PricewaterhouseCoopers recently released a report which detailed how London is the number one ranking city in the world for opportunity; thus making it the ideal place to start up and grow your own company.
However, just being located in London doesn’t automatically mean that your startup will be a success but it gives you a good basis. If you start off well, London will give you access to all you need to be the success you want to be.
Below you find a number of tactics which you can implement to help you make the most of being in London and hopefully help your tech startup achieve the success it deserves:
1. Get the basics right
If you start off well, the chances are you will make it. Starting off well includes ensuring that you get the best professional advice you can as early on as possible. This will make sure any problems are spotted early on in the process, instead of later when they are harder to solve.
As well as the legal side of things, i.e. registering with Companies House, you should set up a business bank account in order to keep your personal and business monies entirely separate. You also need to ensure your business is registered correctly as this will impact on the amount (and kind) of tax that you have to pay. All of the above, if done correctly will help when it comes to filing your annual tax return with HMRC.
Many entrepreneurs are able to deal with the above on their own but if in any doubt, it is always best to consult a professional, of which there is no shortage in London!
2. Identify the best physical premises
There are a number of office spaces on offer in London, whether you are after a serviced office or a ‘pay as you go’ desk. Take as much time as you need to find your premises and think carefully about how much space you actually need – there’s just no point spending more money than you have to. Think about where you will hold meetings, for instance investor meetings. You will want to make sure you have a presentable area which will make a good impression.
3. Employee the best people
There is a lot of talent in London; the talent pool is large, diverse and highly educated. You must take advantage of this and ensure that you work hard to attract the most talented and suitable people for your startup. Keep in mind the most suitable person on paper isn’t always the most suitable in person. You need to establish a company culture and employ people who fit into that culture.
You have a number of routes to go down to find your best talent, such as online job sites, specialist tech recruitment consultants, and university careers fairs or by going to check out talent at various London tech fairs. Before choosing your recruitment method be sure to research each one thoroughly, since not every route will suit every business.
4. Take time to secure investment
Recent years have seen London’s venture capital investment scene explode! Last year we saw London-based tech companies secure more than $1.35 billion and the first three months of 2015 alone saw tech firms secure over $682 of venture capital investment.
It is no wonder, therefore, that we are seeing a huge influx of entrepreneurs from across all corners of Europe coming to the capital to take advantage of this available funding. In a reciprocal move we are also seeing more VC firms locating in London in order to ensure they get great access to all the new global tech startups! So, the investment opportunities are there – go out, take your time and ensure you secure the best deals possible.
5. Take good care of your intellectual property
Each time you create something new, design something new or even just think of something new, make sure you protect it. To protect your IP you will need to make sure you keep extremely detailed records of everything you create and the unique ideas you have. This will involve applying for the relevant legal documentation, i.e. patents and trademarks etc.
There are many IP specialist advisor firms in London, so if you are keen to make sure your IP is protected fully, it’s a good idea to invest the time to find someone to help you put certain processes and security in place.
Taking the time to set everything up properly will ensure you can compete with all the other tech startups that are trying to take advantage of London. Slip up or lose concentration and you might find you lose out on securing an investor, premises, or an idea to one of your competitors!