Research performed by Ipsos Mori has recently revealed that the UK’s capital is the third best city in the world to do business in, sharing the same spot as Hong Kong and coming only behind New York and Abu Dhabi.
For a business, investing in London can have many benefits as it’s clear that the city remains a competitive force in the business world. In this article, we take a closer look at why entrepreneurs should consider moving to London if they want to enjoy continued business success.
Business Opportunities in London
London is renowned for its diverse culture and innovation, which is perhaps why so many startups choose to launch their businesses there. Last year, there was a record of 80 new companies born every hour in the UK, with the city of London homing most of them.
Its diversity is one of its main appeals for businesses – in London alone there are a number of different regions offering a range of business support and startup activity specific to different industries. For example, East London has become known as Tech City, or Silicon Roundabout, due to its cluster of tech companies and the support available to nurture startups in that industry.
For those looking to start a business or relocate to the capital, you can consult this handy business guide to find out which area in London would be most suited for your business and where it has a better chance to thrive.
Investments in Business Development
We’ve briefly mentioned the support that’s available for startups based in London and indeed, there are many government grants and funding available for businesses.
Prime Minister Theresa May has pledged £2 billion in government investment by 2020 for businesses developing cutting edge technology like artificial intelligence (AI), robotics and biotechnology. Also, the Government’s Start Up loans scheme offers new businesses up to £25,000 at a fixed interest rate, along with support services and mentoring.
For those looking to set up in London, there are funds available specifically for those based in the capital. The London Co-Investment Fund has £25 million earmarked for investment in seed rounds between £250,000 - £1,000,000.
Business Expansion Plans
So, there’s plenty of support available for budding new startups and businesses hoping to move their offices to London. But what kind of considerations will you have to make by moving to the big city?
As well as the area in London you want to base your business, you should also think about the kind of office you’re looking for. There are plenty of options available, which include serviced offices and co-working spaces.
Serviced offices are a good option for new businesses as they are already set up with utilities, equipment and internet access so you can get up and running straight away. As they often come with short term contracts, it gives a small business the flexibility to grow quickly and with little fuss. Also, serviced offices offer an affordable option for small businesses right in the city of London, a prestigious location that may not have been affordable otherwise.
Co-working spaces are growing in popularity in cities as they allow entrepreneurs to work with likeminded people. This type of office space can be valuable for networking, collaboration and innovation, especially in a city as diverse as London, as there will be a wide variety of skills, knowledge and ideas all in one office.
If you’re looking for the right spot to set up an office, London is the place to be. With plenty of support available to nurture startups and small businesses, it’s a great place to allow your business to thrive. Along with its reputation for diversity, creativity and innovation, it’s easy to see why the UK capital city was named the third best place in the world to do business in!