Small businesses in London the current situation and outlook

Small Business Saturday returned for its second year in the U.K. last week, and many business students and graduates are making plans and assessing prospects for launching their own ventures. If your focus is on London, make sure you do your research on the best places to base your enterprise, and the sectors that offer the highest chance of future growth. Londons business hotspots Like any major city, London encompasses numerous boroughs and districts with distinct characteristics, advantages, and drawbacks. It is important to choose your location carefully. One of the key considerations is cost. Having an office or a retail outlet in the heart of the West End might seem like an exciting prospect, but your enthusiasm could be dampened when it comes to paying the sky-high average rents in this area. The process of choosing a headquarters for your venture is a balancing act. You want to find a location that reflects the image you want to create, and puts you close to the action in your chosen sector, without exceeding your budget. In London, certain areas are strongly associated with particular industries. If your business is retail-based or reliant on the tourist trade, it will feel relevant pretty much anywhere in central London or on the South Bank, for instance, but less so in Canary Wharf or the Square Mile.[Tweet In London, certain areas are strongly associated with particular industries.] Arty and media areas like Shoreditch or Clerkenwell would be perfect for a new design agency, while an emerging tech business would be ideally placed in east Londons Silicon Roundabout. As well as making sure your location feels relevant to your business, you want to consider factors such as competition in the area, proximity to suppliers, and transport links. The boroughs of Camden, Merton, and Greenwich could prove attractive for all sorts of enterprises, having recently triumphed in the Small Business Friendly Borough Awards 2014. Barking and Dagenham, Brent, and Ealing were also highly commended at the event, which was run by London Councils and the regional division of the Federation of Small Businesses. Claire Kober, London Councils executive member for infrastructure and regeneration, said local authorities across the capital are focused on supporting growth and creating jobs through small companies. From independent retailers and family-run firms to creative start-ups and entrepreneurs, there is a clear commitment to helping small businesses thrive for the benefit of everyone, she added. Londons most exciting industries If tech-related industries attracted your attention during your MBA studies, there is a wealth of new business opportunities in London. Something Carolina Arriagada Peters, Head of EMEA and Latin America for London Partners, highlighted when she spoke at this year’s Hult alumni summit in London. In recent years, the city has grown in stature as a technology hub, and further growth is expected over the coming decade. The sector will generate 46,000 jobs and provide a GBP12 billion boost to the U.K. economy by 2024, according to Oxford Economics research published to coincide with the first ever London Technology Week earlier this year.[Tweet The tech sector will generate 46,000 jobs in  the U.K. by 2024.] Joanna Shields, chair of Tech City U.K., the largest cluster of technology firms in Europe, based in east London, said the city has become a digital powerhouse. In recent years the tech sector has played a crucial role leading economic recovery, accounting for 27 percent of new job creation, she added. Late last year, The  Telegraph  and the London Stock Exchange released a report entitled 1,000 Companies to Inspire Britain, offering a thorough analysis of the U.K.s leading SMEs. More than 100 tech companies featured on the list, ranging from hardware designers and data centers to app and game developers. However, the research also highlighted the diversity of the British economy, which relies on industries as varied as venture capital, automobiles, and manufacturing. Creative sectors are also seen as crucial to future economic and corporate growth in London. More than two-thirds (69 percent) of businesses have cited this area, along with technology, as key to the capitals economic development. The professional services and finance industries will continue to make major contributions to growth in the city, according to research by the Confederation of British Industry and KPMG. Outside your business plan and area of expertise, your choice of industry could be determined by your short and medium-term growth expectations, and the sort of challenges you feel best suited to overcome. Sectors like ecommerce and social media guarantee growth, but demand rapid evolution in the short term. A market like retail or hospitality, on the other hand, will put you up against some heavyweight competitors in industries that have been successful for centuries. Autumn Statement provides good news for businesses Graduates with entrepreneurial aspirations in London will have listened to the recent Autumn Statement from the U.K. government with interest. The U.K. chancellor announced a number of measures designed to support businesses, particularly small and medium-sized enterprises. The Funding for Lending scheme, which was established to encourage bank lending to companies, will be extended for another year. The extension will concentrate solely on smaller firms. George Osborne said: Now that credit conditions for households and large businesses have improved, it is right that we focus the schemes firepower on small businesses, which are the lifeblood of our economy. The U.K. Treasury is guaranteeing up to GBP500 million of new lending to SMEs, while GBP400 million has been committed to government-backed venture capital funds  that invest in such companies.[Tweet GBP400 million has been committed to government-backed venture capital funds. ] Also confirmed in the Autumn Statement was a full review of business rates, which will aim to address flaws in the unpopular and inconsistent system. In light of these reforms and the potential for growth in so many London sectors, now could be the perfect time for business school students and graduates to start making plans for their own venture in the capital. Kickstart your career in Europes biggest startup cluster by studying at Hults London business school. To find out more, take a look at our blog Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021 Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021"> During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . Happy New Year, Hultians! . Happy New Year, Hultians! .