East Ham is nestled in one of the most prosperous and expensive cities in the World. The area has a rich history, and since the mid 1800s railway arrived, has been a hive of activity. Let’s take a brief look at the history of East Ham. Then, let’s talk about the economy, opportunities, and ways you and your business can be helped.
This place was mentioned in the Domesday book, which gives you an idea as to how ancient the settlement is. As the time wore on, East Ham became a hub for people moving in. There were large amounts of immigration during the 20th century, and that has been a huge effect on the current landscape of East Ham today.
The unemployment rate in East Ham is one of the highest in the UK. In addition, the employed positions are mainly low paid. This causes some problems, and opportunities for the locals. The problems are that some poverty rates are high in East Ham, however the government in the past few years have responded. Some successful initiatives were introduced, and the unemployment rate fell.
One of the positives that has come out of the relatively tough jobs market is entrepreneurship. Many of the shops and restaurants in the area are independent. The large migrant population set up these jobs several years ago, and as a result, opportunity and job creation have arisen.
Opportunities in East Ham
Since the above mentioned job creation schemes by the government, the rankings of East Ham have improved. The deprivation rate has fallen from it’s once top spot, and incomes have improved in general.
The opportunities are also abundant for those who are local, and want to start a business. Since the property, rents and rates are lower than central London, a chance to make a success out of shops or services exist in the area. Add to this the fact that many new young professionals are moving to the London outskirts, including the east end. These new residents will be looking to shop from local stores, and embrace the local culture. This is a good opportunity that can be capitalized on now.
Getting setup, and choosing the right team
For many aspiring business owners or service providers in East Ham, finding the right help can be tough. The reason is that many people work in the city, and as a result don’t work with the local businesses. An example can be finding the right accountants in east ham. This addition to your team is an important one. The trick in an area like East Ham is to look for an accountant who knows the culture and the locals. This way, financial guidance and help can be given within the correct context. A city accountant may be used to the types of businesses that flourish in Canary Warf, but have no concept of how things are done in East Ham.
These are some ideas for getting yourself setup in East Ham. The times are getting better, and the future looks optimistic. The opportunities for the youth and others in these areas can be taken through hard work and entrepreneurship. Finding the right team to back you up, and give you the right guidance can be a great step to you and your community’s success.
GM Professional Accountants are accountants in East ham that specialize in Small businesses and self assessment tax returns.