27 May 2024 , 13:28
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A British seaside town is now booming as microbusinesses head to the location in East Devon and there has been a dramatic increase in just 12 months.
Sidmouth is a small town in Devon, overlooking the English Channel with a population of just over 12,500. It is among the country’s fastest-growing areas for microbusinesses - those with fewer than 10 employees - making it a hotspot for entrepreneurs.
There have been dozens of new microbusinesses opening up with GoDaddy's Venture Forward report mapping more than 600,000 businesses across Britain to find each area's 'microbusiness density' against every 100 residents.
Analysis has found a 23% growth in the density of microbusinesses in East Devon over the past year. Sidmouth sits on the Jurassic Coast and is surrounded by countryside and Blue Flag award-winning beaches. Being a seaside resort, the town has lots of Regency charm and was well-liked by Queen Victoria. It has many places to shop, eat and explore - much of which is run by small business owners.
Sidmouth sits on the Jurassic Coast (Getty Images/iStockphoto)A trend seen in GoDaddy’s research was that constituencies along the coastline in the south of the UK were growing at an especially fast rate, whilst northern coastal constituencies were stagnating or declining. The number of small businesses reached a record high last year, according to the Office for National Statistics. A total of 859,007 companies were registered in 2023, an increase of just under 75,000 on the previous year, reported the Express.
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Andrew Gradon, head of GoDaddy UK & Ireland, said: “The UK's small business community is in good health and we've seen growth in microbusiness density in most parts of the country. Many iconic coastal towns have been at the heart of this boom. The trend is particularly pronounced in the south of England, as people have moved out of London post- Covid.”
And the UK has seen a rise in small digital businesses earning over £100,000 last year despite ongoing economic challenges, data revealed earlier this year. About 17% of digital micro businesses, those with fewer than 10 employees, now boast a six-figure turnover, said a GoDaddy Venture Forward report. This is a 55% increase from 2022 when only 11% of online microbusinesses achieved this level of turnover.