London is a powerful city, not just by virtue of the country’s real politics but also because of the many offerings it has. While it is easy to look at the number of tourists that visited the city in any given year, one must also look at how many businesses were opened in the city during the same period. This will give a more realistic estimate of the economic standards of London.
In this post, we take a look at some of the most potent reasons why London should be the home of your new business.
- Economical Office Space – All over the country, real estate prices are rising like hell. In the midst of such a situation, the city administration has made efforts to ensure Low-cost Business Space remains available for those who are looking for it.
Apart from this, the new age economy has given rise to the growth of co-working spaces, which ensures that more businesses can work from the lesser square footage of the area. Along with office space, demand for housing is also increasing rapidly.
It is important that your employees get a decent house near your business, and London is the perfect place for that. - Employable workforce – While business space is an important criteria for deciding the host city for your business, it also needs to be a city where you get access to a quality workforce. Again, no city is better than London for this.
This is because of two reasons. Firstly, the population of London itself is enough to create sustained growth in employable candidates. Secondly, graduates from around the world look to come to London during or after their education, ensuring that you get to pick from the best candidates in the world.
- Government Assistance – In any economy, Government regulations play a crucial role in increasing business activity. In the case of London, apart from the initiatives of the local government, the Government of the U.K. also has certain schemes which can be availed by small and growing businesses.
For instance, startups can take loans through a special program. You get tax benefits if you are investing in Research and Development along with capital allowances. Furthermore, subsidized broadband is a very lucrative initiative of the U.K. Government. All these factors certainly weigh in favor of London.
- Efficient Infrastructure – All the government schemes of the world will be ineffective in attracting businesses if the infrastructure of a city is not equipped to handle the demand. Infrastructure refers to the basic systems and services which are necessary for growth, such as transportation, electricity and water supply.
Needless to say, with several international airports and a highly popular underground metro rail system, London stands as tall as Big Ben in the transportation department. Not only is it super convenient to travel within the city, but it also acts as a connecting point for hundreds of international flights.
- Thriving Population – Having covered the bases in the form of government assistance, real estate costs and employable candidates, it is time to look at one of the most relevant metrics for a business.
Yes, we are talking about the people who will ultimately be your customers – the quantity and demographics of the city’s population.
As stated earlier, London is a city that attracts the world’s best minds. Moreover, even without considering any changes in immigration policy, the population of London is cosmopolitan. This means that any business will have a readymade customer base from the get-go. - Networking Hub – The world’s biggest businesses have offices in London. It is an education center and the political capital of the nation. All these reasons make it a fait accompli for businesses.
It doesn’t matter whether you are interested in a tech startup or a traditional consulting business. You will get the best networking opportunities in London. These opportunities can be in the form of events or cold calling.
If you are deciding on a home for your new business, then you must seriously consider London. It checks all the boxes and offers you not just the basics but also goes the extra mile in terms of government support for small businesses.
London is more than a city; it is a sea of opportunities for the right people who are willing to work hard and grab the chance to grow. With the required skills and a zeal to succeed, there is nothing that can stop your business from peaking.
