Moving your business to London: A guide

Upping sticks and moving your company to London is a major career shift for many businesses. A lot of financial risk is taken to migrate to one of the biggest cities in the world. It is, however, also a sign of prosperity for your company that you can afford to do so – and you must be able to afford to do so. Venturing out into the Big Smoke could open you up to new customers and new markets, both of which are brilliant for providing a boost to your company’s success.

Prioritise finance first

It’s impossible to stress enough just how important prioritising finance is. Without getting an accurate assessment of your finances before you move your business to knowledge, you could be throwing your luck to the wind. Before you start looking at rental prices, here are a few budget considerations to weigh up:

• Any downtime you may need to complete the move to London, and the cost it will have on your business.
• The estimated cost of an estate agent or solicitors’ fees.
• The cost of any new branding material you may need.

Putting finance first also means getting expert advice on where to set up shop. You don’t want to move to an ‘up and coming area’ only to get no customers. Equally, you don’t want to risk and expensive office only to suffer a loss in your first few months of opening. The best way to get this advice is to approach a property acquisition specialist that has expert London knowledge.

If you have some fundamental changes to make, or even need to change the structure of your business as a result of expansion, be sure to do this before you make the move. You will need to register the nature of your business with HMRC for tax purposes. You will also need to check whether you will need to obtain any licences to operate. Not completing these tasks before you move could result in more downtime for your company.

Remember that you are in good company

When you move to London, you may find the first few months challenging. This may not even be in a financial sense, as even a change of scenery can be disorientating. The pressure of trying to compete may even feel overwhelming. However, it’s important to remember that you are truly not alone when it comes to being a small company trying to make it in the big city. In fact it’s estimated that there are around half a million micro-businesses dwelling in this city.

When you make the move to London, it is important to do as much research as you can. As well as all the paperwork you will need to learn from those who have come before you. It’s worth paying attention to the struggles that other businesses have faced when they upped sticks and located to a bigger city. Listening to these cautions can help you to learn and make wise decisions to boost your chances of success.