The UK’s capital has a fantastic appeal when it comes to ideal business locations, and it’s no wonder why when you consider the population, wealth and success of this busy, bustling city.
Whether you’re considering placing yourself to work remotely from London, or whether you’re going the whole hog and planning to build up a business based in the capital, there are a few important things you should consider.
- You’re Going to Need Business Insurance
You need to protect your business in any way you can, specific to the needs of your work area. Even if you do not have a team of employees, your business may still be at risk from outward threats, such as workplace accidents, if you are planning on physical premises, or if you are going to have clients or consumers visiting you in person. You should, therefore, research the right business insurance policy from providers like Hiscox.
- Property May Be Expensive
London is renowned for having a high value when it comes to property, whether it be rental or living costs. This isn’t an issue if you can comfortably afford it, but these high charges should still be taken into account when you are looking into your accommodation and premises options.
For example, consider:
- Whether starting a business in London means you will also have to relocate, resulting in accommodation expenses, as well as business expenses
- Whether you can combine the two, and work from home or gain a property which also enables accommodation, such as a flat connected to the office building that you’re using
- Whether your business needs to be positioned in a certain area of London for maximum effect, and therefore what you need to be able to pay to get there
Ensure that this is all factored into your initial business budget.
- Transport Links
London is particularly busy on the transport side of things, with daily congestion and the floods of commuters travelling as one. However, this also means that London is fantastic for transport links, such as being close to an airport or train in order to travel for business. This means that you should also consider your business transport requirements when setting up in the city. Does your business require you to travel to the airport on a regular basis? Does it mean you will be commuting, or requiring clients to travel to your office in London? It is important that you ensure your business location and premises cater to these requirements.
- There’ll Be Competition
This is true of any business, but London is a buzzing hub of wealthy and successful businesses and entrepreneurs, which means you won’t be the only one trying to make a name for yourself. Consider your competition carefully when setting up a business, and do your relevant competitor research. While competition will be rife, the popularity of the city also means that there will be a high number of consumers to attract. And with more and more people visiting the city all the time, whether as a tourist or to relocate, there’ll always be a market for business.