London might be known for its rich history, stunning skyline, and unrivalled entertainment, but it’s also characterised by high property prices and an expensive cost of living. As a result, many people assume that it’s simply too expensive to live in the capital or to launch a business here. However, this isn’t always the case.
In fact, starting a business in London can be one of the best decisions you ever make.
To find out why the capital could be a great home for your business and how you can keep costs low, take a look at these top tips now:
1. Work from home
Launching a home business gives you the opportunity to eradicate major business expenditure. As you won’t need to pay costly rents for commercial premises, you can reduce your overheads and maximise profitability.
Furthermore, choosing to live in zones three or four (or even further afield) and creating a household budget will cut your costs even more. When you compare home insurance quotes, for example, you can save a significant amount every year, simply by going with the cheapest provider. Buying a policy via Quotezone means you can update your coverage in seconds while searching from over 50 UK-based insurers instantly, and you can specify during the comparison process that you plan to run a business from your home.
Although not every type of business can be home-based, there are many types of ventures which enable you to operate a business from your home location. By choosing to launch a start-up that facilitates working from home, you can reduce your overheads and cut the cost of starting a business in London.
2. Work with professionals around the world
London might be known for having a high cost of living, but it also offers relatively high salaries too. While the minimum wage and National Living Wage are the same all over the country, many employers choose to pay the ‘Real Living Wage’, which is slightly higher in London than in other parts of the UK. In addition to this, more senior roles are widely available, with many major organisations based in the capital. Due to this, the average salary in London is around £86,400.
If you’re worried you won’t be able to attract top talent because your start-up can’t afford to pay average London salaries, there’s no need to panic. Millions of professionals now operate on a self-employed, freelance basis, which means you can hire the help you need incrementally.
Paying hourly or per project ensures you can access the skills and expertise you need, without having to hire people for permanent roles. What’s more – remote working means you can work with professionals from all over the world and not just those based in the capital.
3. Take advantage of London’s business network
London is a world-class city in terms of trade, business, and finance, which makes it the perfect location to launch your start-up. Whether you’re looking for funding from venture capitalists or support from fellow business owners, you’ll find everything you need right here in the City.
Launching a start-up can be a challenging process, particularly if you’ve never run a business before. However, there are a wealth of resources in London that will help you to get your venture off the ground. By taking advantage of the networking opportunities and using them to maximise your success, you can capitalise on the opportunities that are available and scale your business more quickly.
4. Use a prestigious address
Basing your business in London can be great PR for your brand. After all, a prestigious London address indicates commercial success and can impress potential clients and customers. If you’re operating a customer-facing business, the increased footfall in London will certainly help you to generate more revenue. However, any type of business can benefit from having its headquarters in London.
When you’re negotiating with suppliers or attracting future clients, a London address is a valuable commodity that shouldn’t be overlooked. Before engaging with you, people will want to know more about your brand and maybe even do some research on the history of the business. By choosing to base your start-up in London, you can ensure your business has the kudos it needs to gain respect in your industry.
Launching a start-up in London
Wherever you plan on launching your start-up, be sure to undertake detailed research and planning beforehand. Attending free events for entrepreneurs in London can give you a head-start when it comes to beating the competition and streamlining your operations, so don’t hesitate to get involved in the capital’s start-up community. Similarly, make the most of the funding opportunities that are available to London-based businesses.