Setting up a business in a
city like London requires careful planning because there are numerous factors
to be taken into consideration. The initial stage would be to clearly identify
the service or product you intend to offer to consumers. Identifying a target
market should be done against the backdrop of the start-up capital for your
business. At this stage, it’s imperative to conduct both qualitative and
quantitative market research to determine whether there is a potential market
for the services or products you intend to offer; and to also have an
understanding of how those already offering identical or similar product
operate. Selecting a suitable location for your business is also of primordial
importance, because certain venues are more conducive to certain business than
others.
Drafting a business plan for
your business is also an important stage for your operation, for this would
allow you to clearly outline the financial, staff, structural and technical
needs for your business.
It would also be necessary for
you to determine the economic status of your business; for instance, if you
operate as a sole proprietor, then you would shoulder the entire responsibility
for your business, but also be the sole beneficiary of its yields. Other
options include private company limited, business partnership etc. Whatever
type of business you go for, it would be required of you to register your business
with the taxation department and to obtain all relevant paperwork and authorisation where applicable.
If you intend to employ some
staff members for you business, then you need to have a considerable
understanding of the employment law, such as minimum wage, staff safety,
recruiting, firing, employment contracts etc. You can also identify computer
(IT) needs for your business. These are some of the general considerations you
need to take into account when aspiring to set up a business in London.
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