Even the thought of moving to London to start a business is exciting. Here are some tips for making sure that your business succeeds and thrives in this city of opportunity.
When you are just starting your business, you don’t need the poshest location. In fact, too expensive of a location will drain your start-up capital rather quickly. It is far better to sign a short-term lease for a space that you can afford in a more moderate location. You can always change location later if your business begins to thrive and you want to take it to the next level.
Consider your target demographic
There are many different neighbourhoods in London. You will want to base your business as close to your target demographics as possible. For example, if you want to open a casual pub that appeals to the younger generation, then you will want to find a location with a high number of people in that age and economic category. Close to a university or clusters of flats would be one area to consider. If you plan on having a child-care facility, you might want to be closer to a school or neighbourhoods with lots of young couples.
Have a good plan for books and accounting
Keeping good records for your business is essential to avoid mistakes and confusion. Of course, for most people, invoicing, accounting, and other administrative tasks are the work that they enjoy the least when it comes to business. An umbrella company can help you organize these crucial aspects of your business so that you can concentrate on other areas. This means you don’t have to worry about proper taxing being withheld or even accepting payments. An umbrella company is a great team player for contractors that want ultimate flexibility in their business. Crystal Umbrella offers a variety of contractor services to meet your needs.
Consider a shared space
Perhaps you only need a small office space to start your business. In this case, it might be best to rent a space in a building where many businesses share some of the facilities. For example, there might be a communal break room, printing room, or other such space. This can help cut costs when you are first starting out. You may even find that this is all you need to meet your business goals. Many shared spaces have various sized suites of rooms available and will allow you to change what space you use as your business grows so long as it is available.
Look for up and coming neighbourhoods
There are plenty of locations that, while hot now, were not considered high rent that long ago. Finding a space in an up and coming neighbourhood and locking in a good lease or purchasing a space can be a good investment for those that invest early. For example, if you need a lot of employees, then West London has the highest volume of working age people. Central London has the most small businesses, but in turn, the rate of crime is high. This is typical of an up and coming neighbourhood. Those that deal with the negatives often come out ahead, as urban rejuvenation begins to change a neighbourhood.
London is one of the world’s biggest business centres and is full of all types of companies. Selecting the right area in which to start your business will put you right at the heart of an exciting and vibrant urban centre.