Elly Financial Technologies Limited
54 Poland Street, London, W1F 7NJ
54 Poland Street, London, W1F 7NJ
London is home to numerous world-leading banks, brokerage houses, and consulting companies. In addition, over 100 branches of foreign banks have their headquarters in London, making it one of the most important financial cities in the world. There is no doubt that London is one of the leading business capitals of the world.
But how about the small business industry in London? How can small business owners thrive in a city that’s home to an overwhelming number of big companies? An emerging trend amongst small businesses in London to optimise their operations and reduce costs is the use of POS machines. This is why in this article we will discuss the importance of a POS machine for small business owners in London.
How Did London Become the Business Capital of the World?
London is one of the most fascinating cities in the world. It is one of the most visited by tourist’s cities around the globe, the second-largest financial centre in the world, and the third-largest European city. Apart from all that, London has an amazing history and the power it currently holds results from nearly two thousand years of development.
London was founded around 43 AD, in Roman times, under the name of Londinium. Even then, it was an important centre of trade in Europe and one of the wealthiest cities in the Roman Empire. Despite its power, London went through many devastating historical events: it was destroyed and rebuilt a couple of times.
However, over time and thanks to the Industrial Revolution, London became not only the largest city in Europe, but also an economic and financial power, and even a world centre of art, science and philosophical thought. Today, it is a vibrant cultural melting pot and one of the most important business centres of the world.
Business in London Stats
According to the survey conducted by the Global Regulatory Outlook, in 2021, 31% of respondents named London as the leading financial capital of the world. Brexit has weakened the UK capital’s position as a business centre of the world. But although it is not the leader anymore, London remains one of the biggest financial capitals of the world.
This is also reflected in Statista’s report on the number of businesses in London in the last few years. In 2021, there were over 1.04 million private businesses in London, compared with 1.1 million businesses in 2020. This means that between 2020 and 2021, the number of businesses in London decreased by almost 5.5%. With that said, over a third of UK businesses are located in London or the Southeast.
Advantages and Disadvantages of Small Businesses in a Big City
Owning a small business in a big city can be as profitable as it can be challenging. Let’s take a quick look at the advantages and disadvantages of running a small business in a big city:
One of the main advantages of setting up a small business in a big city is accessibility. As a small business owner, you want your business to be reachable, not only by your staff but mainly by your future clients. Companies located in central or concurred big city locations often receive more exposure and customers than businesses located elsewhere.
Potential for Expansion
As a small business owner, you may not be thinking about how big your business can get in the future. However, setting up your business in a big city means a higher potential for growth, both when it comes to the size of your business as well as the profits. Launching multiple marketing campaigns to promote your business in a big city location can bring significant results and lead to a quicker expansion.
The bigger the city, the higher the competition. And while it may be challenging to compete with other businesses offering similar services and products, it is not always a bad thing. Some small businesses choose to be located near their competitors due to the high demand for their services in that particular location. For example, many small restaurants tend to be located next to each other, as it offers the customer an array of options to compare and choose from.
High Maintenance Costs
Running a business in a big city means higher maintenance costs. Expensive rent, electricity bills, and other business expenses are the main disadvantages of setting up a small business in a big city. However, there are many ways to reduce costs in an expensive environment, for example, with the use of a POS machine for small business owners.
The Use of a POS Machine For Small Business Owners Helps Reduce Costs in an Expensive Environment
Technology allows small business owners to save money by ditching impractical solutions for their operations, such as expensive equipment, multiple computer programs, or traditional marketing methods. Although implementing more advanced technological solutions is a considerable investment, it is one that will bring long-term benefits and allow you to greatly reduce your operation costs.
One of the best ways to optimize costs in an expensive environment is investing in practical, all-in-one software, such as a POS machine. A high-quality, advanced POS machine for small business owners can handle various aspects of your business, from payments processing to inventory control. This is why POS machines are becoming more and more popular amongst small business owners in the UK.
Elly POS is on a Mission to Help Your Business
Are you a small business owner in London looking for a way to optimize your financial operations and reduce your operations costs? Then meet Elly POS!
Elly POS terminal is an irreplaceable, all-in-one device optimising all your payment transactions. It is a fast, secure, and reliable POS machine for small business owners who want to implement a versatile payment method into their operations while paying only for the features that their business needs.
In other words, Elly POS allows you not only to accept all types of payments, from credit cards to cryptocurrency but also to perform cost-saving and revenue-creating activities on one single device. So, check out what Elly POS offers on our website, or get in touch with the Elly team now!