While London’s reputation as the epicentre for European business may have been jeopardised by the spectre of Brexit, it remains a prominent hub for all UK firms. After all, the capital contributes an estimated 22% of the nation’s overall GDP, while the spending power of consumers is unrivalled anywhere else in Britain.
This makes the notion of relocating your business to London commercially viable in most instances, depending on the precise nature of your model and the products or services that you sell.
3 Commercial Benefits of Relocating your Venture to the Capital
It is also important to consider the cost implications of relocating to the capital, but in general terms there are several significant benefits of this practice. Here are three of the most prominent: –
1) Build the Reputation of your Brand
This is a prominent benefit, particularly if your business operates in the lucrative financial services sector or a similar market. After all, London retains a reputation as the capital of this industry, with the firms that operate within the region renowned for their professionalism, success and enterprise.
By relocating your brand to a prime, central London location, you have a unique opportunity to tap into this culture and aggressively promote your service. Almost instantly, this can translate into higher turnover and a more affluent client base.
2. Increase your Margins
Sure, relocating your business to a physical London location will increase costs, which in turn will eat into the additional revenue you are able to drive through increased pricing and a larger consumer base. There are ways that you can drastically reduce these overheads, however, while still benefitting from the same advantages.
You can secure a virtual work space through service providers such as BE Offices, for example, or simply utilise prominent meeting rooms for liaising with potential clients. These options help you to maintain a presence in London with far lower overheads, enabling you to achieve the very best of both worlds.
3. Tap into a Larger and Superior Pool of Talent
This may be a slightly controversial argument, although not in relation to the size of the talent pool and workforce available in the capital. What can be argued is whether you can access more talented employees in London, however, although it would certainly appear as though this is the case.
After all, the capital remains a beacon to talented and driven individuals, who can work with major brands and increase their earnings significantly in the south of England. This, in turn, offers an opportunity for your business to capitalise, as it improves and expands its workforce while recruiting top, industry talent.