Starting a business in Edinburgh
For those looking to start a new business in Scotland then this article will explain just why you have made a great decision by setting up your franchise in Scotland’s capital. Franchising is a flourishing industry boasting nearly 1,000 brands in a host of different sectors. The industry consistently shows 90% of franchisees reporting profitability. The advantages of owning your own business are obvious but so too are the risks. The franchisee is taking less of a risk than starting his or her own business and less than 4% of franchises fail for commercial reasons.
Why choose Edinburgh to run your franchise operation?
Edinburgh, Scotland’s capital city, recently named the best city in the UK to launch a start-up, it’s no surprise that the business scene in Edinburgh is booming. Research by Expert Market puts Edinburgh ahead of cities like London, Bristol, Liverpool and Glasgow largely down to its fast internet connections, competitive office rates and a large number of university educated graduates to employ.
Edinburgh has a growing business community and large number of start up premises across the city. This mixed in with excellent transport links, like Edinburgh International Airport that has over 40 airlines travelling to 100 destinations across the globe, or the fact you are less than one hour away from the next largest city in Scotland, Glasgow, and only five hours away from London. Edinburgh really is one of the most well-equipped cities across the UK to start a franchise.
Are there suitable areas to run my franchise opportunity?
Edinburgh is a fantastic franchise territory as it hosts several business parks and shopping districts capable of hosting a vast array of franchise operations from.
These include within Edinburgh;
- Princes Street - Home to destination and flagship stores such as Debenhams, New Look, House of Fraser, Zara and Primark. Princes Street is the place to be to keep up with High Street fashion. Tech enthusiasts will also be in their element, with the Apple Store at the east end of the street
- Fort Kinnaird - Located off the A1 in the South East region of Edinburgh and is the second largest retail park in the UK with over 75 occupied units. From Argos to Independent traders this has one of the largest footfalls for shopping i the area
- Newkirkgate shopping centre - Home to market style vendors and top international brands
- Gyle Shopping Centre - The biggest mall in the city,offering modern shopping with a large food court
- The Edinburgh Office, The Haymarket Edinburgh, West Edinburgh and South Gyle Business Park - offering flexible and professional office space for you and your business
Edinburgh currently has a population just under 500,000, but this fantastic territory is one of the most visited destinations in Britain and attracts over 8 million tourists, 5% larger than the year before.
Will I receive any support through franchising in Edinburgh?
Apart from the franchise support and training you will naturally receive from your franchisor, there is an added benefit of choosing Edinburgh as your franchise territory.
There are several local business networks and organisations looking to help businesses achieve success:
- Small Business Loan Fund: Edinburgh local council can grant up to £2,500 interest free to help entrepreneurs get their idea off the ground and trading
- East of Scotland Investment Fund: Those with a clear and commercially viable business model can access loans up to £50,000. You would need to provide evidence of raising the same amount of funding through traditional sources
- Scottish MicroElectronics Centre: The centre provides space and support services to start-ups within the semicondutor centre
- Edinburgh City Council: The council is keen to develop new businesses and help with free advice and guidance to new and established business owners.
Since Edinburgh is one of the UK’s entrepreneurial hotspots it has increased its efforts to offer business support and funding. The Business Growth Grants programme can help fund up to 50% for expansion projects that can demonstrate job creation within the town and this applies to a wide range of sectors.
But Edinburgh has more to offer than just a great place to start a business. Edinburgh’ has a thriving entertainment, events and culinary scene. According to VisitScotland, the city has more restaurants per head than any other city in the UK including five Michelin star restaurants; second rated only to London. The city also plays host to an array of farmers markets, drink attractions and distilleries. In recent years Edinburgh has become more well known as a hive for the arts – home to the world’s largest art festival Edinburgh Festival Fringe which runs alongside the Edinburgh International Festival featuring theatre, dance and music.