It's supposedly full of glitz and glamour but as a business owner, there are most certainly plenty of questions you should pose if you are considering London as a viable destination for your business.
Whether you are just trying to get things off the ground, or if you have made headway in other parts of the UK, today's guide is all about mulling over some of the considerations you should think about as you ponder a London relocation.
The cost of living in London
The cost of living in London is notoriously high, and this is something you should be aware of before you consider moving your business here. If you have a small business, it's likely that you'll have to pay more for office space, wages and other expenses. Some companies will try and mitigate such costs by relying on services like this self storage St Pancras facility - but again, it's all about making the calculations long before you confirm your move.
The importance of transport
London has an excellent public transport network, but there are certain areas which are more accessible than others. If your business requires you to be able to get to and from the city regularly, then you need to weigh up the options. Sure, the transport network is excellent, but is that going to work for all types of business? If you are part of a company that carries lots of equipment, is the tube a suitable option? If you do fall into such a category, can you alternatively afford the parking and congestion fees that might be leveraged onto you?
Let's not forget that London is like no other city in the UK and while it does have brilliant infrastructure - this can sometimes come at a cost.
The London business network
The London business network is a little bit different to the rest of the country, and you need to be aware of this if you are thinking about relocating your business.
When you consider the sheer size of the city, it's no surprise that networking events can be hard to come by. You might find that there are many events out there, but they aren't always centered around your industry. Finding the right people and making sure you have a solid network is one of the most important things you can do for your business and the sheer size of London means that you need to ask whether these people are easy to come by.
Does your market exist in London?
Following on from the previous point, you should also question whether or not your market really exists in London.The demographics of London are drastically different to elsewhere in the country. Moreover, you need to ask yourself if you’re in the right part of town. What works in one region of the city, might not have any sort of impact in another. Like any business decision, you need to do your research and act accordingly.