According to research from Ceoworld Magazine, Manchester is one of the best cities in the UK in which to start a business. Indeed, the five-year survival rate of new businesses in the city is 37.53 percent. This figure is not far off the number one city for start-ups in the UK, Bristol, which has a five-year survival rate of 44.36 percent. With this being such a thriving hotspot for new companies, aspiring entrepreneurs could look to open new ventures in the area. But what are the main things that they should consider in 2020?
Online or Physical Businesses Can Both Flourish in the City
If you are planning on starting a predominantly online business, you may feel as though the physical location of your office is unimportant. It may be less crucial than if you are operating from a shop front, but the area in which you set up can play a big part in an internet company. For example, starting an online business in Manchester will give you access to a wide workforce from the city, along with various suppliers for your products. In addition to this, the city is strategically placed in the country with direct routes to other major business hubs like Leeds and Birmingham. This can be advantageous for shipping and going to meet clients.
For business people who plan to start a physical business like a shop or a factory, Manchester has an abundance of options in different areas. The most important thing to consider, when shopping for a place to act as the central hub for your business, is how you are going to pay for it. For many, the cost of renting commercial premises has become too high, so buying a place may actually be the most viable option. A commercial mortgage is one way to get hold of your own property, and it can be more reliable than renting as well. For example, there won’t be any sudden or unexpected rent increases.
Up-and-coming Industries to Watch out for
When looking at the fastest-growing start-ups in Greater Manchester, there are some common threads which could serve as inspiration to people wanting to start a business. A lot of companies seem to be working on connecting consumers with products or services quickly and seamlessly. For instance, The Hut Group focuses on fast-moving products in the health and beauty sector. Whereas Push Doctor aims to link patients up with doctors through online platforms, effectively speeding up the process.
Future technologies are also predominant in the Manchester start-up scene. Peak helps businesses grow with the help of artificial intelligence, and Immotion Group provides immersive virtual reality solutions for visitor attractions. Other sectors to watch out for include new and improved payment platforms, and eco-friendly solutions.
In addition to these points, women who are looking to get into business should be aware that they have more things to consider than men. The sad fact of the matter is that women have a much lower chance of getting funding for their business. Indeed, for every £100 lent to businesses, only £16 goes to companies run by women. In fact, women make up 23 per cent of applications but only receive 18 per cent of loans. The need to bridge this gender gap is obviously great. As a result, the Women in Finance Charter has been signed by companies who provide lending opportunities, in order to help raise awareness and support women in business around the country. The hope is that, eventually, women will have no concern that their gender could affect their business opportunities.
New business owners who are looking for a place to set up could do a lot worse than starting in Manchester. The most important things to consider would be finding an affordable building to work out of, and getting into a growing industry.