Manchester, dubbed The ‘Shorditch of The North’, is set to become one of the UK’s biggest business hubs over the next few years. Although already an extremely successful location for running a business from, Manchester is set to become even more ‘business-focused’.
The question is, of course, what is it that does (and will in the future) make Manchester such an incredible location for starting a business and what should startups know to launch here? There is no hard and fast answer to this; it’s about the city as a whole and the varying benefits on offer here.
This city is known as being an amazing location for creative and digital businesses especially, such as a web design company, for example. This is because not only does Manchester offer access to unrivaled talent thanks to having the biggest university campus in Europe, but also the most successful (and largest) city economy outside of the capital, and strong business support. There’s also a wide range of investment opportunities targeted at this region.
All that aside, business survival rates here aren’t the best. Manchester actually has the third highest business closure rates in the UK. However, it also has the largest start-up rate in the North West, so closure rates will always be high as there’s a higher number of businesses launching each year.
What can you do to give your Manchester-based business the best chance of success?
Take advantage of local resources
Being a business hub, Manchester has some amazing resources for new businesses, it’s just a case of being willing to take advantage of them. If you take the time to speak with your local council or a business advisor, you will find that there are various resources available, from grants and funding to mentoring and marketing support. If you’re going to make a success of your business – or whatever concept you’ve launched – you need to utilise the resources on offer to you. Website design is vital for most businesses in 2018.
Network constantly and consistently
The key to launching a business anywhere, but especially in Manchester, is networking. You see, Manchester is a city that has some of the best transport links in the UK, including Manchester Airport, the third largest airport in the UK, after Heathrow and Gatwick. There’s also a train that runs from London to Manchester and takes just two hours and ten minutes, which may be cut to just over an hour if the new high-speed rail project is approved.
By attending Manchester-based networking events, you could meet some incredible people and make some amazing contacts, so it’s well worth taking the time to attend these events. A word to the wise, always carry professional business cards – there’s nothing that looks less appealing than your number scribbled on a piece of paper.
Learn from your competitors
Take look around you and determine who your competitors are – the internet is an amazing resource for this. Once you are aware of who your top five competitors are, take the time to focus on their businesses, how they operate, and what it is that has made them successful. To beat your competitors, first, you need to learn from them and take inspiration from how they run their ventures, and then mimic what they do in your own unique way.
There’s no set recipe for success in business in any location, but if you’re keen to start a business in Manchester, the tips above should help.