As part of Simply Business' "Best UK Cities for Small Businesses Index for 2024", London was listed as the best city in the UK to start a small business.
Despite average monthly rent prices measuring around ⁘2125, the capital's average earnings, start-up programmes and coworking spaces boosted it to the top.
Leicester, Coventry and Doncaster followed closely behind London and were considered more affordable cities for small business entrepreneurs in the UK.
"Small businesses sit at the heart of our communities and play a vital role in our local and national economy," said Alan Thomas, the UK CEO of Simply Business.
"We know finance plays a huge part in starting or growing a successful small business. A quarter of small business owners cited lack of funding (25%) as a major factor affecting their business."
Janet Edwards is a floral artist and owner of Janet Edwards Florist, a flower vendor based in Brixton Hill, South London.
Edwards told International Business Times UK: "In the current climate, many businesses are closing in London due to very high rents and business rates."
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