London is a city filled with opportunity and prime examples of success in the business world. It’s home to some of the biggest corporations and financial institutions on the globe, but also hosts some 1.1 million small businesses. Thanks to this broad range of commerce, extensive professional networks and fantastic infrastructure, London is one of the most popular places for startups in the UK. However, with this popularity comes fierce competition and challenging times ahead if you’re looking to start a business in the capital. Think you’re up for the challenge? Here are a few first steps to get you started.
Setting up the company
First things first, you’ll have to get all the legalities out of the way. This includes setting up your company as a legal entity, registering for tax systems and taking care of any intellectual property rights that may be needed. These are the basic steps to creating a company which you can then flesh out in more practical and engaging ways.
Open a business bank account
Of course, you’ll need a business bank account from which to start proceedings. You should book a meeting with your favoured bank as soon as possible, and make sure you have all your documents and plans in order before you arrive. This includes things like personal identification, business plans and company structure charts.
Find your office or workspace
Next, you should be looking to determine where your company will be based. If you expect quick growth and an expanding team, you might want to look at small office spaces. But be warned, commercial space in London can cost a fair bit because of high demand. You may be happy with a small co-working space if you’re just getting started, but you must ensure that you have a registered business address.
Work out the logistics
Logistics are essential to consider, both personal and business related. Is your living arrangement appropriate for your new venture? Are you close enough to your business premises in case of emergency or to give yourself a fair work-life balance? While you’re working your personal situation out, you may want to consider serviced apartments in London until you can secure a more permanent living situation.
In terms of business logistics, you need to ensure that you are able to work effectively with suppliers and clients or customers in the local region and beyond. Consider what your operational barriers will be. For example, London has many Ultra-Low Emission Zones that could impact deliveries or meetings.
These are just a few very basic steps to get you going on your entrepreneurial journey. With the right preparation and strategy, you should be able to give yourself the best chance of success. Good luck!