our business. Being surrounded by the correct people behind our business will be crucial, particularly during the early stages in order for our firm to develop further.
(Univeristy of Cambridge, n.d.)
Reputation
The main advantage of Cambridge being the best location for our business is the reputation of the area. By locating our business in a well-regarded and respected area, the positive perception may be transferred into our business. It has been proven that perception drives purchasing decision, therefore this can be seen as a free form of marketing. Due to high expenses of virtual reality, our clientele will be focused on middle to upper class clients. Cambridge has a high number of residents who show a high GDP, which may be suitable for our firm as we target lucrative new clients.
Golden Triangle
Cambridge is one of the cities of the Golden Triangle. Bidwells reveals that Cambridge, Oxford and Milton Keynes are becoming the UK’s most innovative and entrepreneurial cities. London is known to be the city of business, yet the golden triangle is on track to beat this statement. This is due to the growth of major developments, investment and business initiatives.
Cambridge is know to be the third best city to work in:
Available jobs: 21, 645
Job satisfaction: 3.5 / 5
Average base salary: £31, 225
Average home value: £455, 299
Top jobs: Software engineer, graphic designer, registered nurse
Cambridge is not only one of the best cities for business in the UK but also across Europe.
In the European Digital City Index’s report of the digital entrepreneurial landscape of 60 cities across Europe:
Cambridge ranks first for its market
Oxford ranks first for skills
Cambridge ranks 6th, and Oxford 4th for best business environment
Cambridge ranks 12th, and Oxford 15th as best cities for start-ups
Cambridge ranks 8th, and Oxford 14th for the entrepreneurial culture
Bidwells have discovered that in the last few years due to Cambridge being a stable area for new firms, the rent has been increasing each year. The demand for office is space is constantly growing, while London rents are surprisingly decreasing due to the growing interest of other cities.
The statistics show that Cambridge prime office rent grew to 2.7% to £38 per sq. ft. While London office rents reduce by 6.7% to £70 per sq.ft.
(Bidwells, 2017)
Edited by Simone Magdalena Polcik
Bibliography
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