Stirling has been ranked among the “worst” places to start a business in the UK, with Leeds coming top.
Online local services marketplace Bark.com examined more than 500,000 “data points” and conducted external research to compile its lists of the best and worst locations.
The site tracked price data from the last three years across a multitude of sectors to identify average business start-up costs, while taking into account talent pool size, broadband quality and rent costs.
Leeds topped the list of the best cities in which to launch a business, beating traditional hotspots London, Manchester and Birmingham. Edinburgh grabbed ninth spot within the top ten.
According to the data, the five worst places to start a business in the UK are Truro, St Davids, Bangor, Wells and Stirling.
The average annual costs cited in the study factor in the likes of office rentals, the cost of taking on marketing and IT support, recruitment and the cost of internet and phone providers. The methodology does not consider employee wages or corporation tax.
Kai Feller, co-founder of Bark.com said: “When it comes to starting a business, choosing where to set up shop is always one of your first decisions.
“For decades, London has been the obvious choice for new businesses, however, we’re seeing that more and more people are opting to start their enterprise outside of the UK capital.
“Like Manchester and Birmingham, Leeds is fast becoming recognised as a business hotspot, so it’s not a surprise that it tops our list. It’s great to see the north of England getting the business accolade it deserves.”
Bark.com said that it used its location price data on each sector to find out the average annual cost of launching a business across the UK’s 69 cities.
Ten best cities (along with each city’s average annual business launch cost):
1) Leeds - £15,550
2) Cardiff - £15,725
3) Liverpool - £15,744
4) Bristol - £16,013
5) Swansea - £16,082
6) Newcastle - £16,150
7) Birmingham - £16,368
8) Manchester - £17,129
9) Edinburgh - £17,174
10) London - £75,990
According to the data, the five "worst" places to start a business in the UK are:
1) Truro - £22,306
2) St.Davids - £8,511
3) Bangor - £8,930
4) Wells - £15,299
5) Stirling - £15,482