Swansea is ranked as the 5th best city in the UK for turning lockdown hobbies into a successful business, according to a new study.
Dojo analysed the following criteria to assess which city in the UK has the best working conditions to start a “side hustle”:
- Population – Number of people are living in the city
- 5-year start-up survival rate – % of start-up businesses that last longer than 5 years
- Internet Accessibility – % of the population with access to the internet within the city
- Income – Average pay for full-time workers
- Unemployment Rate – % population of the city that is unemployed
- Post Offices – Number of post offices in each city
- Swansea ranked as the fifth-best place to start a remote business with a total index score of 146 points out of 252.
Top index scores:
- 5-year start-up survival rate: 38.3%
- Weekly average pay for full-time work: £542
- Average monthly rent for 1-bed city apartment: £581.43
- Unemployment rate: 4.6%
- Average disposable income per week to residents: £397
- Broadband speed: 62MB
- Number of Post Offices: 930
Across 2018-2019 the number of active businesses in Swansea grew by 250 to 7,780. The retail sector had the most significant growth share of this, with 13.8% of the business stock in 2018.
West Wales has rapidly become an affordable hub for small and medium enterprises. The Swansea Bay City region had 11 companies listed on the 2020 Wales Fastest Growth list, which recognises local Welsh businesses' success.
As Swansea has one of the best broadband speeds at 62MB, 34MB higher than the lowest broadband speed of 28MB from the UK cities analysed, and an average weekly wage of £542, self-starters could be on track to turn their bedroom into a business.
The Top 10 cities for remote working are:
|Ranking||City||Population||Region||Remote Business Index Score|
The full study of all 20 UK cities in the ranking can be found here: https://dojo.tech/blog/the-best-cities-to-start-a-remote-business-from/