Business Opportunities In Manchester
Date : Jun 11, 2020
Author : Isaac Addo
Categories : Business Tips
The Business Evolution of Manchester
Manchester might still be sitting in the shadow of London somewhat, but this vibrant city is growing at an incredible rate. You will find many world-class universities within easy reach and an investment agency that has a staggering success rate for helping new businesses get started in the city. It’s also a major hub for healthcare research and development, and then there’s the talent pool and a formidable transport system.
You see, Manchester airport is the largest regional airport in the UK that services more than two hundred destinations around the world. When you add that impressive statistic to an excellent motorway infrastructure, you should understand how the city provides easy access to a wide range of international and domestic markets. You will also find that Manchester is overflowing with talent and over 100,000 professionals are working in manufacturing, while there are almost 15,000 studying engineering in the city.
From the Industrial Revolution to Cosmopolitan Manchester
Manchester began growing at an exponential rate in the 19th century which was primarily due to the textile industry during the industrial revolution. Although settled by the ancient Romans, the Victorian era is visible on every corner. You will also find an outstanding transport system, but much of the population has relocated to the surrounding countryside in recent decades. This move was necessary for many people, for Manchester was a place of opportunity throughout this time, and large numbers came from Ireland, in particular, to search for work. Later on, large numbers of immigrants from other European countries began arriving, and this is precisely why Manchester has the second-highest population of Jewish people in the United Kingdom.
However, not everything lasts forever, and this was certainly true about the industrial revolution, which declined in the mid-20th-century. Social and economic conditions were especially difficult during this time, but the 1990s brought investment, gentrification and a renewed sense of vigour for the city. Today, Manchester is home to many prominent education facilities, broadcasting networks and sporting arenas. It’s also now one of the most cosmopolitan cities in the world and an exciting alternative to London for business owners.
Business Opportunities in Manchester – A Thriving Hub for Every Industry and Business in the UK
Believe it or not, the number of businesses in Manchester grew from 79,000 to more than 105,000 in recent years.
Retail is the dominant player and accounts for over 20% of these companies, but the professional, scientific and technical industry is not far behind. Growth continues for these companies, but research shows that businesses are now more focused on domestic affairs as opposed to international markets.
For this reason, construction and manufacturing are ahead of the services industry. While inflation and imports have dropped since Brexit, the economy is still moving courageously in the right direction. Although this should be expected with international orders, and no significant concerns exist regarding exchange rates, interest rates or the issues mentioned above.
The Growing Economy and Workforce in Manchester
Manchester is a large metropolitan area and one of the most significant cities when it comes to shaping the overall economy in the UK with business opportunities in Manchester. Manchester consists of ten boroughs which make it the largest regional economy outside of London. It has a gross added value of £62+ billion and experienced job growth of 80% during the past decade as the economy grew by 42%. It’s also home to an incredibly diverse economy and many large companies such as Google, Kellogg’s Siemens and BNY Mellon. There are over 2,000 foreign-owned businesses in Manchester, which is a testament to the governments’ commitment to supporting regional economies in the UK.
In case you might be asking yourself, many companies are attracted to Manchester by an impressive supply chain and easy access to talent. From manufacturing and engineering to assembly and distribution, the transport and general ecosystem is perfect for the likes of these big name brands. After all, there are no less than five famous universities in Manchester which can provide qualified workers at any point in time.
And then there’s MIDAS – the significant investment agency in Manchester…
MIDAS is committed to securing new investments and employment for the city of Manchester. More specifically, MIDAS can help businesses with finance, research and expert knowledge, while enabling these companies to network or find a suitable property. Now, this only begins to explain the power and utility of MIDAS, and this agency has already provided valuable assistance to many of the biggest companies in the city.
Types of Successful Industries and Companies that Operate in Manchester
While retailing, manufacturing and engineering have a clear presence in the city among the business opportunities in Manchester, it’s clear that technology, health and specialist industries are more and more common.
Health and science – Manchester is a hub for cancer biomarkers that conduct clinical trials using modern radiotherapy techniques. What’s more, bionic eye implants and hip replacement surgery was pioneered in Manchester, and many research and development labs continue to operate throughout the city. Even the health system in Manchester is devolved, which makes the Manchester health and science industry, one of the most innovative in the country.
Technology – Manchester is also a haven for technology and digital clusters. It’s a collaborative hub where networking is high on the agenda for tech-minded workers, and support is never far away for entrepreneurs. Given the easy access to talent, there is also a great workers base for new companies and global players such as IBM, CISCO and Amazon have communities in the city.
Specialist Industries/Companies – Data analytics is an excellent example of the specialist software development firms you will find in Manchester. However, these niche strengths extend to many industries and companies that focus on things like animation and gaming or media production and broadcasting. Either way, creativity and innovation are significant factors and another reason why so many new businesses choose to locate in Manchester.
Final Thoughts
Starting a business in Manchester will bring up similar questions as London. However, given the lower costs involved, Manchester is often favoured by companies that recognize both the talent available and easy access to global markets. It’s also important to understand that Manchester is home to an already robust economy and the kind of business opportunities in Manchester that one simply might not find in the overcrowded capital.
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