Many people will readily agree that the UK is the perfect place to start or expand a business, and it has many cities just ripe for the taking. But most business people and entrepreneurs go to London – and while this is all well and good, they are neglecting the business prospects in the UK’s second largest (and thriving!) city: Manchester. Plenty of things are going on in this bustling metropolis, and if you have a business, you could very well be missing out on everything Manchester offers. So the big question is, why is business in Manchester booming? Here are the answers to your top questions.
A Fast-Growing Economy
Manchester has one of the fastest-growing economies in the UK today, and it is attracting businesses of all sizes. According to recent news, the city has a Gross Value Added income amounting to £62.8 billion, just in 2020 alone. Moreover, the economy is expected to grow even more, driven by several factors, such as innovation, infrastructure investments, and productivity.
Access to a Diverse Sea of Talent
One of the reasons Manchester has become an attractive destination (especially for startups) is access to a diverse sea of talent. Since the city is home to four universities, it produces thousands of highly skilled graduates yearly. In addition, Manchester is a hub for digital and creative industries, with over 7,500 businesses and growing – and it has a large pool of skilled workers for startups, which makes it really easy to build a talented and diverse team.
A Very Affordable Living Cost
Manchester has a low living cost unlike other towns and cities in the UK, especially London. Startups can then save money on salaries, office space, and other expenses, allowing them to save up on more resources. In fact, the city boasts plenty of units to rent, and it has an array of serviced offices to suit every need. Also, when it comes to living within the city, it has a range of affordable housing options, making it an attractive destination for both startups and their employees.
A Supportive Environment
Manchester’s environment is very supportive of business startups, with various programmes and initiatives set in place to help new businesses get off the ground. For instance, the Manchester Growth Hub offers free business support services, such as access to mentors, advice for funding, and networking events. Other organisations, such as the Manchester Digital Development Agency and the Business Growth Hub, provide the same services, making it easy for business startups to access the resources they need to succeed.
A Vibrant, Colourful Community
There is no doubt that among the cities in the UK, Manchester stands out for being a vibrant, exciting hub where innovation and ideas are given a unique chance to grow and thrive. Manchester has a vibrant and fully diverse community that is particularly supportive of startups. Because the city has a strong entrepreneurial culture, it boasts numerous hackathons, networking events, and startup weekends, which take place throughout the year. Startups can easily connect with other entrepreneurs, share their thoughts and ideas, and learn from each other, creating a collaborative and supportive ecosystem.