Home Business Insights & Advice What you need to know before opening a small business in London

What you need to know before opening a small business in London

by John Saunders
3rd Mar 22 5:42 pm

Thanks to the modern innovations in society, you can open a small business just about anywhere you choose. London is a great place to open your new business. London is one of the most visited cities around, especially when it comes to tourism. But there are other key factors you need to learn before you host your grand opening. Here’s what you need before opening your small business in London.

Do you need a degree to open a shop?

This is a common question among many aspiring entrepreneurs. The truth is you don’t necessarily need a degree to open a business in London. However, doing so isn’t recommended because you’ll be going in blind. Having a degree in business gives you the skills and education you need to succeed. You can strive for an associate’s degree to learn the basics of business. But we highly recommend you pursue at least a bachelor’s or higher because the business world is evolving rapidly. Not only will you master the basics, you’ll also be more educated on advanced subjects, like investments and administration.

Finance options

If you do choose to earn a degree, there are plenty of ways for you to pay for your degree with the best option being Earnest private student loans. Earnest is a company offers private student loans as well as student refinancing options. The rates are tailored to your specific financial situation and the interest rates also lower as well.

Come up with an enticing brand name

Something you’ll learn in your college courses is that presentation is important. In fact, you’d be amazed how much of an impact your brand name can have on an audience alone. You must come up with a catchy name that helps identify you to your target market while simultaneously setting you apart from your competition. Your brand name needs to be relatable and recognisable. It also needs to coincide with your designated niche. If your business is animal related, put a creative spin on the word ‘bark’.

Select a business structure

Before you can officially open up shop, you must decide on a business structure. A business structure is what decides how your business operates and who’s responsible for taxes. There are four business structures to choose from: sole proprietorship, limited liability company, partnership, and a corporation.

A sole proprietorship is where everything is under your control. You’ll be solely responsible for taxes, profits, liabilities and debts. A limited liability company (LLC) is a business registered as a legal entity. It’s the most beginner-friendly type of business as you don’t have to worry about liabilities. Partnerships are businesses you own with another individual to do trade and contribute to one entity. Corporations are businesses where basically multiple people own the company, like stock and shareholders.

The choice of which structure will work best is up to you. But it’s in every new business owner’s best interest to go with an LLC. It can help you learn and get some hands-on experience in the field. Once you’ve gotten a good grasp of how everything works, then you can shift your focus to another structure.

 

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