Running a successful business in a highly competitive city like London can be hard. But we’ve got a few tips and pointers that could help you to make the most of your small business.
Setting up and running a business is hard work – and while London provides plenty of opportunities, it’s also a highly competitive market that can make it tough to run a successful business.
Here are our tips for running a successful business in London…
Know your market
Before you set up a business in London, you have to know your market – how competitive is it, is it a busy one, who are the big players.
Doing research and having a solid business plan are vital for any business – and especially so if you’re running a business in London. With more businesses here than any other city in the UK, you’ll need to have the solid foundations to survive.
Making sure the figures add up is vital. You’ve got a lot of variables to take into account from office rents to wage bills, so your finances need to be solid.
Stand out from the crowd
Part of knowing your market is knowing where you stand in that market. Finding your own place in a competitive sector can be the difference between success and failure.
If you can find a niche that you can exploit you could find yourself offering something that other London-based companies aren’t offering.
You can do this by either having an area of expertise that is rare, such as knowledge of foreign markets, or you could spot a gap in the market and shape your business to fit that gap.
When you’ve found your spot, make sure everyone knows about it. Many London companies are also keen marketers, selling their business however they can. Don’t be afraid to go guerrilla in your marketing tactics.
Do anything you can to make you stand out from the crowd – whether that’s hosting an event, attempting a viral social media campaign, or something more personal.
Talk to those in the know
It’s no use trying to reinvent the wheel when you’ve got Goodyear tyres on your doorstep. London is a great place for networking with other businesses, so seek out some London business advice from those who have succeeded.
Networking events are a great place to start. If you’re using shared or serviced office spaces, you could speak to your neighbours about how they are staying successful.
Choose the right location
One way to make setting up business in London a little less daunting is to not look at it as one big city, but lots of separate business areas.
You can easily be successful in a small part of London, focussing on the local market, or you could base your business in one of the sector hubs.
For example, if you were to take our serviced offices in London City you’d be perfectly placed as a financial firm. While a serviced office in Barbican would place you within reach of the tech hubs of East London.
Check out our office locations for the best serviced offices in London.