Why the time is now to buy an independent business
The death of the department store. The collapse of the chain. For the big brands – it is hell on the high street. In the last few years, we’ve seen the downfall of some of the most prominent names in UK retailing. House of Fraser isn’t at home on the high street. Debenhams? Dead and buried . Mind the Gap, they’re online only. However, while these household names are closing, it’s not all doom and gloom on the high street. In fact, it could be the perfect time to start or buy an independent business. But why?
Freedom
Well, for a start, it’s about size and manoeuvrability. It’s about being nimble. It’s about being quick to adapt and evolve. And it’s also about being a one-of-a-kind, standout local business. Because when you’re truly independent, you’re not answerable to corporate higher-ups, or fat cat owners emailing orders from their yacht in the Med. Buy a small business today and you can be stronger away from the herd. You can be innovative and refreshingly different. In a world that is drearily dominated by mega-brands, it’s a chance for the small person to make a stand.
Agility
Independent businesses aren’t totally immune to the disease affecting our high streets, of course. But they might just be a little more resilient. Rents and rates are the biggest problem facing the big shops and department stores. Their physical footprint comes at a cost. And it’s becoming difficult to compete with the likes of Amazon and other online retailers. A small independent business doesn’t need to operate at that scale; keep your offer specific and relevant to your local audience and you can avoid these pitfalls. There’s also a chance you’ll benefit from small business rate relief.
Independent businesses can run pretty lean. Start your own small business, and for a while you are that business. You might have to work harder, but you can employ staff when you really need them, keeping your costs and overheads low. Big businesses, on the other hand, are often quite bloated. They carry the heavy burden of maintaining a workforce and can’t easily jettison all of the administrative headaches that come with that.
Local
Shifts in buyer behaviour are also benefiting the small players. These days, people are less focused on the weekly – or monthly – shop. Instead, they’re more inclined to shop to need, buying the ingredients for that night, or the weekend. And isn’t that great for the small independent business? Butchers, bakers, grocers and delis can all benefit from high street micro shopping.
Consumers haven’t just changed the frequency of their shopping trips, they have become more discerning over time as well. It’s all about the global footprint. Where has this produce come from? How is it packaged? Customers want to know the journey, from field to plate. And high welfare, artisan products? That’s where the small business shines, for baby boomers and millennials alike.
Social
Love it or hate it, social media plays its part too. Businesses need to be part of the community, whether that’s online or in the real world. But this can be toxic for the big brands – most of us see them dipping their toes in social media as exploitative, faceless corporations trying to ‘connect’ with us. But we trust small businesses. Be creative. Be different. Be independent. You’ll be liked a lot more than the corporate competition!
Starting a small business isn’t without risk, of course. And while there are great opportunities ahead, the market might not be right for you. Spend time thinking about if this is the right career choice. Talk to those who’ve been there before. Read up on your industry. And check out our buyer’s guide!
Decided you’d like to buy an independent business? We have hundreds that could be yours today – take a lookhttps://www.daltonsbusiness.com/listing-businesses-for-sale/.
