North West: How to start a business in the UK economic hub

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North West: How to start a business in the UK economic hub
North West: How to start a business in the UK economic hub

Manchester has always been an economic hub and an important cog in the UK’s success. However, the landscape of the North West, and in particular Manchester, has changed dramatically. What was once a manufacturing hotspot has seen a dramatic transformation over the last decade and is now seen as a technology and media epicenter of the UK with BBC headquarters at its core.

The changes in Manchester are a welcome sight for innovators, entrepreneurs and anyone wanting to set up a modern business in the area – but it does require careful consideration. Browse through our concise guide of setting up a business in the North West to avoid potential pitfalls.

Keep Employers Content of Lose Out

The UK unemployment rate is at record lows and that already means businesses have to work harder to keep hold of their best staff members. However, as well as more people working there are also more job vacancies in the UK today than in the last two decades.

This includes Manchester which currently has some of the best employment rates and opportunities. It only takes a quick search for jobs on Jobrapido and your staff members can be handing in their notice and heading elsewhere. What this means for employers in the area is they need to offer lucrative and attractive packages to indispensable staff, including bonuses, flexible hours and maybe even work-from-home options. With recruitment processes costing heavily, retaining staff is key in the North West.

Don’t Abandon Local Support and Opportunities

Manchester is home to more than one exceptional university and supplying bright minds to new local businesses. These universities offer a number of career support centres, including the Masood Enterprise Centre. Make sure your new startup is connecting with these employment hubs to get first dibs on fresh-faced talent and innovative professionals.

To do this effectively it is not just about sending an email and making yourself available to these centres but be proactive and go and meet with them and their students. Attending university job fairs, open days and offering internships can be valuable for all parties.

Consider Co-Working Spaces

Manchester’s office spaces are attractive because they are much cheaper than some of the other cities in the UK. However, new startups may not have access to such funds and may need to share office spaces or utilise co-working spaces. Manchester has plenty of these options which can help you scale your business in a healthy timeframe with fewer financial commitments.

Final Words

Aside from localising your startup to what is around, you also need to get the basics right. That includes appointing a local accountant you can see in person, notifying HMRC and coming up with a strong business plan that accounts for the North West’s economy and demands.

 

 

 

 

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