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Can you afford to set up business in London?

31st Jan 18 3:16 pm

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When it comes to setting up a business in the UK, choosing the right location is of paramount importance. The location you choose can have an impact on everything from your professional image through to the amount of custom that you get. Naturally, most people want to set up their business in an area that is thriving, popular, and offer many business related facilities and amenities.

The capital city of London is a hugely popular option when it comes to business startups, as this is a place that has become a financial, tech, and overall business hub over the years. In addition, it is a tourist hotspot as well as hosting many business events and conventions over the course of the year. London is a place where many global businesses decide to set up not only offices but also their headquarters, making it the perfect place to set up a business.

The affordability factor

There is no doubt that London has pretty much everything going for it when it comes to business locations. Whether you run a digital marketing agency like Find Your Audience, a financial company, a tech business, or any other type of company, you can look forward to enhanced success when you set up in the city. However, there is also a downside to consider, which is the cost of operating in London.

Affordability is a huge issue for those who are looking to set up a business in London, and this is because of the cost of living as well as the cost of premises. Even if you do not live in London and decide to commute to the city each day, you will still be facing higher costs for things such as business premises. While you may be able to recoup these costs eventually as a result of greater success due to your location, as a small or startup business you may struggle initially due to the costs.

One of the things that you can do is to consider opting for a serviced office for your business to begin with. While the cost of renting a serviced office in London will still be higher than many other parts of the UK, it can work out much cheaper than trying to rent entire premises. This is because these serviced offices have everything included such as rates, bills, and access to equipment. You can even use the reception services that are provided, which gives your business an even more professional edge. You don’t have to worry about cleaning or maintenance of the building, as all of this is covered. So, you basically make a single monthly rent payment and there are no other costs to worry about.

Over time, the cost of setting up in London can be well worth it for many businesses because they are able to enjoy far greater success as a result of being setup in the city than they would in many other locations.

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