Manchester has quickly established itself as a business powerhouse.
If you are considering starting your own business in the city, but are unsure how to do so, here are some helpful tips for launching a start-up in Manchester in 2019.
Apply for Start-up Financing
Launching a new business can cost a substantial amount of money. If you don’t have the money to spare in your bank account, you’ll be happy to learn you can apply for both local and national start-up financing, such as grants, loans, and competitions.
For example, Manchester Youth Market currently provides small grants for 16 to 30-year-olds currently living, working or studying in the city, which could help to kickstart your first business venture.
Set-Up a Home Office
While you might dream of opening your first office in Piccadilly, it’s a smarter move to set up your start-up from the comfort of your own home. As there are approximately 23,845 businesses in Manchester, office space can be anything but cheap.
It’s imperative to maximise every penny of revenue generated, especially when you first start out, and a home office can help to lower your overheads.
To get started, you’ll need:
- A desktop computer/laptop
- An internet connection
- Printer paper and ink (You can reduce expenditure with Cartridge People own brand cartridges)
Make Time to Network
Manchester offers a melting pot of industries to choose from, such as legal and business services, digital and creative, financial, advanced manufacturing, tourism, environmental technologies, media, and more.
Any intelligent entrepreneur should start networking with entrepreneurs both inside and outside of their industry to form unique partnerships, find mentors, and secure new customers.
Networking goes a long way in business, especially if you are developing your start up; making a name for yourself is only possible if you put yourself and your business out there.
Pick the Perfect Employees
Once you’ve generated a bigger profit, you should then start hiring your first employees and find an office space in the city. It is, however, important to pick the right candidates for the role, as they could make or break your budding business. For this reason, you should carefully consider their personality and passion for the industry, as well as their qualifications and experience to date.
The good news is, running a business in Manchester will provide you with access to a large pool of talent. After all, it’s home to three universities, and 39.5% of the population are of working age with an NVQ Level 4 qualification or above. Salaries are also much more affordable in comparison to other UK cities, as you could pay your talent an average of £467.50 per week.
Manchester is seemingly the perfect place to start a business. Not only can you take your pick from local and national funding options to get your venture off the ground, but you can reduce your overheads with affordable salaries and can improve your brand’s power by networking with many businesses and professionals both inside and outside of your industry.