It might be an almightily tough economic climate at the moment, but as history tells us, this can sometimes be one of the best times to start a business.
When it comes to London, the difficulties are just as high. In fact, considering the huge expenses that exist in the capital, one might suggest that it’s an even riskier option.
Nevertheless, with an estimated 9m people residing there, there’s a huge market to go for, and this means that there will be plenty of businesses established in 2021 that go and make a real success of things. To enhance your chances of falling into such a category, we have penned the following advice.
Take learnings from 2020; do you need an office?
For many businesses, 2020 has allowed them to hit the ‘reset’ button.
There was once a time where an office was almost a ‘must have’ on day one of your new business. Nowadays, thanks to the events in 2021, companies are reassessing.
Many existing companies have decided that it isn’t for them and are saving a small fortune by giving up their building space and allowing employees to work from home. This has become the new normal, and your new business can benefit from such a change.
This doesn’t just apply to offices either. There are also plenty of options for self storage, which don’t involve signing a long, permanent contract.
In short, don’t go with tradition – you don’t have to anymore. Assess your needs, and you might not have to invest in long-term, binding deals that lock away your money.
How will your business fare post-Covid?
As we all know, the ‘new normal’ is now a phrase that rolls off the tip of tongues fairly frequently.
Like it or not, it’s true. We are living a new way of life and even after the effects of Covid have passed, many processes will have changed for good.
This is where you need to take a step back and assess how your business will fare in the long-term. Is it a business that is likely to do better during the pandemic? Is it a business that will be redundant after the pandemic? Or, is it one that can cope both during and after Covid?
This is where you will have to access your target market behavior, and research how they are going to act in the long-term in your industry. You might find that you need to adapt your business, before it has even been established.
What condition is your target market in?
On the subject of your target market, have a long think about what the past year has meant for them.
As we all know, different areas of society are going to be affected in different ways. London, as we all know, depends on a lot of industries – but tourism and services are a couple of the main two. If your business caters for the above, what state are your target market in? For example, will as many tourists be able to travel to the capital?
These are difficult questions to pose but ask them now and it will lessen the chance of nasty surprises a little later round the corner.