Starting a business in London; more boom than gloom
You can’t open a newspaper today without reading about the trouble in the Eurozone and the United Kingdom with high youth unemployment and the cuts in public services. When the job market is turbulent there is less risk in starting your own business. Don’t forget that massive brands like Hewlett Packard and Specsavers started in tough economic times too. Below we give you some thoughts why it is not such a bad idea to become an entrepreneur in the downturn in London.
Big and bountiful:
London is a large and vibrant market which is culturally varied. This creates a multitude of options but it is important to focus on a good idea rather than spreading your resources too thinly.
Dare to be different
The London market is huge but there’s lots of competition in the middle ground. People want value for money and are constantly looking to change suppliers to get the best deal. Take a look at the UK supermarkets, they are trying to focus more on the high or low end. Try to avoid the middle where everyone else tries to be, go for a niche.
Get the knowledge
Research your market and understand what people really want and who is already in the space. Focus on a product or service that people need in good and bad times. Time invested in this will save you money, effort and frustration later.
Entrepreneurs can create a cycle of innovation. Think about the I-phone and I-pad success and all the applications (App’s) designed. East London has one of the most hi-tech development zones; lots of opportunities out there to be explored.
London is a very diverse market; a magnet for tourists, expats and investors. There is opportunity out there for product ideas and services brought from your home country which can be exploited in the London market.
Trickle down innovations lead to demand for equipment and services to support the (hi-tech) industries and businesses in London. Think about the photographer who needs equipment, a graphic designer who needs a new computer and a fashion designer needing materials. In a city like London with a high density of creative entrepreneurs this could create opportunities.
London follows the US as a fast developing services market, offering everything from acupuncture to teaching Zumba. The high level of disposal income in London has created a large market for all kinds of services.
Large and diverse networks
London has lots of business networks to join and get engaged in. Check out my previous blog post on networking non-stop networking nous to see which ones there out there for you to explore.
Having your own business can be empowering and giving a boost to your self esteem. It can be an exciting journey to chose. It gives you a lot of freedom too; allowing you to build an income around your passion or what you are really good at, working more flexible hours, varying your workload, etc.