For centuries London has been at the heart of global politics and industry, and even during times of global economic gloom, London has been a pioneer in start-up businesses. In the last year alone more than 200,000 new businesses were registered in Greater London, and that figure seems to be on the increase. If you’re one of them, or are considering joining the ranks, there are a few things you should consider when choosing the perfect location for your business.
When thinking about a location for your business, you should decipher if it has good local transport links, particularly main roads and motorways, as well as public transport offerings like buses and trains. It’s no secret that London’s property rental and purchase prices are on the steep side, so consider renting in one of the suburbs, or slightly further afield.
And of course, don’t forget your employees who will often live in central locations. Despite its proximity to the capital, rental prices in places like Stevenage are much cheaper, whilst also still being accessible for employees to commute to, especially if they live in family friendly suburbs like Islington. Stevenage, for example, would be an easy commute for employees on the train. Travelling by car against the flow of traffic who make the daily journey into the city would also be an option too.
As a start-up, more often than not a lot of your hard earned money will have been invested into your business, and as such you should think about how secure the location of your premises is. Your location can increase the odds of being affected by crime, which can, in turn, influence your insurance premiums, not to mention the cost of additional security measures you may need to keep your business secure.
Knowing the risks of potential activity can help you make an informed decision on the best location for your business.
Checking out where the competition before you sign the lease or buy the property should definitely be factored in. If there’s no competition in the area it might suggest it’s not the right location, similarly, if the area is saturated with similar businesses there might be too much competition.
Establishing which competitors are in the area and what they offer (as well as what they do well, and what they could improve on) could help you choose the right location for your business, as well as help you uncover your unique selling point.
Whether your business is already up and running and you’re looking for a new premise, or you’ve only just started on your journey, finding the right location for your business is only the beginning.
How Conventional Scores Are Stopping Most Millennials From Accessing Credit and How One Company Is Changing That
Credit scores are a barrier to entry for just about everything for millennials. Trust Science® is taking new metrics into account to expand access to credit with Credit Bureau 2.0®
What’s Keeping Millennials From Accessing Credit?
The concept behind a credit score seems simple enough. It tracks your credit history to see if you’re someone that a bank or lender can trust to pay back a loan. However, conventional credit scores just don’t account for the way that millennials and Gen Z handle their finances.
Even where a person would be fully capable and reliable in paying back a loan, the lack of an established credit score can prevent them from accessing credit, or at least from getting as much as they should be able to. That leaves millennials without an on-ramp into the modern economy and it can also jeopardize access to other “credit gated” necessities like housing.
The way that conventional credit scores are calculated is complex but boils down to 5 essential metrics:
- Payment history
- Amount owed
- Length of credit history
- Credit mix
- Hard credit inquiries
You can start to see the issue for millennials when you look at what data goes into their credit scores. For one thing, younger people don’t have a long credit history. Even without other factors, simply being young and only having had so much time to build credit puts them at a disadvantage. However, millennials have also been tending to establish credit later in life compared with previous generations, putting them at a further disadvantage.
The most significant issue here is the credit mix. Different types of credit affect credit scores differently, and millennials generally don’t have a favorable mix. While they might have a credit card or two, they generally don’t have mortgages. These are the most beneficial type of credit to have on your credit report, and millennials really have that going against them.
The student loan crisis also plays a big role. Young people today have much higher student loan debts than previous generations, meaning they have a great amount of credit owed. Not only that, but many can begin to fall behind on payments and see that amount grow. This can quickly send a credit score spiraling out of control.
Student loans aren’t the only threat. When young, some people make poor decisions. They could find themselves making credit mistakes very early on and suffering the fact that those mistakes can haunt their score for seven years in general. That means someone at 25 is still paying for a mistake made at the age of 18, even if they’ve been on the up and up ever since.
It’s clear that conventional credit scores weren’t designed with the current landscape in mind and that young people are being negatively affected. But what exactly can be done about this? One company is changing the way that lenders look at creditworthiness to make it possible for millennials to mitigate these issues.
How Credit Bureau 2.0 Fixes Those Problems
Trust Science is an innovative fintech company that has developed Credit Bureau 2.0, a scoring service that acts as an antidote for lenders, offsetting the problems posed by conventional credit scores. Instead of seeing a lack of credit history, a few negative issues from years ago, or a poor credit mix and ending any credit application, Credit Bureau 2.0 considers a wealth of additional data to generate a more accurate credit score.
Credit Bureau 2.0 expands the data used to calculate credit scores, getting the borrower’s consented, permissioned data and/or acquiring Alternative Data in order to reach a more accurate credit score. For example, those applying for credit can use Trust Science’s Smart Consent™ app to divulge their information safely and confidently to Trust Science, which is working on behalf of the lender that is trying to reach a decision about the borrower. By doing so, young people or other people without a credit history in-country can let prudent financial decisions in other areas of their lives demonstrate that they’re trustworthy for greater credit.
The service is available to a wide variety of lenders, including auto lenders, installment lenders, and single-repayment lenders. It’s in their best interest to find more reliable, deserving borrowers to give loans to, so Credit Bureau 2.0 benefits both sides of the transaction.
Trust Science CEO Evan Chrapko says that “Credit Bureau 2.0 isn’t just about giving borrowers access to more credit than they would have had otherwise. It’s about recontextualizing financial data to give both sides–lenders and borrowers–a more accurate and reliable way to enter into loans in the modern economy.”
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