With Brexit and the uncertainty of the backstop lingering, you may be asking if this is a good time to be starting a business in Belfast.
Taking a look at the numbers and other factors that go into the decision-making process, the answer is still a resounding “Yes”.
It is a valid question, of course, when uncertainty fills the air. Yet, Belfast looks to be in good shape to weather whatever the future brings.
Let’s take a look at some of the reasons you should start a business in Belfast.
Small business friendly
CBRE and Colliers have rated Belfast to be the best small to medium city in “business friendliness”.
One of the primary reasons is the low cost of office space. Office space cost in Belfast is £21. Compare that to London with a staggering £67.50 and you can see why it makes sense to start out with an office in Belfast.
The city also courts small businesses by offering loans from £10,000 to £100,000. Their assistance for small businesses doesn’t stop at the financials. They also provide assistance by giving access to experts in their field from a university, college or other public sector research body.
Whether your small business is actually in construction or will benefit from it, then it comes as welcome news that construction is set to boom. It is predicted that construction will see a 3% rise in growth through 2020. That compared to 2.5% in the rest of the UK.
That construction boom lifts all the surrounding businesses. For instance, a company like Beesley Fuels will see an increase in revenue since they will be providing fuel for the construction companies.
As you can see, even if you’re not in real estate, many adjoining small businesses will see a boost in business.
Lots of local talent
43% of the population of Belfast is under 30 years old and highly educated. Drawing from the local pool available, there will surely be little spent in the way of recruiting and training for a highly motivated staff.
There are three universities, two university colleges, six further education colleges all within the city. After graduating, many of the graduates would like to remain in Belfast. With a booming business sector, then it should be easy to find your dream team.
In addition to the prevalence of skilled labor, there is also a culture of entrepreneurship that pervades the city. Being among many other driven individuals makes for an atmosphere of innovation.
Networking in a city like Belfast can do wonders for your start up since there is a free flow of ideas about.
It’s wise to keep an eye to the skies to see how these clouds of uncertainty may affect your ability to do business. Yet, don’t be quick to let the dream of starting a small business in Belfast get dashed. The future still looks brighter than ever.