What are the most common startups in London?
According to the Startup Genome, out of about 300 startup ecosystems, London has risen from the 4th position in 2017 to the second-highest best ecosystem for startups in the entire world, alongside New York, in 2022. Among the top 10 ecosystems conducive to startups are about 4 countries in Europe. That tells you that starting your startup company in London, even if you are simply registering it in the UK with a London virtual address, and you are based elsewhere, is good for you.
A team of experts will get you the answers you need to get started with your business.
In this article, we are going to give you reasons to register your startup in the UK and a list of the types of startups that have been thriving in the UK in the last few years.
There are a lot of benefits that come with working for startups too, which will be discussed in detail in this article.
Types and examples of the common startups thriving in London
It is not surprising that most of the startups thriving in the world and especially in London today are in the tech industry. Ranging from engineers who are trained in AI to blockchain technology, software development, and cybersecurity companies, sales, marketing, the list is endless. The beauty is that startups are suitable for all kinds of workers, even if you are a fresh graduate or have job experience. So, if you are interested in working for a startup in London, here are a few industry options as well as examples of startup companies in those industries that could interest you.
- Digital Healthcare – since the world is moving away from traditional healthcare to digital so that more people are reached with health services, digital health is another thriving industry in London. Second Nature is one such startup company that is currently into digital healthcare and its focus is providing help for people with chronic health conditions. Florence is another startup that provides a platform for homes and hospitals to find nurses from around the world who can work for them. Farewill is also a startup in healthcare that helps with burial services such as cremation or the actual burial rites. Other examples include Thriva, Accrux,
- Financial services and technology – this is another industry that is doing very well in the UK. One such is Habito which is a housing mortgage company that helps people buy homes that they truly desire. Another good example is Capdesk which helps companies create software to manage their equities. Other promising startups in the financial industry offering various services include Form3, Quantexa, Cleo, Marshmallow, ComplyAdvantage, Wagestream, Yapily, GoCardless, Pento, WeGift, TrueLayer, YuLife, etc. The amazing thing about these startups is that each one brings novel innovations into the financial industry that is unprecedented.
- Legal Technology – if you are interested in starting a business that provides legal services to people via softwares, you can look to base your business in London. One startup in that field that is currently thriving is Juro which has been named the number one startup in London to work for in 2022.
- Food and Beverages – one company that is currently thriving in this industry is all plants which is a vegan-dedicated food company. This startup started in 2017 and it is doing quite well in its niche.
- Data Management – this is becoming one of the most sought-after professions in the world as more industries require large data bases to deliver their goods and services effectively. To this end, startups in the data management industry are also thriving in the UK. Examples are Attest and Permutive
- Automotive – selling cars and other forms of vehicles is a lucrative business anywhere in the world. While it is rived with old companies, startups are also thriving in the industry. An example of such is Motorway which is a startup that provides a platform for people to buy and sell used cars safely and affordably.
- Real Estate – every day, people are migrating to Europe and London especially. One thing these migrants will need is accommodation. It is no wonder startups are thriving in this niche. Examples of startups in the real estate business are FlatFair which is a tenancy mediating company and Nested.
- Freight transport and logistics – even when you shop online, the goods still need to get to you somehow. Startups in this industry are growing and growing fast. One such is Convelio which specializes in transporting high-end goods like arts and crafts using modern technology.
- Social Media – of course, there are established bigwigs in this industry but some startups are surprisingly thriving. One such is Visdy which partners with Meta, Twitter, and Snapchat. Visdy is dedicated to skit-makers and promotional video creators who make quality videos and take their business notches up.
Why you should opt for London as your startup base?
- London is the commercial hub of the UK and offers varieties of clientele and employees of varying levels of competence that can be of use to your startup.
- The city is currently ranked the second-best ecosystem for startups in the world.
- There are specific locations in the UK that give your business a prestigious outlook.
- Give your business a cheap advertisement when it becomes listed as one of the companies providing specific services in London during an internet search.
- You do not have to be physically present in the UK to have a London address or register your business in the UK. Simply search and purchase a virtual office address to register the company.
Why should you work for a startup business?
There are many reasons why working for a startup company is good for you. Some of these are:
- It is easier to be innovative when you work with a startup. There are not yet stringent rules to be adhered to. Startups generally welcome innovative thinking and ideas which will help them grow. So, if you are looking for an environment where you will be challenged mentally and show your creativity, a startup is the best place for you.
- Working for a startup is a quick way to rise the hierarchical ladder to the managerial level. Since there are not many bureaucratic hooplas to deal with, it is easier for you to quickly attain certain positions based on merits and not necessarily by being a senior employee or having on-the-job experience.
- It is a learning opportunity because you get to work with people with varying levels and areas of expertise and the workforce is small enough for you to know everybody.
- Most startups are flexible in that they give options for working remotely. This is becoming more and more of a selling point for most startups who are looking to get the best employees from all over the world. So, even if you do not currently reside in London, you could still get to work for these startups and be on their payroll.
- Build lasting relationships. You are working with a company that has a small workforce and that means you can easily build both professional and personal relationships that can help you now and, in the future, compared to bigger corporations.
- You do not have to work permanently with startups. You can simply be a consultant or a freelancer.
- Startups give opportunities for people to gain experience because they usually do not hire based on the experience like the recruiters in the bigger established companies do. Instead, they seek out raw talents to refine them for the benefit of their company. As such, they provide an enabling environment to grow professionally.
- You can easily negotiate your salary and earn based on your competence and the market value of your skills. Many startups use recruiting agencies to recruit workers and each gets to negotiate their salary as they see fit. As such, you can earn more than you could normally be earning in older companies if your negotiating skills are top-notch.
- If you are interested in remote jobs for whatever reason, startups are the companies that often make remote working available for their workers. This is because they usually employ people from different countries of the world who may not be able to work on-site. This is especially suitable if your job can be done on a computer or mobile phone.
How to register your startup in London?
Registering your startup in London or anywhere in the UK is quite simple. Follow the steps below to get started.
- Identify the structure of your business to know if you are registering with HMRC or Companies House. Incorporated companies and charities must be registered with the Companies House while sole traders and ordinary partnerships only register with the HMRC to pay tax with Self-Assessment.
- Obtain a registered office address. This could be a physical office space or a virtual office address obtained from a provider. This is because it is a crucial requirement for registering your business in the UK
- Create an account at www.gov.ng to do the registration by yourself, use a third-party software, hire an agent, or simply download the form, fill and send it by post. It costs only £12 to register your company in the UK but could be more if you are going through an agent, by post, or third-party software.
- It takes only 5 working days to be fully registered and given a business registration number and a Unique Taxpayer Reference number.
More people are becoming self-employed and one best way to do that is by starting a startup. London is one of the thriving ecosystems for startups because there is ease of doing business and taxation is quite low. If your jam is working for others, working for a startup is the best opportunity there is for professional growth and London offers a wide array of these in different industries including healthcare.
How to start a startup?
1. Develop an innovative idea
innovative ideas rule the world of startups. This is because even if you are doing what is being done before, you have to do it with a difference if you ever hope to outcompete your contemporaries.
A team of experts will get you the answers you need to get started with your business.