For any entrepreneurial Londoners out there looking to start a business of their own, do know that we’ve got you covered.
Starting a new business is an exciting challenge that will change your life. But do know that the current business climate stacks the favours against you.
Luckily for you, starting a business takes time and time is all you have right now. As we’re heading into the new year, here are 7 things to consider when starting a business in London.
A Business Plan
Starting a business without a business plan is a mistake to avoid. Instead of working things out as they come, take the time to approach the issue with the right set of tools.
And the tool for the job is a business plan that will help you avoid a financial disaster.
When it comes to writing a business plan, it’s all about perfection. Luckily for you, early drafts do not count as the finished article and you can update the plan later. As a matter of fact, the business plan will need constant updating based on the circumstances you find yourself in.
To do that easily, you can create milestones and try to hit them during the process of forming your business. These milestones can be goals, achievements and of course, key targets. The first goal might be to find a suitable location for your business. And that puts us nicely to our second thing to consider, which is…
The busy streets of London might not be that busy right now, but you will need to find a location that drives plenty of traffic. Logically speaking, locations on busier streets are more expensive in terms of rent. But do understand the importance of location.
Sometimes it’s better to pay more but to be in a high-traffic location than to pay nothing and see no one passing by your business. The only reason why location might not play a huge role in your business is if your business doesn’t require people coming in.
But the best way to approach this issue is to simply go location hunting. Draw up a list of potential locations and define requirements. These requirements can be size, layout, location, and other features such as parking space or access to high-traffic spots.
Some parts of London are more desirable than others, but striking a balance will not only help you achieve your long-term goals but also the short-term ones.
Do Some Research
It’s safe to say that London is a city with a rich and vibrant history. Not only do the buildings of the city have plenty of history behind them, but you could find your business setting offices in one of them.
Londoners love the history and heritage of the city. Certain parts of the city do a good job of telling you that. And by showing your appreciation for the history and heritage of the city, you might strike a gold mine by incorporating it in your advertisements and marketing campaigns.
That puts us nicely to our next part, which is…
Make no mistake about it, running a marketing campaign is one of the most difficult challenges that a new business could do. Not only do you have to stick to a budget, but you have to make it count.
Careful marketing will help you get over the line, but that costs money. London is home to hundreds of thousands of businesses. And you will be competing with thousands of them. Naturally, you will have to do a good job of creating a marketing campaign that will create exposure and sell.
Anything less will result in a catastrophic failure. The best way to approach this issue is through data. Market research can be a vital tool to propel your business onwards. But like planning a marketing campaign, data also costs money.
Your Business Structure
When it comes to one of the many legal requirements when opening a business, careful research is vital. Your business structure will depend on the type of business that you plan on starting.
A few business structures exist that you can choose from. You have the public limited company, limited liability company, partnership, or you can go as a sole trader.
There is no best option. It all depends on your business requirements. For example, you can hire employees as a sole trader but there are specific legal requirements and adherents to consider. Also, sole traders inherit any debt that the business falls in.
You will need to think carefully about this one as it can make or break your long-term plans and goals.
Choosing the Name
Yet another important thing to consider is the name of the business. A lot of entrepreneurs neglect this part as they don’t feel the name holds any power over people.
Unfortunately, for them, the name holds a lot of power. The name can not only make you memorable among your customers, but it can also be a useful marketing tool.
A good name will not only be stuck in people’s minds but also help turn your business into a brand. The long-term goal is to make your business a brand that people can trust and turn to for answers. And the name will play an equally important role.
Yet another important thing to consider in this act is the logo itself.
A Good, Memorable Logo
Name us any business that doesn’t have a logo? Of course you’ll see plenty of London businesses with bad logos, but a business without a logo is like a Facebook profile without a profile picture.
It holds no interest, no value, and no one will care to do business with it. Thus, coming up with a good and memorable logo will help greatly.
The best way to come up with a logo is to draw inspiration from the history and heritage of the city itself. Remember the part where we talked about the history of London.
Certain parts of the city are full of businesses that reflect the history of that particular part. And if you want to make yourself popular among the natives, then you will need to incorporate certain elements of that history in your logo.
This will not always be necessary, but it can be particularly useful for brick and mortar stores.
Starting your very own London business can be a game-changer. But there will always be things to consider. From coming up with a business plan to legal sides such as business structure, and even a logo, there are plenty of things consider before actually starting it.