Monday, July 15, 2013

Deciding where to establish a business in London

By Magdalena Jones


It is a fact that London is one of the most successful business centres in the world, and this has made competition for space to be very stiff. Driving around the sprawling city shows evidence of flourishing law firms, merchant shops, small and large manufacturing plants, IT set ups, and export and import enterprises. A new entrant should, therefore, find it quite difficult to find cheap office space.

Like any other business hub, enterprises in London are spread according to their type. You will, therefore, need to do some rounds to find out which street is notable for the kind of business you want to establish. For instance, most music producers have set up shop along Shoreditch and Clerkenwell, which enables clients to locate them easily.

If your firm has a leaning on financial matters, then research for available spaces around London Bridge and Liverpool Street. These are areas that are well known for banking facilities, financial services providers, and advisors. Competition for rental premises can be daunting here because you will be up against large multinationals and aggressive small enterprises.

Mayfair and the vicinity of central London are more popular with hospitality enterprises such as hotels, cafeterias and restaurants. The area has a large network of tourist attractions such as museums, which could be the major factor in the success of the eating places. If you can secure a space here, you will be exposed to high spending clients especially from abroad.

West End is among the most popular areas for business in London because of its mix of businesses. It is a major station for trains, and most streets meet here making it a very crowded place. You will therefore find apparel shops, multinationals, restaurants with cultural orientations such as those specialized in Italian, French or Chinese cuisines. Entertainment joints are also popular here..

Some people prefer to have their business in more serene places like North or South London. The advantage with such places is that they are occupied by wealthy personalities. For instance, if you chose to put up a firm office in Tottenham, you will be in proximity to the tube stations of Piccadily and Victoria Underground. A warehouse can also flourish in this locality because of the nearby Heathrow airport.

To find a suitable space for operations, you should use realtors and renting agencies. Most of these agencies offer online services. Compare prices for the different office suites and make instant bookings. You can do this from anywhere in the world provided you fulfill all the legal requirements of doing business in Britain.

The price of office space varies depending with the size, floor, proximity to tube stations and the city centre. You can find that one block is leasing out spaces for one person offices to large halls capable of holding over 500 staffs. Rates for shared office space can be from as low as GBP 250 per person to as thousands of pounds for large companies.




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