London is one of the best locations for starting and growing a business. It has many favourable political, legal, and regulatory policies, which positively influence business growth. In addition to that, its corporation tax is relatively lower than those of the other G7 countries.
The city also has a sizeable population of over 9 million people. That is almost twice the population of small countries like Ireland, Scotland, and Denmark. And the population density means that transport and distribution costs can be a lot more streamlined. The population is also one of the most diverse you’ll find anywhere, there are communities from every country on earth in London living in one of the most multicultural environments you can find. That creates a unique dynamic and level of creativity that attracts artists, designers and performers to add to the mix. London is chock-full of inspiration to help take your business to the next level. And it’s chock-full of marketing diversity to enable you to easily test new ideas on different demographics. This gives businesses and companies an excellent opportunity for expansion, to be able to reach out to all types of customers in the area.
However, as much as London is an ideal place to have a business, entrepreneurs still face some challenges. Some of these challenges include cultural barriers that hinder networking, difficulty in accessing credit, complex procedures when registering property for new businesses, and a reduced pool of highly skilled workforce since Brexit.
Despite these challenges, it’s still possible to expand your business and start raking in the much-desired profits. Here’s how to expand your business in London:
1. Zero in on your target market
Your winning point in business is narrowing down to a specific target market and knowing precisely what those customers need. You can create profiles of ideal customer types to drill down into their specific needs, tastes, and preferences. While at it, make sure to research their typical pain points.
With a highly defined target market, you can proceed to launching advertising campaigns to popularize your products. You’d want to enlist the help of different advertising agencies London that have the necessary expertise to develop advertising content that resonates perfectly with your target audience. Such ads are far more effective than those aimed at the general population. That way, you’ll work towards making your business bigger and better.
2. Conduct competitor analysis
Competition is rife in London, no matter what type of business you engage in. Therefore, it’s in your best interest to craft ways to outshine your competitors, and this starts with conducting a thorough competitor analysis.
Here are some key things to look at when analysing your competitors:
- Knowing who your competitors are
- Identifying their strengths and weaknesses—aim at capitalizing on your competitors’ weaknesses and make them your strengths
- Knowing how to satisfy customer needs that aren’t met by your competitors
- Knowing how to reach those areas where your business rivals haven’t set foot on
- Determining ways you can outdo your competitors, for example, by improving your services and products to be of superior value
- Using better marketing techniques
- Incorporating some business tactics of more prominent brands into your own strategies
- Using more advanced technologies in producing your goods if you notice that their production techniques are outdated
Ultimately, you’ll present your brand as one of the best in the area, which will naturally attract more customers your way. And, that means growth.
3. Consult market experts
Some people have been in business for a long time and know all the dynamics involved. Given that they’ve successfully established thriving businesses, you can have a chat with them to gain more insights into how to go about business expansion. It’s best to seek out those doing the same business as you.
Other than that, there are also people whose professional specialization is business coaching. Consulting such people in the business field you’re currently in or would like to venture into can be invaluable. They can offer excellent advice, as well as different hacks and strategies to grow and survive in the competitive business world. Not only in the technical aspects, but also in life skills, such as consistency, patience, diligence, focus, and other similar traits. Also, in case you encounter challenges, they can guide you on how to overcome them. This goes a long way in cultivating the mental and financial stamina for business growth.
4. Expand your network
Networking is essential in business, as it helps you create meaningful relationships with relevant stakeholders. To this end, make a point of attending business conferences, shows, and exhibitions. Doing this will not only help you gain more knowledge of business-related matters, but you’ll also meet new marketers, suppliers, and potential customers.
If it’s an exhibition, you’ll be able to showcase some of your business owners’ products. You never know; this might be the day you’ll land the contract you’ve been dreaming of all along. By and by, you’ll significantly expand your customer base, which is a key aspect of business growth.
5. Seek Additional Funding
Financial resources are a significant determinant of whether or not a business will thrive. Adequate finances are essential when establishing and expanding a business. If you don’t have sufficient savings at the moment, you can seek more by getting business loans from banks and investors. It is always worth checking out other financial opportunities like invoice discounting, crowdfunding and any government expansion schemes that are available.
Some of the situations where you can use these finances include paying for marketing campaigns, improving your facilities, buying new equipment, and, also, adding more stocks.
6. Leverage Technology
Since London is a modern city where people expect to get the best quality in everything, ensure that you maximize the use of up-to-date technology. Adopt all the requisite cutting-edge tools both in the production of goods and management of daily operations.
The list of tools you can use is endless. Here are some of the general must-haves:
- Landing page builder
- Email service provider
- Communication apps
- Document management tools
- Customer relationship management tools
- Marketing tools
- Job-specific software
- Project management tools
- Social media integration tools
Everyone’s desire after starting a business is to see it grow. The main idea behind business growth is expanding the customer base and increasing production capacity. You can achieve this by optimizing your technology usage, consulting business professionals, conducting proper market research, and seeking additional funding from banks or investors. All in all, expanding your business in London is possible, as long as you’re consistent.