The city of London is home to some of the world’s largest and most renowned businesses. Hundreds of entrepreneurs are attracted to this city every year to pursue their goals of running a successful company. Here are the seven things to know before starting a business in London.
The City is Always Busy
People who have moved from quieter parts of the UK or around the world are often taken aback by the fast pace of life in London. No matter what time of the day or night, there is always something happening in England’s capital. This makes it ideal for businesses which rely on heavy footfall.
There are Many Ways to Boost Your Customer Service
You can build a reputation of reliability and speed among customers by utilising some of the services available to businesses in London. If you need to send things speedily to customers, check out this same day service. This same day courier service London from Mango enables you to have packages delivered to customers within as little as an hour, or you can make the most of international delivery services to reach a larger customer base worldwide.
Rent is Expensive
This is one thing everyone in London can agree on: the rent is expensive. The cost of living is so high in London that the UK minimum wage is higher for workers within the region. You will need to consider this additional staffing cost when opening a business is London, as well as taking into consideration the higher costs of business rents and other bills.
You Should Conduct Market Research in London
It’s important to conduct market research for your business before setting it up in London. Even if you have run a business in other parts of the UK, the demographic in the capital can be so different that getting fresh data is crucial.
You Can Buy Things When You Arrive
There are many items of business equipment and office furniture that you can buy once you arrive in London. This is ideal for entrepreneurs moving from other countries, since it can dramatically cut costs, planning, and luggage.
It’s a Good Idea to Employ Someone from the Area
If your business needs a reception or front of house team, it’s a good idea to employ at least one person who is familiar with London. This will help your business to become more informative and helpful to customers who have questions about London.
Not All Parts of London Are Created Equal
If you’ve never visited London before, finding the best place to open a business can feel daunting. Join social media groups to find out more from local people about what is in demand in a specific area.
Rent is likely to be cheaper in areas such as Croydon or Dagenham, but doing some research beforehand will pay off and save you money in the long run.
Moving to London to start up a new business can be overwhelming and exciting at the same time. Knowing what to expect and preparing beforehand can help to give your new company the best chance of succeeding.