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Business · October 25, 2022

How To Start A Business In London

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How To Start A Business In London

How To Start A Business In London

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How To Start A Business In London

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Get your website in a few clicks is the #1 solution for small business owners who need a website STARTING NOW There are many factors that play a role in determining the long-term results and success of a business, one of which is the location where the enterprise is based.

How To Start A Business In London

Entrepreneurs in the UK benefit from the fact that there are many British cities that provide an environment that supports growth for small firms. One of the most attractive destinations for startups is London, the driving force behind the country’s economy.

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In a recent study, mobile payment platform SumUp ranked the 100 most populous cities across Europe based on their potential to support small businesses.

The UK was well represented on the list, largely thanks to the number of London enterprises, the availability of rental space in Glasgow and the provision of external support in Manchester, Smallbusiness.co.uk reported.

London also scored highly for its level of external support and achieved a total score of 8.55 out of ten, ahead of other major British cities such as Liverpool, Edinburgh and Manchester.

Underlining the importance of entrepreneurship to regional communities, Marc Alexander Christ, co-founder of SumUp, said: “Small businesses support local people and protect the culture and authenticity of a city.”

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One of the most important factors in London’s favor when starting and growing a business is the access the city provides to a diverse and talented workforce. Staffing your firm with an eclectic range of employees can help you be more flexible, innovative and able to meet the needs of all types of clients.

England’s capital also offers a lot of potential for companies operating in certain sectors, such as tourism, hospitality, media, retail and fashion. In September 2018, research by real estate services firm CBRE placed London at the top of a ranking of the largest technology clusters in Europe, the Middle East and Africa.

Kevin McCauley, head of central London research at CBRE, said the city’s tech credentials “allow it to outperform its peers”.

How To Start A Business In London

Furthermore, the large number of businesses operating and professionals working in London means it offers unrivaled opportunities for networking and collaboration, which can prove invaluable for growing small businesses.

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For the smallest firms, one of the biggest considerations that comes with operating in London is cost, so it’s worth looking at ways to maximize efficiency, such as using short-term and flexible office space. Small Business Saturday is back for a second year in the U.K. last week, and many business students and graduates are planning and evaluating prospects for launching their own ventures.

If your focus is on London, be sure to do your research on the best places to base your enterprise, and the sectors that offer the highest opportunities for future growth.

Like any major city, London encompasses many districts and boroughs with different characteristics, advantages and disadvantages. It is important to choose your location carefully.

One of the main considerations is cost. Having an office or retail shop in the heart of the West End may seem like an exciting prospect, but your enthusiasm may be dampened when you have to pay the sky-high average rent in this area.

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The process of choosing a headquarters for your business is a balancing act. You want to find a location that reflects the image you want to create and puts you close to the action in your chosen sector, without exceeding your budget.

In London, certain areas are strongly associated with certain industries. If your business is retail-based or relies on the tourist trade, it will feel relevant anywhere in central London or on the South Bank, for example, but less so in Canary Wharf or the Square Mile.[Tweet “In London, certain areas are strongly associated with certain industries.”]

Arts and media precincts like Shoreditch or Clerkenwell would be ideal for new design agencies, while emerging tech businesses would be ideally located in East London’s Silicon Circle.

How To Start A Business In London

In addition to making sure your location feels relevant to your business, you want to consider factors such as competition in the area, proximity to suppliers and transportation networks.

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The Borough of Camden, Merton and Greenwich could prove attractive to all types of businesses, having recently won the Small Business Friendly Borough Award 2014.

Barking and Dagenham, Brent, and Ealing were also highly commended at the event, which is run by London Councils and regional sections of the Federation of Small Businesses.

Claire Kober, London Councils executive member for infrastructure and regeneration, said local authorities across the capital were focusing on supporting growth and creating jobs through small businesses.

“From independent retailers and family-run firms to creative start-ups and entrepreneurs, there is a clear commitment to helping small businesses thrive for the benefit of everyone,” he added.

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If technology-related industries caught your eye during your MBA studies, there are plenty of new business opportunities in London. Something that Carolina Arriagada Peters, Head of EMEA and Latin America for London & Partners highlighted when she spoke at this year’s alumni summit in London.

In recent years, the city has developed as a technology hub, and further growth is expected in the coming decades.

The sector will generate 46,000 jobs and provide a GBP12 billion boost to the U.K. economy. by 2024, according to Oxford Economics research published to coincide with the first London Technology Week earlier this year.[Tweet “The technology sector will generate 46,000 jobs in the U.K. by 2024.”]

How To Start A Business In London

Joanna Shields, chairman of Tech City U.K., Europe’s largest cluster of technology firms, based in east London, said the city had become a “digital powerhouse”.

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“In recent years the technology sector has played an important role in leading the economic recovery, accounting for 27 percent of new job creation,” he added.

And the London Stock Exchange released a report entitled ‘1,000 Companies to Inspire Britain’, offering a comprehensive analysis of the UK’s leading SMEs. More than 100 technology companies are featured on the list, from hardware and data center designers to app and game developers.

However, the research also highlights the diversity of the British economy, which relies on industries as varied as venture capital, cars and manufacturing.

The creative sector is also seen as important for future economic and corporate growth in London. More than two-thirds (69 percent) of businesses have cited this area, along with technology, as key to the capital’s economic development.

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Professional services and financial industries will continue to make a significant contribution to growth in the city, according to research by the Confederation of British Industry and KPMG.

Beyond your business plan and area of ​​expertise, your choice of industry can be determined by your short- and medium-term growth expectations, and the type of challenge you feel is best.

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