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Setting up a business is a bold move, one made even bolder by choosing London as the base of operations. Of course, building a company comes with its own challenges and regulations, but the rules change considerably when London is the hunting ground. Prices can be steeper, and even buying a sandwich can blow a hole in a poorer person’s wallet or purse.
However, power and status are more assured here, along with presentable office spaces that flaunt professionalism. The nation’s capital is vibrant, exciting and bursting at the seams with opportunity. If global headquarters can thrive here, then surely anything else could too! So, what should you consider when setting up a business in London?
Customers are guaranteed
London is an arena for the giants of industry, and filled with people from all walks of life. The target demographic boxes are ticked constantly in the big city, and for a business, this means that no matter who they are or what they sell, there is an audience waiting in the wings to snatch it up somewhere.
However, some argue that London flat out murders the start-up companies. Some of the concerns are legitimate, especially being a ‘small fish in a big pond’ type feeling an SME might acquire. Nevertheless, it’s a critical consensus that doesn’t entirely hold up, and while difficulties are to be expected, the sheer breadth of opportunities lying in London are enough to keep the savvy business peoples afloat.
Struggle is likely
No matter how big and bountiful London might be, it isn’t an impenetrable fortress for any business. Companies can expect struggle, and lots of it, before they start raking in all the rewards the city can offer.
In a twist of events, 2013 saw many tech firms struggling in London, despite their overwhelming and iconic presence in the capital. This proves one thing: that economic immunity isn’t granted to anyone, regardless of location. The businesses that are successful worked hard to stay that way, and no doubt experienced periods where they slumped low in the cash flow.
With an area as rife with business as London, competition is no doubt high along with consequent expenses. Every business wants to be situated in a place where the opportunities pile up endlessly, so finding a decent place to operate here could be challenging from the outset.
However, that’s not to say that any effort is futile. Frequently listed online are a host of London office spaces, boasting views of St Pauls or being situated right by Euston Station for a steady commute. Availability is out there, but those looking to settle their business in London should likely be prepared to act fast.