Living in Peterborough: Why Your Business & Family Will Thrive
What is it like living in Peterborough? If you’ve ever thought about relocating or starting a business venture in Peterborough, UK, it’s a good hunch. The city is rich in history, boasts a low cost of living, a high rate of education, and a vibrant entrepreneurial community with significant avenues of business support. It’s also a great place for growing families, with myriad cultural and arts events and entertainment options. If you’re planning to launch a company right away, LeviEmir can provide expert services to guide all of your digital marketing efforts.
Cost of Living
With a relatively lower cost of living than other similar metro areas, according to Numbero, rent in Peterborough is about 75 percent lower than in cities like New York. Not factoring in housing costs, the average Peterborough single spends about £719 a month on expenses, and a family of four about £2,555. You can compare the costs of living in other major cities here. Not only is a low cost of living great for you as an individual or family, but it’s also good for attracting a qualified workforce, which you’ll need if you launch a business. The Peterborough Market Rent Summary can help you research different-sized rental properties in popular locations including Deeping St. James, Yaxley, Crowland, and Whittlesey. You can learn more about housing costs by visiting RightMove.
Business Start-Up
If you’re looking to start a business in Peterborough, you’ll have a good deal of support and access to resources. The Cambridgeshire County Council offers regularly updated information on a wide range of business resources, including:
- EMIS, which provides access to valuable market resource databases.
- COBRA, a business reference with start-up tips and access to business resources.
- Grantfinder, which helps small businesses gain access to potential funding opportunities.
Gov.UK also provides a wealth of resources for business startups and entrepreneurs. You’ll be able to find links to regulatory agencies, FAQs on business start-up, licensing, and permitting entities, and other details necessary to launching, operating, and growing a business. It also provides tools to help if your business struggles or you run into roadblocks along the way.
Business Quick-Start Checklist:
- Write a business plan that includes a detailed operational budget. You can do it yourself, or hire a freelancer through an online job board. Read reviews and weigh cost and delivery time before hiring someone.
- Register as a self-employed business owner or choose an appropriate incorporation status.
- Find a location of operation or join a co-op, find a maker space, or establish a home office.
- Determine what type of insurance or special business license or use permits you need.
- Secure funding via small business loans or grants and set up a business bank account.
- Identify vendors or suppliers, as needed, and place your first orders.
- Purchase necessary equipment and get trained on specialized software, if necessary.
- Hire employees or freelancers and independent contractors, and get them trained and onboarded.
- Create a website and social media accounts and develop a strategy for utilizing them to build your customer base.
- Launch your business with a grand opening.
- Keep good records – consider hiring a bookkeeper or accountant to help you stay on top of finances.
- Revisit your business plan often to ensure you are staying on track.
You can build or expand your professional network by joining the local chamber of commerce. The Peterborough & Stamford Chamber of Commerce offers opportunities for training and development, mentoring, networking events, and social opportunities to help you make key business connections with local industry leaders. This type of support is essential when launching a startup. Other entities that cater specifically to entrepreneurs include:
- Peterborough Business Start-up Centre
- Opportunity Peterborough
- Cambridge & Peterborough Combined Authority Growth Hub
Knowing you have a community to turn to if you hit any problem areas is essential in the early phases of a new business launch.
Quality of Life
Quality of life is important for families and for people relocating for professional purposes. As such, a city’s cultural environment, nightlife, entertainment, and outdoor recreation are all key. And let’s not forget the food! Living in Peterborough includes developing a taste for local favorites like Childwickbury, Baron Bigod, and Discovery apples. There’s no shortage of casual and fine dining options, and with a bit of time set aside for exploration, you’re sure to find your own “new favorites.”
Top Cultural Events:
- Millfield Festival
- Anglian Water Music Festival
- Peterborough Festival
- Peterborough Festival of Antiques
Popular Parks:
- Peterborough Sculpture Trail
- Crown Lakes Country Park
- Ferry Meadows in Nene Park
- Cuckoos Hollow
Other points of interest include Burghley House, Peterborough Cathedral, Peterborough Museum, and Art Gallery, and Elton Hall and Gardens.
Education
An educated workforce is critical to the success of an area’s businesses and, to strong economic growth. A variety of quality educational offerings is also important to new residents and to would-be employees. Fortunately, Peterborough is home to a number of top institutes of higher education, including:
- City College Peterborough
- Pitman Training Peterborough
- University Centre Peterborough
Also, there is a new £30 million university, ARU Peterborough, set to open in 2022.
Living in Peterborough also provides access to exceptional primary schools, giving parents a wide range of choices for their children’s education.
When you’re looking for a city to relocate to or start a business, Peterborough ticks all of the boxes in terms of a business-friendly environment and a city full of opportunities for learning, entertainment, and exploration. Consider all of the wonderful things living and working in Peterborough can do for you.
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Guest Post Written by Tina Martin of Ideaspired.
