With the establishment of numerous small businesses, a plentiful supply of office space and a comfortable mix of country and cosmopolitan living, North London has become a popular area for business start-ups. In 2014, alone, 10,580 companies set up business here. So, let’s take a closer look at some of the reasons why setting up a business in North London makes good business sense.
1. Redevelopment & Investment
Approximately 93% of all new business ventures in North London are micro businesses, employing between 1-9 employees and, as a result, redevelopment is taking place pretty quickly. In Enfield’s Edmonton area, former industrial land is being converted into residential space and a major business hub to the tune of £1.5bn, as well as 5,000 new homes and 3,000 jobs will be created as part of the mayor’s London Plan.
Businesses can expect an office environment designed to meet all their needs. Although construction will only be complete in 2026, the regeneration of this area of North London is a good sign for new business start-ups looking for an up-and-coming location. The attractive combination of suburban areas and green parks and the fact that multi-nationals like IKEA, Coca-Cola and Warburtons have set up their headquarters here, are a big drawcard for other companies to follow suit.
This mix of urban and green space areas in North London offers entrepreneurs the perfect working and living environment. A great deal of Barnet encompasses the Metropolitan Green Belt with numerous parks and open spaces, while in Haringey, green spaces make up over 25% of its total area – this includes, Alexandra Park and Highgate Wood.
The business community is Haringey is also rapidly evolving, and its Small Business Network is providing advice and support to new and established start-ups. Haringey Heartlands and Tottenham Hale are also on the mayor’s London Plan agenda and major redevelopments are planned over the next five years.
2. Transport Links
For business travel, North London is well served by the Underground, Overground and National Rail stations. The borough of Barnet is linked to the Northern Line, while Haringey has 16 stations in its borough. Enfield is served by the Piccadilly Line. There are excellent road links, with main roads that include the North Circular, the A10, the M25, and the old Hertford Road (A1010) running through Enfield.
3. Office Space
If you’re a tech business looking for creative urban offices, or a studio workspace, then The Busworks on North Road might be worth a closer look. The Busworks includes a former bus factory Omnibus, which is home to many young, dynamic businesses, and United, an upmarket converted factory which includes an open-plan co-working mezzanine floor.
Haringey also has a variety of office spaces including The Chocolate Factory in trendy Wood Green’s thriving cultural quarter. The Chocolate Factory is home to a variety of creative industries – from travel to fashion to a renowned drama school. Entrepreneurs operating here benefit from the all the business networking that takes place, as well as Wood Green’s many bars, boutiques and restaurants.
The Business Lounge, provided by the Haringey Library Service, offers information and inspiration to help start your business or plan for its growth. Why not use this free space to research your product and services, or develop your marketing and business plans. There’s also a vibrant co-working space, 639 Centre, in Tottenham.
Let’s Go, Enfield Business Centre’s hub, has meeting and conference rooms, hot desks, and some great networking spaces. A range of upmarket office options are available at Enfield Lock, and Arnos Grove Station has unfurnished office space to let on a monthly basis.
4. Securing Premises
If you’ve found a North London office property to lease or buy, finding a competent commercial surveyor such as Squarepoint Chartered Surveyors, is key. They’ll be able to carry out a building survey on any commercial promises you are looking to buy, or handle your rent reviews, lease renewals, rating valuations, schedules of condition, schedules of dilapidation, as well as providing expert advice throughout.
The North London Community Finance offers business start-up loans of up to £10,000 and, for companies who can produce certified accounts for at least one year’s trading, loans of up to £25,000. These loans are financed via Credit Union and provide savings and loan services for individuals in Enfield and start-up businesses throughout North London.