So you’re in the midst of setting up your business; the high’s and low’s are plentiful and you’re up to your ears in decisions to make.
Once you’ve got your basics sorted you will need to start thinking about things like staff, the right digital marketing agency, management facilities…
And of course location! So, we’ve taken one of these stresses away and discussed why London is the best place for small businesses.
It’s often said that if you find the right desk, the writing will come; the same can be said for your business.
For many many years, London has been the heart of the UK’s finance, technology, and creative workforces. The home of Big Ben is the known stomping ground of big names in business like KPMG and Penguin Random House, but it’s also become the place to be for startups of all sectors.
A recent study from business advice forum startups.co.uk, found that the boroughs Westminster, Lambeth, and Camden have the highest startup rates.
But, there are many address options for businesses in the world’s enterprise capital, and it’s definitely the place to be.
We’ll look at why London is the best place to be for small businesses, exploring a few different reasons:
- London Is Full Of Talent
- London Is Full Of Resources
- London Is Full Of Potential Customers
London Is Full Of Talent
The sheer expanse of London is a huge part of why it’s the best place for small businesses. Your pool of potential employees will be widespread thanks to the local population of 8.1 million, not to mention the 30 million visitors that London attracts each year.
The city is known for its multiculturalism with 41% of Londoners having a black and ethnic minority (BME) background (Demography).
And, diversity in your workforce works to the advantage of diversity in your consumer base. Ensuring that your whole audience feels represented by you is key to brand engagement, growth, and consumer loyalty, and London will provide you with the basis to achieve this.
London Is Full Of Resources
Compared to other countries, the UK provides a ton of support to start-up and small businesses.
‘Entrepreneurs in London’ is known for its large and diverse events; with over 22 thousand members you are guaranteed to find something for you.
London is also brimming with networking opportunities. Often large corporations hold ‘meet-ups’ to provide an opportunity for startups and small businesses to meet other people or companies in a similar sector.
These kinds of events often provide information targeted at small businesses such as:
- How To Avoid Renting Costs, The Cost of Office Space in London 2019/20 offers a great breakdown of the costs associated with renting office space in London
- How to get funding for startups, 5 great startup funding options provides a good insight into your options
There are many resources available that are relatively easy to access including funding such as start-up loans.
Being surrounded by large corporates provides increased access to companies or individuals who might want to invest in your startup. That’s always a bonus, right?
The range of shared working spaces throughout London is larger than anywhere else in the UK. Offices such as WeWork are investing in small businesses and startups, and encouraging shared working spaces for lower costs.
London Is Full Of Potential Customers
As well as providing you with a wide breadth of potential employees and resources, locating your small business in London will also allow you to service a wide customer base.
Imagine you are starting on a local scale, in terms of delivery for example, well your local scale in London is that 8.1 million we mentioned earlier.
Bringing your small business to London is a smart move if you have your eye on your future. Your address can be hugely influential in terms of getting your business recognition.
When you have a London address you instantly give your company a high profile image which can help boost your business in itself.
Also, you will have access to hub of inter-connected transport links that spread across London. Attempting to build a business in a remote location doesn’t seem conducive to expansion, so why not start where everyone is?
If your worry is the busy commute, we can tell you it’s a bit of a myth. London transport is one of the most invested-in transport services in the UK and is truly at the heart of what makes London so connected.
All in all, London is a great place to build and grow a business because of its expansiveness. You are surrounded by potential customers, potential employees, potential investors, and opportunities that are ready for the taking!
So it seems that the real question is, when are you moving to London?
Post submitted by The Good Marketer, a Marketing Agency in London which drives more traffic, generating conversions and increases sales for Small-To-Medium Sized Businesses