London is a big place and anyone wanting to start their own business there should get a guide or professionals, like London property experts, to help them pick the best place for them to set up shop.
As a rule, you’ll be looking not just for cheap office space. You’ll be looking at the population of possible recruits, the business environment, the nearby businesses you can partner with, and, of course, taxes. That said, London is generally the best place for you to start a business. Settled in between the USA and Europe, London has the best of both worlds and allows you to do business in both continents, which is crucial if you’re trying to compete globally. Whether your business is in creative media, in arts, in finance, or tech, London has got you covered.
Where to look in London
Here are a few details for each area in London:
East London is a hub for start-up tech businesses and for many manufacturing companies. It has the least number of highly skilled workers in percentage, as well as the lowest business survival rate out of all places in London. But it also has the least expensive housing prices anywhere in London. If you plan to start simple businesses, such as a restaurant or a small manufacturing business, this might be the right place to start.
South London is the home of Croydon Tech City, the UK’s answer to Silicon Valley. It has the highest percentage of skilled workers per population, at about 51% of the total population, making South London the best place if you plan on taking in recruits. South London is a tech hub, mostly, so if your business is in tech, you’ll fit in.
West London has the second highest number of start-ups and micro-businesses. Fifty per cent of its population are skilled workers, and it has the second highest amount of talent per population in any part of London. Average house prices are around £483k. West London is the preferred office location of many global companies like SAP, Disney, and GlaxoSmithKline.
North London is full of small businesses and office start-ups. Only forty-six per cent of the total population are skilled workers, the second lowest in London. But since most of the companies here are start-ups and small-time businesses, finding employees is no problem. As for housing, the average price in North London is around £470k.
And lastly, Central London is the place with the most expensive locations, with an average house price of around £870k. With about 60% of the population being skilled workers, this is the best spot to look out for talent to recruit. Start-ups that can afford to rent here have an edge against their business rivals. Surrounding the financial and business core of London, it’s mostly an ideal place to move into only after you’ve grown your business big enough to afford the high costs. If you’re looking for skilled workers in London that have experience, Central London is an excellent place to go.