When starting up a business, there are lots of important factors to consider, however, location is probably top priority. Historically, the city of London has won the hearts of entrepreneurs all over the world, enticing businessmen and women to set up shop in the capital.
However, times are changing, and over the last decade areas on the outskirts have shown huge growth. In fact, research has shown that 78% of the UK's fastest-growing companies are located outside of London. One key example of a fast-developing location is the Thames Valley - which has thrived in recent years, welcoming the likes of O2, Coca-Cola and Lavazza Coffee Ltd.
Whether you're just starting up or are simply looking to relocate, you should consider both the outskirts and centre of London and work out which will offer the best opportunities and development for your business.
Does your business need to be internationally accessible?
If your business has international clients or additional offices overseas, it's worth thinking about how easy it is for you to attend and host meetings with them. Yes, the digital world is making face-to-face meetings much easier via a webcam, however, sometimes a physical meet-up is unavoidable.
Whilst London offers many tube lines and bus routes to Heathrow Airport, opting for an office on the outskirts could help avoid hauling yourself plus luggage on the tube for an hour, speeding up the entire process. Areas such as Slough and Uxbridge are just a 16-minute drive from London Heathrow, whilst Stockley Park is just six minutes drive.
Can your employees afford the costs of living in London?
The costs of living in London increases year-on-year, making London-living less and less affordable. With employees moving out of the centre, it's worth asking whether employees can afford the cost (and time) of a longer commute? Whilst the London tube system is great, employees will be able to live much closer to the office if it's based on the outskirts, cutting the commute time in half and helping achieve more of a work/life balance. A study found that the average Londoner was losing more than two full working weeks every year due to 107 hours sitting on a train, compared to those on the outskirts in the South-East who only spent 70 hours.
Are you looking to recruit?
Depending on who you're looking to recruit, where your business is based could be the reason a candidate does or doesn't take a position at your company. For example, if you're looking to recruit young, enthusiastic, fresh-out-of-university talent, areas outside of London are much more affordable for post-graduates with student debt on their shoulders, including heavily student-based areas such as Reading and Oxford. For more information, read why moving your office outside of London will help recruitment.
If you're looking to relocate outside of London, why not consider the Thames Valley? With 240,000 plus companies as current residents, it's certainly earning the title as the UK's Silicon Valley. Download our brochure to find out more about Orega's office space in the Thames Valley, with offices in Slough, Stockley Park and Uxbridge, you can be sure you find the perfect space available.
Header Image Source: Orega