London is one of the most famous cities in the world. It’s renowned for its many iconic landmarks and rich history. But it’s also the financial centre of the UK and possesses a thriving business environment. Whether you’re planning to launch a revolutionary tech startup or relocate your global corporation, London should be considered for a number of reasons.
This article will explore several reasons that make the UK a fantastic home for you and your business.
Networking Opportunities
Networking opportunities can play an important role in growing your business. If you’re keen to expand your network, London is one of the best cities in the world to be a business owner. London features some of the world’s top universities which attract the brightest young minds and experienced lecturers to the city. In addition, you’ll be spoilt for choice in terms of incubators and business meetups which will allow you to get to know fellow businesses.
The co-working scene is also thriving right now, and London features a whole host of co-working spaces that allow you to work and network at the same time. Some are completely free to use, which can be a huge benefit if you’re working on a startup or side hustle and trying to keep costs to a minimum.
It’s not just fellow businessmen and women that you’ll cross paths with in London either. If you’re looking for training, mentorship or investment then London has plenty of opportunities in these areas too.
Transport System
London Underground is one of the most well-known transport systems in the world, and there’s a good reason for this. Coupled with London’s extensive bus and over ground network, London’s Tube system makes it remarkably easy to travel across the city in a short space of time.
Transport systems may not be top of your list of considerations when deciding where to start a business, but don’t discount how much time may be spent travelling to meetings, conferences and other business locations.
Wherever you are based in London, it’s likely that you’ll be within walking distance of a Tube station. If you do need to drive into the city centre, there are plenty of car parks such as Bond Street car park where you can leave your car before using the reliable public transport options to avoid traffic.
Talent Pool
There are many things that make London a desirable place to live. From a multicultural food & drink scene to some of the best shopping locations in the world, people of all ages are drawn to the UK’s capital. As a business owner, you won’t be short of things to do when not working, but more importantly, you’ll be surrounded by a vast array of people and skills.
If you’re building a team to work for your business, it’s incredibly important to open your business where you have access to a thriving pool of talent. In the case of London, you’ll find the skills you need to support your business growth regardless of what industry you’re operating in.
If you’re in need of young, creative talent then it would be wise to build relationships with London’s universities and colleges. Many graduates opt to stay in London after graduating so you won’t be short of options if hiring for graduate positions.
The number of world-leading businesses with offices in London also provides the potential for you to attract more experienced employees who could have a drastic impact on the trajectory of your company.
High Footfall and Potential Customers
No business can survive without customers or clients, so it’s important to open your business in an area where there is demand from locals, especially if you’re offering a service. Many of the world’s top creative agencies are based in London as it puts them in close proximity to leading businesses that can be seen as potential clients.
Similarly, local stores on London’s high streets benefit from extremely high levels of footfall which makes London a great place to start a product-related business whether big or small.
The average London salary also trumps every other major UK city and the vast majority of other European capitals. This leads to higher levels of disposable income which should be music to your ears as a business owner.
As the most visited city in Europe, London also provides you with millions of daily tourists who are usually more willing to spend compared to locals who can visit your business any time. For businesses in industries such as food or fashion, tourists can generate an enormous amount of revenue for your company.
In summary, London is one of the best places in Europe, if not the world, to set up a business. You’ll have access to everything you need whether that’s talent, customers or investment. On top of this, its transport links and abundance of attractions make it a great place to live outside of work hours too. If you are considering moving to London, respect its vast size and thoroughly research the different areas to ensure you choose the best part of London for your needs.