Have you ever been a tourist in London? It’s fantastic. You’ve got loads of things to do, places to eat, cosmopolitan happenings and surprises around every corner. But there’s one thing you’ll hear down every tourist-thronged street. You might even find yourself saying it at some point – “Crikey! How much?”
Yup, a holiday to London isn’t exactly the cheapest option (a visit to a four-star hotel will cost an average of £159.94 per night). So just imagine how expensive it is for a prospective business to startup in the capital.
With property prices ballooning, the cost of living and running a business is rising every day. But that doesn’t make a startup company in London an impossible dream.
For the thriftier entrepreneur, a few simple alterations to your plan and premises could cut the costs of your business and leave you with cash to spare in your startup capital.
So, what can you do?
Make your premises a level better
You might be stuck in a cruddy warehouse for a startup, but there’s a way that you can potentially double the amount of space at your disposal.
With mezzanine flooring in London, the cheaper end of the property market can be converted into a luxury startup. Essentially an extra level for your business, it’ll give you room for extra equipment and give you an open plan dream.
Trim your startup fat
Have a gander at your business plan – chances are there are loads that you don’t actually need.
It’s easy to fill a plan with pie in the sky dreams, but if you want to make it in London without falling into the red, you’ll have to pare back your startup to the bare minimum. Of course, that doesn’t mean you can’t expand in the future. But start with a straitened attitude and you’ll be more likely to flourish further down the line.
Know your niche – and where to find it
London, as you’re probably aware, is a huge place. In this city of more than eight million people, you can garner a lot of grassroots support if your business can track down its niche audience.
Understand the heart of every London borough and you’ll be able to appeal to the people at your doorstep, saving you on deliveries to international clients.
Not only this, but a sense that you’re supporting an indie store fosters a kind of ownership in a customer that some faceless multinational corporation never could, no matter how hard they tried. So, corner your market and you’ll have customers who’ll always return.