London’s economy has remained steadfast over the past decade, driven mostly by a few key sectors.
According to a report by Instant Offices*, information and communication, financial and insurance, and professional, scientific and technical services are the three largest business segments in London.
Tech and fintech are the London sectors anticipated to see rapid growth in 2018 and beyond.
A report by Tech Nation shows that the digital economy is growing faster than the UK economy as a whole. Adding to this, the fintech sector in the UK and London had a record year for investment in 2017, with more than $1 billion in investments, over 90 per cent of which were made in London-based firms.
London Mayor Sadiq Khan said that these figures were “further proof that London is the undisputed tech capital of Europe”.
Whilst the steep competition in one of London’s most competitive business environments may seem like a deterrent for a prospective startup, there are also many benefits, says Instant Offices.
Businesses are motivated to innovate and improve on their offerings, there is no room for complacency, there are more opportunities for networking, collaboration and industry connections, business owners are encouraged to improve customer relationships, and competitor behaviour can offer valuable insights into consumer behaviour and market trends. All positive attributes for UK business owners to capitalise on.
At Beavis Morgan, we work with a number of entrepreneurs and startups, helping them set up and run their businesses, whilst navigating the challenges and advising them on making the right decisions both now and for the future.
We also understand that whether you’re a startup or a well-established business, cash is king and managing its flow is crucial to your immediate and long-term success. That’s why our independent finance brokerage, BM Structured Finance, is readily available to assist startups source the right funding for their individual needs.
For more information about how we can help you and your entrepreneurial business, contact Steve Govey, Partner within our Beavis Morgan Entrepreneur Support Team, or Simon Belton at BM Structured Finance.
Further reading: Beavis Morgan sponsors national mentorship programme for digital startups
* Source: Instant Offices – What Are the Fastest Growing Sectors in London?