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Friday, July 12, 2024

A Whistlestop Guide to Building a Business in Lancashire

Locations are always important when it comes to building a business. According to a recent study, the best places to start a new company in the UK are Birmingham, Bristol, Glasgow, Leeds and Edinburgh.

Lancashire, however, is sorely missing.

Obviously, we’re not going to comment on the other cities in question, but there are so many attributes that Lancashire has to offer. For one, it is extremely well connected, with six major motorways providing north-to-south and east-to-west links. Manchester airport is only half an hour away, and London, just a two-hour journey.

Apart from that, Lancashire is also known for its innovation. Unlike many other counties in the UK, this is a place renowned for being an international leader in the engineering, manufacturing and aerospace industry. Its global reputation is such that a number of start-up businesses have set up shop there, elevating the entrepreneurial spirit, technical innovation and business acumen that the county has to offer.

So what if you do choose Lancashire as a home for your business? How do you become a part of the county’s business infrastructure, make the right decisions in terms of employees and understand the level you will have to reach in order to thrive?

Starting Up In Lancashire

Whenever you choose a location for a business, it is important that you do so based on facts. You know that Lancashire is the right place for your business, so now you need to set down a plan that will take advantage of that.

If you are a B2B company, start by building a core of customers who will remain loyal. If you are a completely new company, it is a difficult task to attain that loyalty and get customers to trust you, so make sure you do all in your power to give them incentives to buy and stick with the products or services that your company is offering – click here for more information.

If you’re a B2C business, it is important to spread your net as far as possible. Get to know your potential customers through an efficient marketing scheme and set out a clear differential feature compared to the other companies that are operating in your space.

Settling A Budget

In any new place, there will be a number of regulations, laws and tax requirements that you will need to adjust to. The type of taxation – as well as the rate – is going to depend on the business structure, so it is your job to acclimatise it into your budget and always account for VAT.

As well as this, you will need to factor in employee costs. For instance, how many people do you need to run a business like yours? What kind of deductions will be paid to HMRC? Insurance, pensions and the sources of your finances will all need to be considered and factored in when starting out.

Building An Awareness

Speaking of employees, too, you need to know how to hire for your business according to the landscape. What are your potential employees looking for, and how might you keep them engaged? There are plenty of opportunities to meet potential employees and business counterparts through virtual or in-person events in Lancashire, so it is important to put yourself out there and learn as much as you can from the inside.

As mentioned before, Lancashire can be the perfect place to build a business – depending on what sort of business you are attempting to build. Make sure that you know your audience and, perhaps even more importantly, know your contributors and competitors, who will indicate the kind of level you will have to reach to thrive.

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