London is one of the world’s most famous cities that boasts a great industry.

Whether it is banking, digital or retail, you will find a lot of the big names located in this thriving city. It isn’t only the big boys that locate their offices in this city, but you will find lots of different start-up companies giving it a go.

Space is at a premium in London and the costs associated with renting or buying an office can be expensive which is why it is important to consider the space required so that your rent is as low as possible.

Read about the best three locations for start-ups below to find the best place to get your business started in 2020.

Westminster

Westminster is great for tourists and is home to the Houses of Parliament. This location in London has been the most popular for start-up companies over the past few years.  There are over 6,000 small businesses in this borough and 9,000 start-ups last year. According to the office of National Statistics, the survival rate for these start-up companies is around 34% in this location. This may not sound like a large amount, however, is probably on par with the rest of the country.  Westminster has got great access to bus and underground services and is well known for some nice restaurants and bars which also attract people to set up companies here.

Lambeth

Situated in the south of London, Lambeth is second on the list in terms of locations for start-up companies.  Across the water from Westminster, it is only walking distance away or you could get the underground transport from Lambeth North.  According to the ONS (Office of National Statistics) there were just over 5,500 start-up companies last year with just over 1,000-small businesses in this area.  The survival rate in this borough is slightly higher than the companies in Westminster at 38.8% but it can be quite expensive.

Depending on the business it is you are in, you may wish to consider Safestore for self-storage in London where you can put any equipment that you do not use on a regular basis into a safe storage location.  This can allow you to invest in a cheaper office space as you won’t need a large office.

Bexley

Bexley is on the outer borders of London and situated in the south-east of the city. There are 3 different railway lines going through this area and the A42 is a great link to the city.  According to the ONS, there were just over 1,500 start-up companies last year with there being around 600 small business’s. The survival rate of new start-ups in this borough is way above most of the other London areas and is sitting at 44%.

Summary

Setting up a company in London needs some deep thinking and planning. The further you go into the centre, the more expensive this will be. You should consider going to one of the boroughs in the outside of the city where you could still be part of London and have robust public transport to get you to the centre of the city if needed.  The further out of the city you go, the better the survival rates for new start-ups for the majority (according to the ONS).  There is a lot of information on the internet in terms of locations, crime, transport links etc. that you should investigate before committing yourself to a rental contract in any area within the city of London.