How to Start a Small Business in LondonSeptember 14, 2014
Are you planning to setup a new business in London, but not sure how to get started? The rules and regulations for setting up a new company in the city are similar to those for starting up a business in all other regions of the United Kingdom. Owing to the fact that London offers many business opportunities to both established corporations and start-ups, many entrepreneurs plan to set up a company in this city.
However, there are a number of things to consider before taking a plunge. The first thing to consider is the location. One good idea would be to go for a site visit before selecting a location. For instance, if you are planning to start a business in Heathrow, you should visit Heathrow and look for a suitable location for your business. You can stay at an acclaimed hotel near Heathrow businesses like Master Robert Hotel.
Choosing a Location for Setting up a New Business in London
The region surrounding Heathrow Airport is a busy business hub. There are several advantages of running a business in this area. Firstly, you will get a highly potential market. Almost all types of businesses are likely to do well in this area. Secondly, it is easy and convenient to hold a business meeting in this region. There are many park and fly hotels near Heathrow Airport. Some of them even provide a conferencing venue. Moreover, the great West Road businesses would be within a stone’s throw. The area is also close to several landmarks, such as, Twickenham Rugby Stadium, Windsor Castle, Legoland, and Middlesex. Also, the places near Heathrow Terminal 5 are some of the most happening places in London.
Some Useful Tips
Apart from selecting the location, there are several others things to do as part of your preparation. Here are the tips.
- Create a business plan – A well structured business plan not only helps you arrange funding, but it also enables you to gain an insight into your project’s strengths and weaknesses. You need to research and list down important details about your advertising plans, financial plans, possible profit margins, risks, and time limit.
- Consider regulatory requirements – Depending upon the nature of your business, you will need to fill out many forms, get those signed by a notary, and file the documents with the Registrar of Companies at the Company House in London. It is also important complete all regulatory requirements regarding taxes.
- Get insurance – Finally, you should get your business insured. Under the Employee’s Liability Act of 1969, it is mandatory for a business to get the required insurance cover.
Another important thing to do is to choose a suitable name of your business. Remember that a catchy name can give your company an edge over the competition. If you are planning to visit London to choose a site for your new business, you can consider staying at a hotel near Heathrow Terminal 5. You can start your venture by simply opening a business bank account in London. Be sure to open the right type of business account, so that you can apply for business loans, later.