Startup businesses are a lot like investments; you have goals to work towards and there is plenty of risk involved to determine whether or not you get the desired outcome. The rewards of a flourishing startup can be huge, and those who succeed will likely find they need not only look after their business's finances, but also their own assets as they grow.
In the North West, many startups have begun to prosper, with many entrepreneurs following their dreams and realising their vision of creating and managing a successful business that caters for a need in the marketplace. Indeed, a report last year from Barclays and the Economist Intelligence Unit found that, with the right economic conditions, startups outside of London and the South East can thrive, with a particularly high number emerging along the Northern Corridor of Manchester, Liverpool and York.
Manchester and the surrounding areas are particularly suited to an entrepreneurial surge, as it boasts a supportive business community and great transport links, as well as perhaps the main requirement; talent.
Tech startup growth
One of the areas enjoying a particularly prominent startup boom in the North West is the technology industry. The movement in Manchester has benefited from a number of factors, including the MediaCityUK development in Salford and the emergence of the Manchester Science Park. A number of new tech startups have been making waves in the city, including:
This big-data analytics platform was founded in 2009. It helps both companies and people better understand who visited their website and how they behaved when there.
This company allows businesses and professionals to reach customers and prospects by enabling them to better (and more easily) publish marketing, sales, financial and customer service documents.
The Sharp Project
This workspace for digital entrepreneurs and production companies was founded in 2009 and came after Manchester City Council purchased an old warehouse in order to create a new hub for startups.
Other startup success
Central Manchester and Liverpool aren't the only areas witnessing significant startup success in the North West. According to data from StartUp Britain, Warrington has seen the biggest surge in businesses of this type, with the 19.7 startups per 1,000 recorded last year representing an increase on the 17.7 recorded in 2013, while Trafford - the second highest in the region - stood at 13.5 per 1,000, up on 12.1 the previous year.
The emergence of more startup success stories in the North West could well have a domino effect, with entrepreneurial achievements inspiring others to try their luck in a bid to become one of the region's next big winners. Such advancements can spell great news for the regional economy, and a new wave of entrepreneurs could be waiting in the wings.
Many people in the North West have ambitions to make it on their own, turning a business idea into a great success and enjoying the financial benefits that go with it. The next challenge is looking after the money they earn wisely. A sound financial plan can help them maximise their assets and meet their long-term objectives.
Speak to the experts
If you have enjoyed financial success and wish to safeguard and grow your assets as effectively as possible, speak to the expert team at Equilibrium today. We can help you create a bespoke financial plan that will give you the best chance of meeting and exceeding your financial aims. Call us on 0808 156 1176 or complete our online enquiry form to start your journey with us today.
Find out more about how we can help you better prepare for the future with our financial planning section.