Starting a business in Plymouth
Plymouth is fast becoming a centre for science and start-ups. Which is great news for anyone looking at starting a franchise in Plymouth. Starting your own business is very exciting and rewarding but can also be daunting. It can also be a risky thing to do, so you need to make sure you understand the challenges you may face before taking the plunge and commencing your new venture. Luckily 9/10 franchise start-ups survive their first two years of trading.
Why choose Plymouth to run your franchise operation?
Plymouth is one of the major cities along the South West coast along with Exeter and has seen significant growth and improvement to its business output over the last few years. In the last two years it has climbed the Start-Up Cities Index from 24th to 18th placed, this being largely down to its vastly improved business survival rate – 42% of start-ups are still trading after 5 years.
Plymouth is a beautiful place and the surrounding areas like Cornwall and Devon are easy to drive to, however you are over 4 hours’ drive away from London and nearest international airport is an hour away. But this can also work in your favour as it means that your service you provide is not competing with large amounts of London businesses.
Are there suitable areas to run my franchise opportunity?
Plymouth is an ideal franchise territory as it hosts several business parks and shopping districts capable of hosting a vast array of franchise operations from. Plymouth is largest shopping centre in the South West, outside of Bristol.
These include within Plymouth;
- Drake Circus Shopping Centre - This 425,000 ft shopping mall in the centre Plymouth. Designed by Chapman Taylor this impressive building was opened in 2006 and offers over 70 shops and restaurants
- Armada Centre - Opened in 1986 and refurbished 2004. Over three floors of shopping are on offer
- Drake Mill Business Parkm Burrington Business Park and City Business Park - offering flexible and professional office space and an ideal place for start-up businesses looking for office space
Plymouth currently has a population just under 265,000 but fear not as this franchise territory attracts 5 million tourists every year, spending a huge £325 million, and this is set to increase to over 6 million tourists by 2022, with the councils aim of increasing tourist spend by 25%.
Will I receive any support through franchising in Plymouth?
You’re buying into an established franchise, part of their success has come down to supporting of their franchisees and probably part of your reason for choosing franchising instead of going alone. There is an added benefit of choosing Plymouth as your franchise territory.
There are several local business networks and organisations looking to help businesses achieve success:
- South West Local Enterprise: Although limited compared to other major cities in the UK, Plymouth entrepreneurs can benefit from a range of business support
- Formation Zone: Based within Plymouth University, it provides affordable workspace and offers advice to local start-ups
- Plymouth Chamber of Commerce: The Chamber of Commerce for Plymouth provides a host of professional services to its members including help with HR, legal queries and training.
As the heart of the South West Local Enterprise Partnership, Plymouth secured a £332m share of the government’s Growth Deal to deliver jobs and homes in the region, so the area is beginning to see significant infrastructure investment and regeneration. This added investment will likely see the area become more prosperous.