Norwich, the capital of this region, is a beautiful city that offers so much for you and your family to see and do. Whether you enjoy nature or prefer the city, there’s something for everyone here. But what about starting a business in Norfolk?
You’ll be happy to learn that Norfolk also has plenty to offer for anyone starting a business. The area is great for businesses that are traditional or green. Businesses are supported with a wide range of schemes, too.
1- Transportation Links
Norwich provides optimal transport links, including an international airport, a railway station, major roadways, and more. The city also boasts a great bus service and cycle lanes. There’s no problem getting around the city with all these excellent transportation links.
What’s more, much of the city is perfect for pedestrians, making the town an excellent place for shops and businesses serving food, such as restaurants and pubs.
2- Economy
Norwich is home to over 8,000 businesses, which employ more than 123,000 people! Plus, the city is one of the largest employment centres in the region.
What’s more, Norwich is one of the fastest-growing cities in the UK. It’s home to a larger than average number of working-age residents between 18 to 49 years of age. As a result, people are moving to the area in increasing numbers; thankfully, there’s plenty of housing available, with more on the way.
In addition, Norwich has two universities, including the University of East Anglia and the Norwich University of the Arts. Both universities produce top talent for local businesses.
With all of this going for it, Norwich provides a healthy economic situation making it the right place to start a new business.
3- Finance & Funding
What about finance and funding? The city won’t disappoint you here! Norwich offers plenty of opportunities for grants and funding to bring your business dream alive. You can find the grants and funding from the following sources:
- Foundation East
- Regional Growth Loan Scheme
- Growing Business Fund
- Eastern Agri-Tech Growth Initiative
- Startup Loans Company
4- The People
Another significant aspect of Norwich is its people. The residents of Norwich are known for having a thriving community spirit. What’s more, there are plenty of ways to connect with your target customers in the city.
Norwich residents are so community-minded that they’ll gladly accept and support any business that becomes part of the community. We have to say there’s a very close-knit community in this place. You won’t have a lack of customers if your business supports this community.
5- Business Support
When starting a new business, it’s always best to have a source of help and advice when you need it. Thankfully, Norwich is a city that offers quite a bit of support to its businesses.
Professional services provide support, advice, and more. Here’s a short list of groups that help startups and larger organisations:
New Anglia Growth Hub: provides advice and guidance mainly for startups.
Business Library: this facility contains a floor that’s solely dedicated to business. The Business Library can help you gain access to directories, market research sources, company information, and much more.
NWES: provides bursaries, loans, and advice, in addition to a managed workspace in Norwich and other parts of the country.
The Institute of Directors (IoD): this organisation provides business owners with a wide range of support and resources.
SynchNorwich: this is a tech and startup community that conducts monthly meetings and events to bring developers and businesspeople together.
Norfolk Network: is an organisation that makes it easier for businesses to share knowledge and support one another.
Norfolk Chamber of Commerce: this is the city’s largest business network, where you can find advice, support, and training opportunities.
6- Quality of Life
Norwich wouldn’t be one of the most popular cities in the UK except that it has an excellent quality of life. Norfolk is a very diverse and interesting city. You’ll notice all types of businesses, as well as a wide range of business sizes.
In addition, Norwich has many events scheduled throughout the year. These can include concerts, plays, or even holding a literary festival. The city is also filled with art galleries, museums, entertainment, and more.
And what about the city’s proximity to nature? Norwich is located in a region noted for its stunning coastlines, nature, and more. You’ll find some fantastic walking trails in this area!
We’re trying to say that you will enjoy a very high quality of life in this city!
7- Property Prices in Norfolk
What about the property prices in Norwich? While house prices have been increasing in recent years, you can still get a great deal on a home. For instance, according to Zoopla, the average cost of a house in August 2020 was £272,993. This is much lower than in other parts of the UK.
8- Shopping
Norwich is also a great place to shop! Right in the centre of the city, you’ll find two shopping centres. And don’t forget to check out Norfolk Market. This is the largest open-air market in the UK, which offers a wide range of merchandise.
However, the city is also home to some wonderful markets at the Norwich Lanes, the Cathedral Quarter, and Magdalen Street. In these areas, you’ll find boutique shops filled with vintage, collectibles, art, and more!
9- Schools
Norwich is also home to some 103 schools and colleges. This is a great area for students to thrive all the way from primary school up to college age. Of these, about 71 of the schools are rated as “Outstanding” from Ofsted.
Summing It Up
Norwich is a city that offers a wide range of guidance, financial aids, and more for new businesses. It’s also a place where you and your family can enjoy a high quality of life. What more could you want than an excellent place to live and start your business than in Norwich?
