Whether you are relocating your main office or expanding your business, many companies consider London to be a smart place to move to. However, there are lots of things you need to think about before you make the decision to open an office in the UK’s capital city.
Employees
You need to think about what your current employees will think about moving to London. If you are only a small business without many members of staff you may have been able to discuss it with everyone and come to an agreement, but if you have a larger team of people you will almost certainly have differences of opinion. Some may well love the idea of working in London, while for others the move would be unfeasible and you might have to offer them a redundancy package.
Of course in moving to London you will have access to a greater supply of talent as the capital has a huge workforce that you may be able to attract to your business. Do remember the cost of staff in London is generally much higher than in the rest of the UK as living expenses in the capital demand it.
Location, location, location
The advantages of moving to London speak for themselves. There is a huge amount of prestige around having your offices based in the city. But London is a big place – you need to decide exactly where you want your business to be based. Unsurprisingly the more prestigious the address, the more money you’re going to have to spend.
When you’re narrowing down the different options consider how easy the office is to reach, especially for commuters. Is there parking available? Is there public transport nearby? This is important not only for your staff but also for visiting clients.
To rent or to buy?
Once you’ve settled on a location for your office you need to decide on whether you want to rent or buy your office space. There are advantages to both options, and the right one for you will depend entirely on your circumstances.
If you are moving to London long-term and you have the capital available to invest in commercial property, this could be a very lucrative option. The London property market is still very strong and continues to grow. Equally, however, buying office space limits your flexibility, is exceptionally expensive and puts you somewhat at the mercy of the market.
Clients
Just as you need to get a good idea of what your employees think about your move, it’s also a good idea to gauge the opinion of your current clients. Once again you can expect a mixed reaction as the move will not affect some but may mean others will reconsider whether to use you and your services. Remember that your clients will be savvy. They will understand that you moving to London will naturally increase the costs for your business, and may mean you will end up charging them more.
A move to London should provide you with a better opportunity to acquire clients, but it is still worth being aware that you could find yourself losing others.
The stress of the move
Moving your business to new premises can be highly stressful. There’s a lot to think about and you can potentially lose a significant amount of time from a working week in order to get everything sorted. You’ll also need to consider how long it will take for you and your staff to get settled in a new location.
Is it really best for your business?
There is no denying that there are huge prospects for businesses that can be successful in London. As a thriving commercial and industrial hub, it is undoubtedly one of Europe’s most sought after locations. But every business is different and there is no guarantee that yours will thrive in this environment. Weigh up the pros and cons of moving and staying put – if you’ve carved out a niche in your current location it may be unwise to leave that behind. However, London is probably the best place in the UK for attracting clients and quality staff. Is that opportunity too good to pass up?
Article provided by Mike James, an independent content writer working together with Stuart Neils – a leading firm of surveyors with over forty years’ experience in commercial property, including the leasing of office spaces within London and across the UK.
