London is home to more than 4,000 start-ups, creating around quarter of a million jobs and only looking to grow in the coming years. This creates a highly competitive yet potentially fruitful environment for launching a new business. While there may be a lot of competition, there is also plenty of support and infrastructure in place to make your company a success. These are four essentials every start-up in the capital requires to make it big.
Starting capital is vital to get your new business off the ground. Whether this is acquired through grants, loans, savings or any other method isn’t the issue; it’s how you spend it. Along with having enough money to run a start-up, you need a sound financial plan that details where money will come in and go out, ensuring balance. Avoid blowing cash on needless overheads, choosing cost-effective options where possible, and make sure that your business will soon be supported by client revenue rather than initial capital to be a true success.
If your team’s right then your business will run a lot smoother. Again, balance is key, with a good mix of experience and skills required. Identify any areas that are lacking and decide if you need to hire someone full or part-time, can freelance or outsource. Whichever you choose, getting the right people who are motivated and work well together should give your start-up a better opportunity to thrive. Look online or use recruitment firms to get the best match.
An extra touch of quality is vital for London start-ups to attract new clients, investors and even staff. Especially when money is tight at the beginning, it may be hard to afford some of the finer offices or facilities. A great idea for start-ups is to use societyM meeting rooms when meeting with potential clients or investors. For a one-off they provide that professional image without the associated costs, really impressing them.
There are many challenges facing London start-ups, from financial to resources and recruitment. Despite its size, the extra costs and competition can make it easy to give up within the first few months. For this reason, a strong drive and belief in your start-up is required to help you overcome the challenges you will face on the way. Even with the best, most innovative product or service, without any drive it could all fall apart quickly.
Ensure you have all these requirements before setting up your start-up in London to improve your chances of success.