If there is one city most people want to be in when they are starting a business, it is London. The capital is a fantastic place for start-ups, but it also happens to be one of the most expensive cities when it comes to property. We all know that start-ups need a physical address in order to register their business. However, it is really going to be possible for a start-up to acquire an office in London?
Renting in the Capital
The first few years are crucial for start-ups. They can make or break that business, which means that most owners are on a very tight budget to begin with. This means no huge lump sums or wild spending. Everything has to be calculated and carefully planned. Otherwise, you could end up in a lot of debt. But, the reality is that start-ups still need somewhere to work. So, how can they acquire an office?
Well, let’s say that purchasing an office is probably not on the agenda of most start-ups. That is unless they have a lot of funding already. Even if this is the case, the property prices are so high in London that this might not be a good move. You could end up blowing a lot of money on purchasing business premises and you have not even started selling products yet. This is not a good position to be in.
So, the obvious alternative to purchasing property in London is renting. This is going to be an option for some start-ups. But, it all depends on what your budget is. Knowing that renting is still high in the capital compared to other parts of the UK. Again, it might not be a smart move to rent business premises when you are on a small budget as a start-up.
Virtual Offices Rising in Popularity
There is no doubt that renting is more affordable than purchasing in London. But, the reality is, this is still too much for some start-ups. So, is there an alternative that can still keep you in the capital? The answer is yes and this is called a virtual office. For example, W1 Virtual Office offers you the best quotes when it comes to renting one. This includes a low-cost guarantee, which ensures that you get the best price in the capital. If you find a virtual office that is cheaper, the company will match that price so that you do not miss out
Are you not familiar with what a virtual office is? Well, this is a way for you to have a London business address but be able to work anywhere. It is a real address and building in the capital. However, you have the freedom to work from home and remotely. This is a great way to save money. They are significantly cheaper than renting business premises. Instead, you pay for an address and you can have all of your mail delivered there. It is a legal way to operate your start-up.
Indeed, a lot of businesses are choosing to get a virtual office due to their low cost. You can almost half the amount you would pay out on rent, which is what you want to hear as a start-up on a small budget. It also gives you the freedom to work from home in an environment where you have everything you need. You do not have to uproot and move somewhere to continue growing. You can stick to a place you know works for you and enjoy having a London address at the same time.
Will Buying Ever Be Possible?
As a start-up, the first few years of business are going to be difficult. This can include searching for funding and really watching your spending. If you manage to build your business and really progress after a few years, you might be able to reconsider your options when it comes to your business premises.
For example, you might reach a stage where you need office premises. Renting might become an option when you have money coming in. The most important thing is that you have money behind you before you do this so that you do not run into any trouble. Perhaps even later down the line, you can purchase a place. London is one of the most costly cities to own property. So, know that this could take a while with your start-up. In the meantime, a virtual office can help you grow.
