It is common knowledge that the English capital has a business environment that is bigger, better and faster developing than any other place in the world. But London is a huge place in its own right. Consisting of 32 boroughs and countless independent districts, the territory of London has some areas that are better to start a business in and others that are not so much.
So let’s take a look at the statistics that are available at the current moment, and see if that will help you decide on where exactly to book your professional office removal in London for.
The London areas with highest concentration of start ups
According to the data the three boroughs of London that most start ups get opened every year are as follows:
- Westminster
- Lambeth
- Camden
The appeal of those areas is quite understandable. All of those have direct connection to the City, and very central locations. Westminster is part of the historical heart of the capital and of course – longstanding traditions in the business world. So there is very little surprise in the fact that more companies are being opened here every year than anywhere else in the metropolis. But you should ask yourself if a place like Westminster is the best one for your own company. Rent prices here are always pretty steep, and there are fields that are associated with those areas more than others. All those things can have a toll on the survival chances of your own business.
Areas with highest start up survival rate
Richmond, Sutton and Bexley are the three boroughs of London where a newly-founded business is most likely to survive. The reasons for this are many – from suitable and stimulating environment from specific regulations from local councils that aim at helping young companies to develop to location. Office of National Statistics, NOMIS, Land Registry, Metropolitan Police, as well as tons of independent research clearly demonstrate that Richmond, Sutton and Bexley are indeed a suitable choice for setting up a business in a variety of fields. The relatively close proximity of the Heathrow International Airport can also be pointed out as a potential pro – on one hand it is not close enough to feel the negative effects, but still not so far as to not being able to reap the benefits from it either.
Last but not least – the losing bets
It is in no way mandatory to expect your business to fail if you set it up in an area that statistics show is not suitable for start ups. But you need to ask yourself why so many companies do not manage to survive more than a year in those places. The three boroughs of London that are proven to be worse for business, at least in the last decade or so, are Barking and Dagenham, Westminster, and Newham. High competition and stricter regulations, as well as lack of properly developed environment can be cited among the main reasons for this phenomenon.