Where is the Best Place in London to Start a Business?
Best location for startups in London: the talent pool
London's highly qualified residents, driven by its top-notch education system (with nearly 59% of residents holding at least a Bachelor degree) in tandem with the knowledge economy, gives it an edge over other global cities—especially when you consider that both international talent attraction rates are high here too!
London is extremely well placed to attract the world’s top talent which means that there is a huge talent pool available for entrepreneurs. The UK is a hotspot for innovative technology and finance. With the sector poised to grow even more, London has emerged as an international leader in this field with its expertise on offer at conferences across Europe.
The United Kingdom offers premier research into all things digital - from blockchain tech developments to AI-driven business strategies that will transform your organisation. London is the epicentre for this, with investors allocating funding to facilitate growth in the city’s thriving digital economy. With no less than seven of the world’s top universities here in London who are at the forefront of research into recent technologies like machine learning and AI, London is an ideal location to launch your business.
As well as the access to talent, London has also been ranked one of the world’s top startup ecosystems.
The case for investing in London as a startup location looks extremely strong with its reputation and performance standing out on an international stage. London is a city of opportunity for startups and entrepreneurs. From the London Underground to the latest restaurants, this vibrant metropolis has everything you need to create and grow your business. Whether you’ve just had an idea or are well-established in your industry, we want to give you the tools and information that will help make it happen.
As well as the economic factors to consider when starting or growing your business in London there are also things that you need to take into consideration surrounding your location and environment. These can be broken down into four key areas: your office, your customers, the people you work with, and how to get from A to B in a city that’s known for its traffic.
The first thing you need is an effective way of working remotely when needed but also being able to meet up, either at home or in a workspace where ideas can flow freely without interruption.
If you’re working in London, the best way to do this is by finding a serviced office. This will provide you with an address that your customers can use and also gives you access to meeting rooms, dedicated phone lines, etc. With short contracts available on flexible terms it means that if things don’t work out or you need to relocate, you are not tied in for any longer than necessary.
Startup hubs provide a great networking opportunity where ideas can be shared and contacts built. In London, several organisations work together to support entrepreneurs and offer the resources they need in an easy-to-navigate way.
Access to public transport is a huge factor for Londoners as commuters need to make their way across the busy city during peak times, which can take hours out of your day. To improve an already great service and accommodate for this influx of traffic, the city has committed to increasing the number of overground and underground lines running at peak times.
However, it’s not all about major train hubs. Commuters are also known for taking shortcuts on foot, via bus, or by bicycle, which is why local routes can be just as important. There are some great apps out there that tell you about the most up-to-date traffic happenings in London, how long it will take to get somewhere, and even give you recommendations for alternative routes.
Another thing to consider is the neighbourhood you choose to work from. It’s easy to overlook this when thinking about making money but if you’re spending more than an hour commuting every day, the neighbourhood you live in can really make or break your mood.
How to make connections & meet people as a startup?
With London’s startup scene growing at such a rapid pace, it can be daunting to find out where to start when it comes to networking. To find your feet, you need to know what makes the whole thing tick.
Whilst there are numerous event organisers available, London is very 'self-organised' so you should take advantage of this and turn up at startup-related events around town. There are also some great apps out there that tell you about the most up-to-date traffic happenings in London, how long it will take to get somewhere, and even give you recommendations for alternative routes.
One of the best ways to make connections is by finding a coworking space in your area. These are great places to meet like-minded people, find out about events and even get your work done without the distractions of working from home.
Best location for startups in London
The team at startups.co has exhaustively researched and compiled data from a variety of sources in order to get an accurate picture of the levels of startup activity across London. The data was compiled by analysing several factors, including broadband speed and the percentage of micro-businesses.
Startup survival rates for new businesses are high when they launch their company from places like Sutton, Bexley or Richmond; while those launched in Westminster, Newham and Barking & Dagenham have poor chances at success.
Lambeth has more micro-businesses than any other London borough, with Westminster and Camden coming in second. These small businesses contribute to the high rate of growth and success for this region.
The results show that not only is there a rich startup scene in every corner of the city but also that pockets are emerging in areas where it might not have been expected. You will find startups at surprising levels throughout London, from the convenience of the city’s outskirts to its innermost reaches, where a wealth of new businesses are popping up at a rate far exceeding the national average.
So if you’re looking for somewhere that is rich with resources, has a burgeoning community and has plenty of support then London is the place for you. We have all the information you need to help make your startup a success right here on our site.
The perfect borough for starting your own business is not clear-cut. There are many different factors which you should take into consideration before making this life-changing decision, but one thing's for certain: with work and where we live being so intrinsically connected in an urban setting like London, we must factor everything into the decision-making process from the off.
It is up to entrepreneurs to be aware of the key factors that will help them on their journey and give them a better chance of creating success stories rather than business failures. With so many different options available to startups, it’s even more important to have access to information that can help you find your way.
It’s also worth remembering that there are many different types of business from which to choose, with varying degrees of startup capital requirement and risk involved.
In addition, the knowledge you gain will help in future decision-making if your business takes a turn in an unexpected direction or new opportunities arise that require you to make a swift change in strategy.
At Accountancy Cloud, we are always keen to help new businesses get off the ground in London and find areas of opportunity for companies at any stage of their development. If you would like more information on the best locations for startups, please contact us today.
Whether you are looking for a specific type of company, want to know the best locations in London, or require help with your own business, we can help. Our services are designed to meet the unique needs of each client, providing them with the tools they need to create strong foundations and find opportunities within their expanding company.
Our experience in the field has helped us to create a name for ourselves by giving businesses the chance to thrive, and we are proud of our dedication to helping others. If you want information on how Accountancy Cloud can help your business grow, please get in touch with us today.