What makes London a great city to start a business?

There are many factors that play a part in determining the long-term results and success of a business, one of which is the location where the enterprise is based.

Entrepreneurs in the UK benefit from the fact there are many British cities that provide supportive, growth-enabling environments for small firms. One of the most attractive destinations of all for start-ups is London, the driving force behind the national economy.

Capital Performance

In a recent study, mobile payments platform SumUp ranked the 100 most populous cities across Europe based on their potential to support small businesses.

The destinations were evaluated using four criteria:

• The amount and type of small businesses

• Density

• Property

• Forms of external support

The UK was well-represented in the list, largely thanks to London’s volume of enterprise, the availability of rental space in Glasgow and the provision of external support in Manchester, Smallbusiness.co.uk reported.

London also scored highly for its level of external support and achieved a total score of 8.55 out of ten, ahead of other major British cities such as Liverpool, Edinburgh and Manchester.
Underlining the importance of entrepreneurship to regional communities, Marc Alexander Christ, co-founder of SumUp, said: “Small businesses support local people and protect the culture and authenticity of a city.”

Why London Is Ideal For Business Start-Ups

One of the most important factors in London’s favour when it comes to starting and growing a business is the access the city provides to a diverse, multi-talented workforce. Staffing your firm with an eclectic range of workers can help you be more flexible, innovative and able to meet the needs of all sorts of customers.

England’s capital city also offers a lot of potential for companies operating in particular sectors, such as tourism, hospitality, media, retail and fashion. In September 2018, research by real estate services firm CBRE placed London at the top of a ranking of the largest technology clusters in Europe, the Middle East and Africa.

Kevin McCauley, head of central London research at CBRE, said the city’s tech credentials “enable it to outshine its peers”.

Furthermore, the sheer number of businesses operating and professionals working in London means it offers unrivalled opportunities for networking and collaboration, which can prove invaluable for small, growing businesses.

For the smallest firms, one of the biggest considerations that comes with operating in London is the cost, so it’s worth looking into ways to maximise efficiency, such as using short-term, flexible office space.

Image courtesy of: Free-Photos at Pixabay

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