London is one of the best spots for business, as there are many growing businesses in this thriving city. From finance to solicitors and those who work in tech, London is the place to be for young professionals. No matter what career you choose, we can guarantee there is a company for it in the capital.
Although it sounds great for career opportunities, some hidden costs are overlooked by entrepreneurs and young professionals. This includes accommodation and travel costs.
The Core Expenses for a Business
For a business, there are a lot of expenses that are much higher than further out of the city. Rent for commercial property is ridiculously expensive, especially in the city centre. Not to mention the salaries that need to be paid for employees who live in the city, and they have to compete with other businesses, so they have to attract the best talent. Finally, these businesses will have extortionate fees to pay in terms of business rates and taxes.
The Forgotten Costs
Once you have your business in London, you’ll notice other costs that will go under the radar. This includes the cost of transport and providing accessibility to employees and clients. This is very important for a business in the centre of London. That being said, if a business doesn’t provide parking, employees will either have to pay for parking spots themselves or commute to work via public transport.
Public transport is fantastic in and around London, with there being plenty of options for getting into the city centre. One of the common forms of public transport is people driving to commuting areas such as Haywards Heath. They will then leave their vehicle at Haywards Heath car park and get the train into the city centre. That being said, there are plenty of commuting train stations surrounding London so this is a common form of transport.
Some businesses will cover the costs of the commute, other companies will pay for the parking, or employees will have to pay for it all themselves.
There are plenty of other hidden costs that are often overlooked, such as paying extra for cleaning services or insurance.
The Price For Convenience
The cost of convenience is the age-old question: how much are you willing to pay for your convenience? This is something that many businesses have to consider when they have their office situated in London’s city centre. Do they want to be more central, placed near plenty of shops, restaurants, cafes, as well as near a car park in London for their clients and employees? Or do they wish to be further away from the city centre so rates are more affordable?
Summary
As you can see, operating a business is very expensive, especially if it is in the city centre. That being said, businesses choose to work in London because it helps attract the best talent, not to mention working closely with some of the largest businesses in the world. But it all comes at a price, which is something that everyone has to be prepared to pay for. This includes the businesses along with the employees. However, you do get paid well for working in London, so that is the added benefit.