Getting started in London’s financial sector

When it comes to creativity and innovation of all kinds, London is still a global hotspot. From a business perspective it can be seen all over the city with major businesses like Aviva, Barclays and BP being based there. Shoreditch in the East End plays an important role regarding both culture and business with many creative agencies and small independent businesses located in the area.

A real mainstay of the booming local economy within London is the world of finance. Finance is an attractive sector for those starting a business as financial services will always be needed to help people save their cash, to invest and allow other businesses to make payments. That is why starting up your own finance related organisation is tempting. With the right idea and structure in place, it can pay off handsomely in the long term.

If you have never started a London-based business before you may wonder how exactly to break into the finance industry and make your mark. Here are a few useful tips to help you.

Take advice from respected industry figures

Perhaps the best place to begin when looking at breaking into the financial start-up world in London is to look at how successful industry figures did it before you. This can provide a wealth of handy ideas which you can use when starting your own company, from how to raise starting capital to where to base your finance business in the city.

To find out more, do some research on the internet where a host of handy articles can be found. Lady Barbara Judge is someone who has worked at a high level in this sector who you could take notes from. Known as a top businesswoman, Lady Judge has vast experience of the finance sector through her work as executive director at Samuel Montagu & Co and being a former Chair of the Pension Protection Fund, amongst other roles.

Make sure you have an original idea or approach

To make your mark when breaking into the world of London finance as a new business, originality is important. When you begin to consider what your company will offer to customers, try to think of something that is not currently provided by other finance businesses. If you can find a gap in the market like this, then you will have a USP built into your start-up from the off. This is vital in helping you stand out from the crowd. If you cannot think of a truly original concept, then try to come up with a fresh approach to services that others already offer. Once more this will help you stand out as unique in the world of London finance.

Make technology your friend

One sector within finance that is rising fast in London and around the world is FinTech. Companies in this financial sector raised over $39 billion in funds last year which gives an indication of just how well the sector is doing. It involves finance coming together with technology to provide next-gen solutions and usability to consumers. One popular example is online accountancy software like Xero that uses Cloud technology to make account management simpler for businesses. FinTech is a real growth sector and is worth thinking about as a way into London finance as a new company.

Get your marketing and recruitment right

The competition within London is fierce with many financial institutions fighting for business. That means you will need to hire the best talent around to work for you. That will not be easy because the best workers are in high demand from other firms, however, getting the best talent you can will allow you to give a better service to customers and is certain to help your business continue to innovate.

Marketing is another key area for any new business breaking into the competitive world of London finance. As technology impacts on the sector itself, it also does so in how consumers engage with your services or products. You therefore need to make full use of digital methods such as social media marketing, content marketing and SEO. It is also key to remember to market locally in the London area to connect with your target audience. Clever use of all available marketing methods will help your brand name to become known around the capital and to attract more clients.

Finance in London is booming

Due to it being such a key sector for the whole country, finance in London is an industry that is thriving. That makes it an attractive option for any entrepreneur to consider moving into when setting up a new business. Although the competition may be stiff, it is certainly one area where the right idea and approach could see you achieve great success.