If you‘ve ever been a tourist in London, you’ll understand the sudden realization that you can’t afford anything in the tourist resorts. The price of a hot dog from a van will make your wallet scream in panic. You’ll be joining beggars on the street just to rustle up enough for breakfast by the end of your trip.
So just imagine how fledgling startups feel at the prospect of establishing a business in the capital. Rent is higher than anywhere else in the country, employees’ wages are higher and prestigious areas are difficult to thrive in.
Indeed, the world of pearly kings, jellied eels and subversive Soho residents has been gentrified. Now, the middle and upper classes lounge in luxury apartments – and it’s giving small businesses the jitters.
But this gloomy prognosis doesn’t have to apply to the prudent business. If you’re a dab hand at selecting a business premises, you can do so in the capital without falling into the red.
So what do you need to know about capital to find the perfect shop to let London?
Don’t zone out
London is split into various zones that, although ostensibly designed to help with travel, can be a great way of divining the perfect business location.
Are you looking to own a hot Hoxton hangout or cool Camden club? Or perhaps you want a sophisticated business in the financial district? By looking at the zones, you can hunt down an area that will keep you near the centre of the action without falling foul of pricey rent.
Tourist or business?
Everyone knows that London is a tourist trap. But are you aiming to court sightseers?
If not, then the centre of London isn’t for you. Just imagine a suited and booted client arriving at your place of business, only to be greeted by a sea of tourists wearing masks of the Queen. They couldn’t help but feel flustered.
Search for a borough that isn’t flooded with holidaymakers. That way, you’ll enjoy the hustle and bustle of London without suffering its decadent extravagances.
Most companies in London have some sort of global reach, even if it’s on a small scale. How else could they afford to stay afloat in such an expensive location?
Set up a website with online delivery and associate it closely with the prestige of your London location. Even if you’re a small business, people subconsciously associate the capital with luxury like Sotheby’s or Harrods.
The net is the future. And although it can’t beat a physical location, it can give you a reach stretching far beyond the borders of the city.
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