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Portsmouth once again listed as one of the best places to start a business

March 9, 2021

The News has reported that Portsmouth has been ranked as one of the best cities in the country to start a business.

A study conducted by payment provider Dojo, part of the Paymentsense brand, found that the city was the sixth best place in the UK to turn lockdown hobbies into successful side hustles.

This follows Instant Offices’ latest Entrepreneurial Index which ranked Portsmouth as the most entrepreneurial city in 2020 and a separate report by finance firm Capital on Tap, which found 1,970 new firms had started in Portsmouth since March 23.

Deputy leader of Portsmouth City Council, Cllr Steve Pitt, said: “This is the third report in as many months to highlight Portsmouth as a great place to start a business, which is so heartening to see.

“It’s particularly inspiring that part of the study criteria is based on five year start-up survival rate, showing that we’re creating companies that last.

“Our economic growth team is available to support and grow new businesses at every step, from finding them space in the city to work or trade, putting on free start-up sessions, match-funding new business ideas through our Crowdfunder UK partnership along with Shaping Portsmouth, and helping with grants and funding. We focus on supporting businesses and individuals to not just survive but thrive.

“I’m encouraged to see that unemployment rate is taken into account. Recent claimant count figures from the Office of National Statistics show we are seeing a better fall in unemployment claims than the UK average. It’s also good to note our 16-24 year old unemployment rate is at 5.1%, which is lower than the UK average of 7.0%.

“It’s testament to the resilient people of Portsmouth that they have been able to build their side hustle and make the best of a challenging year. I’m excited to see what they will be able to achieve next.

“Anyone thinking of starting a new business in the city can contact the council’s economic growth team, 023 9284 1641.”

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