London is one of the most exciting places in the world to live and work. And with so much to see and do in the city, you’re guaranteed never to be bored.

However, when it comes to starting up your company, competition in the capital can be fierce, with over a million businesses operating in London in 2020.

If you’re looking to get ahead of the curve, there are some important things you need to keep in mind. Check out these four fantastic tips for starting a business in London.

 

  • Define Your Unique Selling Point

What sets your business apart from many that populate London?

By defining your unique selling point, you’ll not only have a better idea of how to grow your business, but you’ll show your customers just why they should choose to convert with your company.

Your USP needs to be more than just a slogan. While this a great way to ensure that your USP is communicated to your potential customers, it also needs to be a promise that you can actually deliver on.

Not delivering on promise as integral as your USP is a sure-fire way to earn your company negative reviews.

 

  • Research Your Competition

Coming up with a truly original business idea is incredibly unlikely, so you’re bound to have some competition – whether locally in London, nationally, or internationally.

Before you get started, it’s important to research what your would-be competition are doing. Discover what they do well, and more importantly, what they aren’t doing well.

You should never copy them, but you can learn from them. If you see something that works, then look to implement a similar strategy for your own company. And, if there’s an area in which they struggle, then see it as an opportunity to fill a gap in the market.

 

  • Be Smart with Marketing

Marketing is a vital tool for getting your name out there, and in the golden age of ecommerce, digital marketing is an increasingly important investment.

Local digital marketing agencies such as Maratopia Digital Marketing are skilled in the subtle art of SEO.

They’ll be able to help you soar to the top of search engine rankings by targeting for the right key words and ensure that your business is attracting the attention of local consumers.

 

  • Think of Your Location

Location, Location, Location.

Now of course, you might be a remote business, operating online. However, if you have a physical store, choosing your location is an important decision.

You want to make sure that you have enough footfall of customers that will invest in your brand.

Luckily, the London Underground makes travel in and around the city much easier, so pick a location that best suits your business needs – striking the right balance between budget and potential customers.

 

Have you set up a business in London? Share your experiences in the comments below!