When you’re choosing which business to buy, location is everything. From demographics to footfall, where you position your business can significantly affect its success.
Thanks to Manchester’s up-and-coming economy and abundance of residents and visitors alike from different backgrounds, it’s becoming one of the go-to British cities to purchase a business. And, with so many Manchester businesses for sale, you’ll be spoilt for choice.
Let’s explore the reasons why this bustling Northern city is such a hot spot for business.
- Its economy is thriving
Manchester has a growing economy, proven by the fact that plenty of businesses are either starting in Manchester or moving their offices there, as well as the significant percentage that Manchester contribute to the national economy.
With changes underway to move more things up north as a means to ‘level up’ the country, Manchester is only set to thrive further.
- It attracts plenty of visitors
While London is naturally seen as the recipient of the majority of the UK’s tourists, the Greater Manchester region sees a whopping 1.15 million visitors flock to its cities and towns every year.
If you plan on buying a business that gets a lot of custom from footfall, such as a shop or restaurant, you’ll benefit greatly from this annual influx of visitors.
- It’s home to a range of demographics
Naturally, when you start a business, you have an ideal customer in mind. If you choose to set up shop somewhere where the demographic is skewed one way, your business might miss out.
For example, if your target demographic is Gen Z and you buy a business in an area with an ageing population, you’ll miss out on key customers. Luckily, Manchester is home to a wide range of demographics, so you’re likely to find your target audience there, whoever it is.
- The pool of talent
Manchester is home to multiple universities, making it a great spot for hiring graduates. Plus, with 32% of the Greater Manchester population having an NVQ Level 4 or above (equivalent to a bachelor’s degree), you’ve got access to top-tier talent to hire for your new business in Manchester.
- It has world-class infrastructure
Manchester’s public transport is incredible, from its tram system to the new ‘Bee Network’ being introduced by Mayor, Andy Burnham.
Plus, there are regular trains to other cities around the UK, so you can easily connect to places like London or Birmingham for meetings. The Greater Manchester area is also easily commutable to the centre, so you can widen your reach for new staff.
- Rent and property ownership are cheaper
If the business you’re buying or setting up requires a brick-and-mortar location, the good news is you’re likely to find one for a much lower price in Manchester than you would in areas of the South, such as London or Oxford.
Physical spaces can make up a significant percentage of your outgoings, so by paying less for your rent you can enjoy more of your profits.
- It’s a great place for small businesses
So great, in fact, that it was named the UK’s best place for small businesses by a study. There are several businesses in the area that have been around for more than a century. Plus, thanks to Manchester citizens’ pride in their city, many shoppers go above and beyond to prioritise shopping locally.
Whether thanks to its low rental prices, a huge pool of talent, or thriving economy, there are plenty of reasons to buy a business in this vibrant city. Your next step should be to look around for opportunities until you find the right one, then get ready to negotiate for the best deal.
New to negotiating? Seek out business negotiation advice to improve your chances of getting a good deal.
