Analysing UK crime statistics such as theft and robbery, from the Metropolitan police, Paymentsense have compiled a new study revealing the safest places to start a business in London.
The study suggests that picking somewhere further West is the best bet, but business owners should think about these risks compared to how profits could be affected by choosing the outskirts of London for your business.
Westminster, Camden, Kensington and Chelsea were the boroughs deemed most dangerous to start a business. All located next door to each other in the heart of London, these boroughs see plenty of footfall from residents, tourists and commuters – great for attracting shoppers, but also criminals too.
Where is safest to set up shop?
Based upon crime statistics in relation to population of the borough, these are the top five safest boroughs to start a business.
- Richmond upon Thames
Where are you potentially putting your business at risk?
- Kensington and Chelsea
- Hammersmith & Fulham
While these places undoubtedly offer a lot of potential, it’s good for businesses to be aware of some of the risks that come with trading in the bustling metropole and take precautions to them in advance.
Businesses starting up should consider:
- Training their staff on best practice security protocols
- Investing in technology such as CCTV and intelligent alarms and locking systems
- Understanding the best business insurance that will reduce potential losses
- Explore the possibilities of becoming ‘cashless’, reducing threat of burglary
Think about these risks compared to how your profits could be affected by other factors in the location you choose, and you’ll find the right part of London for your business.
Yanis Zisis at Paymentsense states: “For those small or medium businesses that are looking to start up a bricks and mortar store, trusting your location’s safety is pivotal. Not only when considering the costs of business insurance, but the well-being of your staff and the day-to-day efficiency required when getting a successful business off the ground.”