If you own a quickly developing and ambitious business somewhere in the UK (or even abroad) and you want to increase your presence not only on the local, but also on the foreign markets, you may consider moving your company to London. That step can open new doors for you and connect you to many influential people in your industry. However, any business relocation, even the most well-planned, hides certain risks and challenges. That is why, it is always best if you spend some time researching things like:
- Cost of living in the English capital – office space prices, average salary in the city for the industry in which you work
- Current market situation – even if you are familiar with the latest economic tendencies in the UK, you should know that things always move with a faster pace in London
- Availability of potential employees that have suitable qualifications and experience to be part of your team
- Competition in your niche and the performance and revenues other companies in your field enjoy on an annual basis*
*If the competition is too great, it will be harder for your company to attract customers. The lack of competition, on the other hand, shows that the services or products you offer may not enjoy high demand in London.
Last, but not least, you will also need to find a team of professionals that provides week round business removals. Moving your company to London can be a difficult task, as it often costs a lot of money and takes too long. Nevertheless, some firms in this field can help you organize your relocation in a speedy manner and on a day and hour of your convenience without forcing you to break the bank, especially if we’re talking East London office removals – it being, generally, the cheaper part of the capitol in terms of real estate.
All the planning and researching that you need to do before actually deciding whether or not to head to the UK capital should not discourage you. We have weighed some of the pros and cons of moving a business to London and we are willing to share them with you.
London is a major business hub
Chances are, you probably already known that the English capital is among the most important and powerful business centers on the globe. But it is important to know all the facts and details. For instance, did you know that there are five different key business districts in the Big Smoke. Those include the City, Canary Wharf, Westminster, Lambeth and Southwark, as well as Camden and Islington. Also, the city offers an abundance of office space. In Greater London alone it has reached nearly 27 million square meters. Almost one third of that space, however, is located in the City. That may sound like a lot, but given that the number of startups per a year in the capital is around 485,000 it all makes sense. In addition to that, 75% of the companies included in Fortune’s 500 companies list are set in London and 25% of Europe’s biggest corporations also have headquarters in the English capital.
Advantages of moving your business to London
The capital of the United Kingdom offers a great environment for businesses from various industries and of all sizes. As a start, the internet speed and coverage in the city are decent. If you are a foreigner seeking to move their company to London, you will need to pay a registration fee of about £18.
If you own a big business and you want to expand it or to work with business partners in different European countries and the U.S., London is definitely the place to be. The geographic location of the UK capital will easily make that possible for you. Plus, the business presence in the Big Smoke is quite international. Companies from all over the world have offices there, which means you can built a big network of contacts in a short amount of time.
You will not even need to worry about finding good personnel, as London is filled with talent. After all, the English capital is one of the best educational centres in the world. It even boost the greatest number of students per capita on a global level. The University of London alone has more than 120,000 students. And then there are other major universities like the London School of Economics, King’s College London, the Institute of Education, University College London, the London School of Economics and Political Science and many more. Plenty of young and qualified people will easily fit into the profile of professionals than you need.
Downsides of relocating your company to the capital
Managing a business in London can be a real challenge. That is mainly due to the sky-high prices in the English capital. While it is true that there is plenty of office space in the city, it is also true that it is available at a costly price. The average price you will have to pay per square meter in the central part of London is estimated at €24,252 or more than £20,260. That can be a great problem for businesses that are struggling to keep their head above the water. Also, you will have to fight in order to get the best talent in your sphere. Many companies in London will offer different incentives to their employees so that they appear more to promising applicants, like great healthcare programs and flexible hours. To top it all, competition in the UK capital is quite fierce. So, the concept ‘survival of the fittest’ describes the business environment in London well.
As you can see, there is nothing black-and-white when it comes to moving your business to London. The capital of the United Kingdom offers great benefits to companies, but it can also challenge the ones that are not well-prepared or determined enough. However, if you believe in your success and have a good plan in your head, don’t be afraid to take the dive.