If you are a local business that is looking to set up shop in England’s capital city, then you have best be well-prepared. While it could see a new era of prosperity for your company, it could also be a dicey move. It’s no secret that rent and building prices in the Big Smoke are much higher, but when you add to that the increased competition, you have a number of risky variables in the mix. Before you put down a deposit for your new office or shop, here are some aspects to consider.
When you open shop in London, you will need to ensure that your company’s finances are in the right place to do so. Opening a brand new place when you have less than desirable profits could spell failure, or even worse, enduring debt. Like you did when you initially created and set up your company, draw a company plan for moving to London. It should include:
Your planned projection after your move
Any loans you will need to take out
A plan for failure
Market research to assess the competition
New playing field
When you up-sticks and move your company to London, it will be a whole new playing field when it comes to the surrounding competition. You may feel overwhelmed with your new position in an incredibly saturated market. It may take some getting used to, but it’s essential that you learn to adjust to it. After all, it’s not just increased competition you’ll be dealing with, but also a higher demand for both your products or services and also recruitment. Businesses in London have found that when a position opened, they are completely inundated with applications.
Location is everything
When you start browsing for your London office, it is important that you are picky about where you will be setting up shop. If you are located so far out that you may as well just set up shop in Essex instead of London, you may have to change your strategy. You also want to make sure that your business has plenty of access to transport links. Ensuring that your clientele and personnel can get to and from work with ease will only help to improve your employee turnover.
If you are concerned about ‘getting it right’ when it comes to location, there is no shame in asking for professional help. You will find London office rental companies that are devoted to finding appropriate office spaces for businesses. In order to find the most reliable rental company, check out their office move reviews so you can find a dependable service.
Moving to London is a big step for any company, and it can be a daunting one. Many companies make the move knowing that they could be returning to the provinces within the next few years. To ensure that you don’t fall under this category, it is wise to do your research and seek out help when you need it.