As the country starts to recover from the pandemic, 2022 represents an exciting time for small business owners. However, small businesses could miss out on huge profits by setting up shop in the wrong location.
A recent press release from Tailhail reveals that moving to London could be the key to sky-rocketing your profits this year. Here’s why small business owners should set their sights on the UK capital in 2022.
London is the capital of entrepreneurship around the world!
London has recently overtaken a number of other global cities by producing the highest number of Forbes 30 under 30s. Therefore, the capital has managed to out-perform major global cities such as San Francisco and New York.
Research conducted by Bionic has revealed that London is now the ideal place to be a young entrepreneur. Furthermore, 870,000 millionaires currently reside in the capital, suggesting that the city is rife with money that is ready to be spent.
London is perfectly positioned to host a large number of multinational corporations. The city currency serves as a bridge between North America, Europe and Asia. Therefore, London attracts a large number of international visitors, businesses and investors.
The best time to set up shop in London
To avoid missing out on huge opportunities, small business owners should consider moving to London in the near future. This is because international travel is expected to pick up now that the UK has passed the peak of the omicron variant. As a result, London will soon become a hive for business travel.
All of this means that small businesses in London can expect an influx of new customers in the coming year. Furthermore, many of these visitors will be wealthy business professionals who have money to spend on consumer goods.
London is an excellent place for small businesses that want to expand their reach across the globe. Consequently, moving to London could be the perfect opportunity to grow and expand your small business.
Things to consider before moving to London
While small businesses could certainly profit from moving to the UK’s capital, no city comes without its downsides.
In London, the major drawback is that it is one of the most expensive places in the UK to rent or own a property. Therefore, moving your small business to London could significantly increase your monthly expenses. For your business to survive this change, you will need to be sure that the profits made from moving will outweigh the extra costs.
Additionally, small business owners should consider whether there is a gap in the market for the goods that they offer in London. The city is already incredibly popular with entrepreneurs – there are over a million private enterprises currently located in London. It may be wise to conduct market research before relocating to ensure that your business will attract a good customer base.
Nevertheless, entrepreneurs located in London are thriving, and there are plenty of opportunities for new hopefuls to make the most of the opportunities that London has to offer!
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About the author
Ruby is a freelance writer who enjoys writing about all things personal finance. After embarking on her own side hustle journey three years ago, Ruby is passionate about helping others to learn about the ins and outs of persona… Read More
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