We’re less than 2 months into 2023 and already Manchester has had to wave goodbye to a number of beloved restaurants, bars and small businesses, including Font, Cocktail Beer Ramen + Bun, Oklahoma and Flourish. And this worrying trend may be set to continue, with research revealing 7 out of 10 small businesses in Manchester feel worried about their future – https://www.
Towergate Insurance surveyed 750 small business owners from across the UK to explore the threats they’re facing in the wake of the cost of living crisis and the impact these are having on their businesses.
67% of those in Manchester said they feel their business is at risk of closure this year – 10% higher than the national average of 57%.
According to the survey the biggest risk to Manchester businesses is retaining uniqueness, with 34% citing this as an issue they’ve faced. Managing finances was the second biggest concern for businesses, with 30% saying they’ve struggled with paying back loans and 28% having dealt with property losses.
As well as putting a commercial strain on businesses, these issues are also putting a strain on the individuals behind them, with 72% of Manchester small business owners saying they’ve struggled with poor mental health. 26% said they’ve neglected their mental health to focus on their business, while 34% said they’ve neglected their physical health.
Head over to the Towergate Insurance website to find out more, including which sectors are the most at risk – https://www.
