4 reasons you should set up your business in London
Home to Paddington Bear, Big Ben, Buckingham Palace, and Covent Garden, London is one of the most iconic cities in the world.
It’s also a massive economic hub. Greater London produced £503 billion alone in 2020, and the city has the second largest financial centre in the world.
Here are four reasons why you should consider starting your business in London.
1. It’s a huge tourist attraction
For businesses in the food and beverage, hospitality or hotel sectors, London is a hive of activity.
The tourism industry in London is massive due to the historical and political significance of the city; tourist attractions like Buckingham Palace and the Houses of Parliament provide the UK with a huge revenue every year.
Approximately £49.9 million was made from Royal tourism in 2019-2020 alone, and during the period of national mourning after Queen Elizabeth II’s death in September 2022, hotel occupancy rates were predicted to reach an all-time high of 95%.
2. The transport links are brilliant
London is famed for its fantastic transport system, consisting of the bus and underground and overground train network. This makes the city’s 611 square miles extremely accessible with contactless payment or an Oyster Card, and caps on transport costs mean that travel becomes unlimited for a fixed cost very quickly.
The transport system is also advantageous for commuters travelling into the city from nearby graduate cities like Oxford and Cambridge, exposing you to a highly qualified talent pool.
This also means that your business, particularly if it’s a high street business, will be exposed to a reach of new customers frequently.
The high volume of consumer traffic from all areas of the UK means that your word of mouth advertising will be much higher than that of a regular high street business outside London.
3. It’s home to the best digital marketing services
Digital marketing is now at the heart of advertising and marketing across the globe, and it will be essential to get your business up and running.
Luckily, digital marketing agencies based in London like Maratopia are fully equipped to deal with all your digital marketing queries, including PPC marketing, high quality content writing, SEO services and web design.
4. Flexible office working
Even though office space can come with a premium price tag in London, modern entrepreneurs are swiftly creating a cheaper solution to the office space demand.
This solution comes in the form of flexible office spaces, including incentives like hot desking, office sharing, and renting an entire private space to hold meetings. Companies like HubbleHQ allow you to book out their facilities for a much cheaper price than holding a permanent office space.
For example, “hot desking”, or renting your own desk space costs just £168 per month in prime office space in the business hotspot Canary Wharf.
Do you have any tips for starting up a business in London? Leave your answer in the comments below!
