What you Need to Know About Opening a Business in South London

There were just over 1 million SMEs in London at the start of 2022, making it the largest concentration of this type of business in the UK. Across the rest of the country there were 5.5 million – so taking the decision to set up a brand new company in South London is the way to go for development, opportunities, and success moving into 2023.

If this is on your radar for the coming months here’s everything you need to know about opening a business in South London.

What is your business structure and where does it need to be? 

The first thing to think about is the type of company you want to set up and its location. Considering an area such as Brixton means you could look at the rental services a company like Brixton Arches offers for business spaces that will help support you during your initial stages of growth.  

Where you locate also depends on the type of business structure you have in South London. For instance, are you a sole trader, in a partnership, or do you want to form a limited company? This informs how you’ll work and what all your legal requirements are. If you want to keep your business small and in a local community in South London then work to those means. 

Considering the costs of setting up in South London

The costs incurred in setting up a business in South London will depend entirely on the sort of company that is being formed, the location within the community, and any expenses arising– such as needing to have a financial advisor or accountant on board to help with managing expenses and cash flow. Also consider whether you’re going to buy a building to work from, or choose an office space to rent in a location that suits you. 

What’s your company’s USP? 

What’s your business’s unique selling point? The one that will make you stand out from all the other traders in South London? Consider this before you choose anywhere to rent or find a space to work from. Define the type of clientele you want to target and make decisions as to how to position yourself after that. 

Think about hiring a local business mentor

Finding a good local business person to mentor you as you look to make the move into working in South London is a good idea. This is perhaps particularly important if you’re not as familiar with the area as others are – but it’s just as important for those who already live and work there but want to make the best impression they can. Trying to find other people who have had similar businesses in your area – and connecting with them is an important step to making your own venture a success.

Conclusion

Working towards setting up a new business venture in the capital city is an exciting and inspiring process. It’s important to take the time you need to make the right connections, get to know the area inside out, and ensure you’ve got the right financial help in place to gain the success you crave.