Posted: 20 April 2015
As conditions remained resilient during the summer of 2014, business and consumer confidence strengthened and firms continued to expand. This confidence is reflected in the resilience of small firms as their growth in 2014 compared positively to the years before the recession. The UK's positive result is also reflected in Milton Keynes economic success during the same period. In the third quarter of 2014, Milton Keynes residents spent around six percent more than during the same quarter in 2013, with the region as a whole seeing a five percent spending increase.
Local businesses in Milton Keynes have made the most of this welcome increase in consumer spending. In the third quarter of 2014, turnover from small businesses increased by an impressive 20% from the same period in 2013, compared to the UK average that saw turnover increase by seven percent. As local businesses look to build upon the regions' economic optimism, economising their base of operation is essential. When looking at how to lower operational costs, without hindering the operation itself, renting office space, with its flexible leases and inclusive rates, can prove to be an ideal solution.
A further positive sign is that this increase in turnover is also matched by the creation of new businesses in area.The number of start-ups in Milton Keynes during the third quarter 2014 has risen by eight percent compared to the same period last year, with 40% of small businesses set up in the past three years. Even more positive is the durability of these businesses with 51% of start-ups in Milton Keynes continuing to trade after 3 years and 20% of them actually having international transactions.
As business opportunities in Milton Keynes show no sign of abating smaller companies can struggle to take advantage of this growth. As 29% of small businesses in Milton Keynes have more than one owner, whether you are starting up your own business or you have outgrown your front room, our office space offers affordable functionality that is certainly desirable for budding enterprises. As 2014 saw Milton Keynes residents spending six percent more than the average person and the year ahead looking to be even more promising, 2015 is certainly the year to take advantage of rented office space and the benefits they provide.
Find further information here on Office Space or speak to one of our Storage King advisers on 0800 0852 954 to get a quote.