From 2019 to 2020, the number of private sector businesses in the UK rose from 5.87 million to 5.98 million. This suggests that around 110,000 businesses were created in the UK in one year.
In the UK, London is not only the capital city, but is one of the world’s leading financial centres for international business and commerce. It is no wonder then, that so many new businesses decide to set up shop in London.
One study shows that up to 50% of businesses don’t make it past their first 5 years. In a business saturated city such as London, if you are considering creating a start-up, it is even more important to make sure that you find something that can help you to cut through the crowd. Here are our top tips for a start-up business trying to make it in the capital.
Do your research
When you have thought of the sector you might want to enter into, research your chosen market thoroughly. This way you can find any gaps there might be. Once you have found a gap in the market, your product or service can use this as its unique selling point, or USP. Any gap in the market can be seized as a way to make your product or service different to everyone else.
Look at offices
Consider your start-up from the point of view of the consumer. A customer is more likely to trust a business if it looks and sounds big and professional (even if its new and finding its feet, in reality). One way that you can present your company more professionally is by finding an office. Offices in London can be very expensive to buy, so why not consider renting an all-inclusive start-up space.
Listen to people
Ask people for feedback, listen, and then take that feedback on board. To survive in a saturated market, you must be able to take on constructive criticism and then adapt. As you learn, you will not only make your product or service better, but you will learn new skills as a person and an entrepreneur. Learn from your, and others’, mistakes.
Instead of making the leap and risking everything, start out small. Start-ups don’t just grow overnight; they need to be nurtured over time, being built up in stages. It can be useful to keep your day job whilst you trial the start-up. This way you have a safety net in case of an emergency, and keep a steady income that can then eventually be invested into your own company.
Make a list of things to do
The simplest, and arguably the most important top tip is this. Stop before you do anything, take a moment to think, and then make a list of everything you need to do. Getting the words down on the page will make you more accountable for your actions, motivating you to actually get the job done. And once you have made the plan, go out and do it!