Whatever your occupation, interests or future endeavours, London is the place for you.
1.3 million people visited the UK in September 2019 alone, creating the perfect environment to start a business, however specific your niche.
The UK’s marvellous capital is rated the No.1 city to build a startup, which is evident in the number of small business which already operates in London.
As we speak, another business is beginning its journey to success and there is no reason why your innovative idea can’t be the next to achieve great things.
Here are 4 of elements London offers small businesses:
- Free access support in preparation for Brexit
- Business hotspots
- Demographic opportunities
- Positive economy outlook
Free Access Support In Preparation For Brexit
If you had not forgotten, we left the EU on 31 January, after Boris Johnson’s withdrawal agreement was approved. The UK will now experience an 11-month transition period to prepare for its new relationship with the EU.
Luckily, the trade between the UK and the EU will remain unchanged during this transition period whilst a new trade agreement is forged.
By visiting the official Government website, you are able to complete a short survey about how you and your business operate. Once this is completed, preparation suggestions specific to your situation are simply listed and easily accessible, allowing you to prepare for every possible scenario.
Some popular topics of preparation regarding Brexit are:
- International trade
- European trade
- Personal data flow
- Employment
Business Hotspots
London has one of the most efficient urban transport networks in the world, connecting 32 of the cities boroughs. Among these boroughs lie hotspots driven by business that are at your disposal 24/7.
These hotspots are as follows:
- Kings Cross
- London Bridge
- Waterloo
- Liverpool Street
However, as an established small business or a new startup, it can be incredibly daunting moving into a city with such high rent prices as seen in the hotpots mentioned above. Therefore, We think it would be beneficial to discuss up and coming hotspots with more affordable rent prices.
Boroughs such as Richmond, Westminster, Finsbury Park, Old Street, and Shoreditch are locations that have seen a large amount of interest from start-ups in 2019.
Old Street and Shoreditch are becoming popular hubs with increasing rent prices, however, this has introduced shared workspaces such as WeWork buildings, which are a great way to avoid the high rent costs of the Capital.
Here are some benefits of the developing boroughs:
- Richmond – high company survival rate (76%-80%)
- Westminster – One of the most popular boroughs for starting a business in 2019
- Finsbury Park – Home to successful Fintech company Monzo, it is a booming location for start-ups which is becoming increasingly popular.
The cities fast pace development means there are new locations popping up frequently, so it’s important to stay up to date with the news but more importantly independent bloggers and industry-related articles.
Why make the move?
The demand to operate in London is evidently extremely competitive, but this is for a reason.
Managing your company in the heart of the city allows you to overlook, first hand, the trends and niches which are emerging within the capital’s walls – which is great for your digital marketing!
The more you understand your customers needs and wants, the better you can deliver value and gain a competitive edge.
Demographic Opportunities
Londons has a population of over 8 million people, growing at a rate which is twice as fast as the rest of the UK.
A busy city can be extremely beneficial for your business, giving you the opportunity to broaden your audience and have access to a skilled and diverse workforce.
How and why should you broaden your audience?
Broadening your audience in such a way is going to be easier than you think. Your existing customers can act as the ‘ideal persona” that you would like to target, unless you are trying to break into a new niche, where you would create an entirely new customer persona to target.
Growing your customer base will develop valuable consumer relationships and eventually lead to more sales and revenue, which is a common interest among most businesses.
A diverse workforce can:
- Promote diversity in the workplace
- Strengthen company values and morals
- Increase productivity
- Introduce language skills
- Build a strong company relationship
London’s population diversity is a key factor represented and respected by London’s demographic, so make sure to use this to your advantage.
Positive Economy Outlook
London’s Economy is moving into 2020 with strong authority.
From 2012 to September 2019, London’s economy has grown by 19%, exceeding all other areas of Britain. Generating 22% of the UK’s total GDP, London is the place to be.
Although Brexit poses a huge worry for most people with regards to the future state of the economy in the immediate sense, it is suggested that in the long-term the economy will flourish.
For example, the value of the Pound Sterling surged on the General Election outcome before falling back down. Although this could be seen as a negative, I believe it showed a glimpse of promise and should reinforce trust in the nation.
In the lead up to Brexit being the UK economy was expected to achieve great progression if approved. Now the change is imminent, time will only tell if these predictions are correct.
Yes, there are still many unknowns, but London will always play a vital part in business and benefit your small business.
Summary
If you have a small business or an innovative idea with the potential to expand through exceptional talent, London is the perfect place to start.
The cities emerging hotspots allow you to enter London with confidence and become part of its growing economy.
Surrounding yourself in such a diverse and creative environment can only help your business expand and develop sustainably.
With a population of over 8 million people, London’s diverse space presents an amazing opportunity to develop your current audience and build your small business sustainably. Whatever product/service your business promotes, you will be sure to find your audience in London.
