Starting a business can be a thrilling time, and relocating to London to do so can make it all the more exciting. It can also come with risks, so it is crucial that you go into the process with your eyes open and a proper plan in place. It can take time for a business to become profitable, so you will need to ensure you have the means to live in London until it does so. It can be beneficial to cut down on your housing costs as much as possible to achieve this.
You will also need the proper funding and a strong business network to help you get established. It can be beneficial to consider whether you really need to be in London, the most expensive city in the UK, when you start your business or whether moving at a later date could be beneficial. This article will explore the best ways to make your move and your business a success.
Have A Clear Business Plan
You will need a solid business plan to get funding and start your business off on the right foot. Set down what goals you want to achieve and the timeframes you hope to have them by. You should regularly update your business plan to reflect changes in the business and your aims.
Prepare Your Finances
You will need the right financial backing to start your business off strong. You should gain this before moving to London to ensure you can afford premises, inventory and any other business supplies you might need. You could get funding through an investor, and you will need to show them your business plan and meet with them in person to get their backing. You could also consider a business loan or government grant if you are eligible.
Find Storage For Your Belongings
When moving to London, it can be beneficial to downsize to save on costs initially. This means that you will need to find a secure place to house your belongings that may not fit in your new home. You could consider finding a storage facility in London so that you can have your belongings nearby when you need them. Safestore has plenty of storage in London options to suit any needs, with top of the range security.
Find The Right Location
When finding a place to live in London, you will need to consider your personal and business needs. It is best to decide where you want your business premises to be and find accommodation within that area. Travel can be costly in London, so minimising this cost in the first months can be beneficial. However, it is vital to balance travel costs with the cost of living. You should visit prospective properties in-person to ensure they will suit your needs.
Build A Support System
Starting a business can be a daunting time, and moving to a new city can be isolating. It is essential that you begin building your support system as soon as possible. Consider reconnecting with old friends in London, and find ways to connect with new groups and friends. If you struggle with loneliness during your move, you’re not alone. You could also consider getting help from a mental health professional to manage your stress and find healthy coping mechanisms.
Be Certain That Now Is The Right Time
It is crucial to choose the right time to start a business. You should consider the current market, how your personal finances are looking, and the demand for the product or service your business will provide. If you are able, it can be beneficial to start your business online from your current location and move to London at a later date.