In August 2022, it was revealed that collective business confidence in Scotland has dropped eleven points to 5%. This is synonymous with the rest of the UK, which has a collective confidence of 16% (its lowest level since March, 2021).
One of Scotland’s most prominent cities, however, has long been coined as an international business-for-good capital. In 2017, Edinburgh was ranked 27th in the world as a destination for entrepreneurial success. Similarly, that year it was announced as the best place to build a small business in the UK.
What does the lower business confidence mean for Edinburgh, however? Well, while it may seem like this will change things, it is unlikely that Edinburgh will lose its status globally. This is due to the fact that, realistically, it has earned that reputation due to its relatively small size compared to other Scottish cities. With a small surface area but a large talent pool, the ability to network is far easier, with start-ups able to easily connect and create a collective, collaborative environment.
So Is It Still A Good Idea To Start A Business In Edinburgh?
If you are looking to start a business in Edinburgh, then it is still one of the best options in the UK. There are a few factors you have to take into account, however. Firstly, as it would be in any other city, your business itself is the main thing. The concept, the funding, the employees; all of these sectors are still integral to survival, and they won’t be made any easier just because you are based in a business-for-good city.
It is important to know whether your business works and how it is going to survive in the local area. In other words, do not just choose Edinburgh as your destination simply because it is ranked as an influential business city. Your business has to make sense in the context of that specific city and vice versa.
Make A Name For Yourself In A Pool Of Talent
The second thing to consider is a customer loyalty scheme. In a place like Edinburgh, there is going to be a lot of competition, with a number of potential customers already invested in another company. This can be an issue, especially if you are hoping to start a B2B organisation, where existing customers mean far more than they do in B2C.
To alleviate the possibility of losing out, it is a good idea to look into a customer retention scheme and hold on to the ones that you get. Customer loyalty can be as easy as: “buy one, get this other one free” – “buy two, get these other two free”. To get a good idea of how it is achieved and how you can latch onto your own customers, click here for more information.
Network, Network, Network
Lastly, if you have a solid concept and believe that Edinburgh is the best place to set up camp, it is important to utilise where you actually are. It can be very easy in business to become too focused and secular. With so much on your plate (customers, employees, tasks) it is common for a business to lose sight of the bigger picture and fail to correspond with rivals.
As mentioned previously, there are a number of like minded businesses within Edinburgh, all of which are there to learn from and collaborate with. If you make sure to network and connect with these businesses, then the likelihood is your new business will strengthen as a result. These businesses will also have an insight into dangerous potholes that you can fall into. Just by connecting with them, you can get an idea of how to navigate the future and deal with problems as and when they come to you.
