Growing a business on the outskirts of London is a great option for entrepreneurs looking for access to the city, without the eye-watering price tag. Stratford has long been respected as a part of Greater London that ties South East England and Stansted Airport to London’s main transport hubs. In the last decade, it’s received significant investment, too. The Olympic Stadium and Westfield shopping centre, combined with a number of new apartment complexes make it a place ripe for new business.
There is a set of golden rules that emerge for any new business, guiding entrepreneurs toward success, while navigating the many potential problems that they face. Strategic planning and adherence to essential principles are paramount to surviving those first few years.
Getting the right insurance coverage is a foundation for starting your business on the right foot, particularly in industries prone to higher risks. Often, you’ll either be hiring employees or welcoming customers to your premises, and both of these scenarios mean you become responsible for their safety in some degree. Failure to demonstrate safety concerns for these people can lead to injury claims and penalties, both of which cost businesses dearly every year. As a business based in a well-connected place like Stratford, you won’t have much excuse for not adhering to either. There are also a host of different justifications and forms of compensation for personal injury claims you should be aware of as a business owner. You’re best served speaking to insurers or paying for a risk assessment, to gauge the potential risk a customer or employee could be exposed to. You can’t remove the chance of risk completely – but your job is to reduce that risk to a managed degree. Ultimately, robust measures and investment in risk assessing not only protect your workforce, they can save your bottom line, and instill more confidence amongst customers.
When situated on the outskirts of a major city like London, you’re responsible for a unique set of growth and safety challenges. London’s business landscape has to align with legal standards relating to noise pollution, air pollution and congestion charges for starters. Unlike ensuring the safety of employees or customers, this is more about meeting the administrative measures that London businesses are held to. Concurrent to it, you can also make use of the London-centric business grants and initiatives that are in place to support new businesses. Grow London Local is one of those, an initiative designed to connect owners together and forge new partnerships with one another.
Know your area
Stratford is a large neighbourhood in the east London area and contains transport links to both central London and East England. Often we only consider the benefits of being connected to the outside of the area, rather than the inside. Within its borders, lie diverse neighbourhoods and industries, too. Stratford’s retail sector is dominated by the ever-popular Westfield, but there are also growing tourism and sport/recreation industries here, as well as entertainment, centred around the ‘Cultural Quarter’. There are countless opportunities to find work, connections and advantages from being based in Stratford. Understanding the specific challenges and opportunities presented by the location, and tailoring your business strategies to align with them can be a great way to realise your small business ambitions.
Building a business on the outskirts of London is no mean feat. It’s highly competitive and opportunities have to be grasped, rather than waiting for them to fall into your lap. Stratford has transformed over the last decade, and become a far more desirable and well-equipped part of London; an attraction in its own right. By leaning into those benefits, keeping on top of your commitments and understanding how to get the most from your Stratford base, you can be a part of the blossoming future of East London.