London, England is a hub that attracts people from all around the world. It’s a city rich with history, culture, and a number of other attractions, making starting a business in London an ideal place.
A successful woman entrepreneur should always open up their enterprise in a place where they can reach millions of people. Why? This type of location will allow the startup to steadily grow and eventually reach the global marketplace.
If you’re in London or thinking of moving there, use these tips to help launch your company in one of the most populated cities in the world… and thrive!
It’s a diverse workforce
With a population of 8.1 million people, it shouldn’t come as a surprise that London has one of the most diverse workforces in the world. The diverseness applies to not only ethnicity but also gender.
Unfortunately only 9.7% of women hold executive positions in FTSE 100 companies though, explains Market Inspector. But then instead of feeling sorry for ourselves about the gender imbalance in the workforce, instead let’s reach for new opportunities by starting our own companies. This notion will appeal to the 60% of British ladies who want to start a business.
Meet a demand in the marketplace
In order to be successful in any marketplace you must meet some type of demand, whether for a product or service. But that’s not usually a simple thing; you must consider these factors:
- Promotional strategy
Also make sure that you deliver what you promise to the customer. To do so seamlessly, you must be organized (again, not as easy as it sounds!).
The ideal situation would be to come up with a business idea that is unique and will allow you to stand out from your competitors. Then set up software and nurture a close network to help you carry out your biz goals.
An advantage of starting a business in London that will help too is that its time zone overalaps with many top business centers, including New York and Hong Kong.
Starting a business in London: Find a promising neighbourhood
The next step is to find a good neighbourhood in London where you can set up your business. To determine what is “good,” you’ll want to look for a location that:
- Has good foot traffic, and
- Is easily accessible with the public transportation system
That way you can get the most customers possible. If people have trouble reaching your location then chances are good that the traffic will be less than an easier-to-reach spot.
Do some research and find out what neighbourhoods are up and coming, while also determining whether you should rent an office space in an already established and corporate area. A local real estate agent can help you find these areas if you’re not familiar with neighborhoods.
Get the right amount of finances
A business relies on money to flourish, usually. To make money, you have to invest in your startup. The hope is to recoup at least some of those costs in the future.
That’s why when you’re starting a business in London, if you don’t have a lot of of capital then make it a priority to get creative about funding options. For example, build relations with angel investors and regular investors, crowdfund your money, and consider taking out bank loans (always read the fine print before signing up for anything!).
Spread the word about your brand
The more people you get talking about your brand, the more potential for sales, whether you’re starting a business in London or elsewhere.
To help generate buzz, invest your time and money into different marketing initiatives. If cash isn’t available for marketing, don’t give up. I’ve used social media to get word out about this blog and also When Business Inspires. Those connections you’ve made online through blogging, Twitter, Facebook, and other platforms can really come through for you. And please remember it’s a reciprocal relationship so help them back too when they’re wanting to promote something.
In addition to having a social media presence to grow your audience, also try to attend industry-relevant events where you can network with people. You never know when this outreach strategy will help you to:
- Attract a new investor
- Form a partnership with a competitor
- Acquire new and talented employees
No matter what you do and where you go, you need to stay on top though. That involves keeping up with trends and even getting ahead of them, if possible.
Distribute business cards at the events you attend, as well as offer branded items to spread your influence. For example, pens, t-shirts, and beautifully designed t-shirts with your logo on them are great ideas.
These items can be prizes for promotional giveaways or get your team and loved ones giving them out to bring more attention to your startup. There are branding companies that allow you to customize these items, such as the t-shirt printing in London.
Stay confident when starting a business in London
As a company owner, stay confident in your ability to succeed despite any problems you will face along the way. If your products or services are not selling right away, consider how you can tweak them to be better.
If you’re so emotionally involved in the products or services that you’re not sure how to improve them, then consult the people you trust for advice and assistance.
Starting up a business in London isn’t easy but then nothing of immense value and reward comes without hard work, right? And if you’re pursuing your passion then don’t let anyone stop you.
It will require time and a lot of effort, but imagine how proud you will feel when you finally manage to grow your enterprise in a big metropolitan city. You got this!