There are many things to think about when launching your startup for the first time. You’ll need to come up with a solid business plan for example, and prove that there is a gap in the market for your product or idea. But one of the most important factors that can make or break a new venture is where you choose to locate it. Here, we outline some of the things to consider when making your decision.
Of course, one of the cheapest and easiest ways to run a business is from your own home. If you can easily do your work online or via mail order, basing yourself at home can save you a small fortune in office rental and other overheads. However, you need to make sure that you have enough space to work comfortably – feeling like you are always at the office is a recipe for disaster. Ideally, you want a room that you can use exclusively as an office to minimise the impact that working from home has on your day-to-day life.
You’ll also want to think about professionalism – if all of your correspondence is going to your home address, it can be difficult to create the illusion of an established, successful company. To solve this issue, why not consider renting a business address in London? All of your correspondence can be filtered through a professional address in the capital, making sure that your business really looks the part.
If your venture requires physical premises, you’ll need to carefully balance affordability against the pros and cons that any specific location might offer. For example, a café or shop with cheap rent might seem appealing – but how much footfall are you likely to get in the area? You need to think the same way about office and studio space, too. Basing yourself outside out of town might be cheaper, but you need to factor in all the time you’ll spend on your daily commute.
For many startups launching in the UK today, London is the location of choice. It offers prestige, a wide potential customer base and plenty of creative capital – but all that comes at a price. Why not get the best of both worlds with a Soho virtual office? You can base yourself in a more affordable location outside of the capital, but enjoy all the benefits that come with sharing a space with other entrepreneurs at one of the city’s most popular business hubs.