As the capital city of the UK, London is a thriving centre of business and commerce. Many entrepreneurs try to become part of the city’s thriving economy by starting up a new business. If you are new to starting your own business and wish to turn your idea into a reality, there are several things you are likely to need.
Funding
Most businesses will need some source of initial funds to get off of the ground. Many people fund new businesses from their own savings, but if you cannot afford to do this or do not wish to spend so much of your own money at once, there are several other possible sources of funding you can turn to.
There are a number of organisations offering grants or affordable loans to support new business start-ups. Some of these offer on a national level, others may be local and restricted to the City of London or even to particular areas. Some may also be limited to specific industries. Do some research and see what schemes may be available for your business idea.
Alternatively, the traditional route when seeking funding for a new business is to talk to a bank about a business loan. A range of short and long-term loans are available from most major banks and finance providers.
Premises
All businesses need a place to operate. If your business is very small, you may be able to work from home. This is most commonly useful for a business where you will be a sole trader with no employees. A spare room can be a useful office and garages or sheds can become small-scale workshops.
For businesses that your home cannot house, there is sure to be no shortage of commercial properties in a thriving city like London, and the office space City of London has to offer all over the city can be found in great quantities. Shops, workshops, and industrial premises are also widely available.
Customers and clients
In order for a business to succeed, it will need to obtain customers and clients. To do this, some form of marketing activity will almost always be necessary. Before starting your business, try to identify who your target clients are and what you may be able to offer them that other businesses cannot. This will help you know who to target with your marketing efforts, and how to encourage them to choose you over an alternative business.
It is also important to know how to go about your marketing efforts. Do some research to see which methods are available to you, how much cost and effort will be involved in each, and which tactic your target market is likely to respond best to.
Most (though not all) businesses will find that the modern tactic of marketing online will be a very effective way of gaining custom. Other useful methods include display advertising, distributing brochures or simply networking. The best approach will be different for each business.
