It’s a new year! Whether your January is ‘Dry’, ‘Vegan’, or spent listening to Paul Weller, it’s a great time to try something new. Fresh starts, resolutions, turning over new leaves – we’re all looking for how we can improve our lives in the year ahead. Well, we here at Daltons are looking into 2024, and we’re seeing lots to be optimistic about in the business landscape. So why not Beat the Back to Work Blues? Here are five reasons to buy a business in 2024.
The Global Economy is looking bright
After a tough few years, the world is starting to feel the future is looking up. Ipso reports that 70% of the population believe 2024 is going to be a better year than 2023. And it’s more than a feeling; Goldman Sachs believes that the global economy will outperform expectations, with strong income growth and a 2.6% increase in worldwide GDP. While the specific forecasts for the UK are a little dimmer (0.5% growth), the consensus is that things are going to remain fairly stable, before improving and we look beyond into 2025. Thankfully, inflation has stabilised (as predicted). While forecasters don’t believe the Bank of England will drop interest rates quickly, all signs are they will drop in 2024.
AI capability is coming into its own
Politicians, actors, techies, confused musicians – Artificial Intelligence was on everyone’s lips last year, and probably in most people’s computers in some form! It came as no surprise to many when ‘AI’ was named 2023 Word of the Year by Collins Dictionary. We saw intelligence computer programs take a massive leap forward, as they grew more capable and easier to use. We can expect the rise of AI to continue in 2024 – and there are plenty of ways in which you could be using it in your business, from customer service to automated accounting.
Office Culture is returning to ‘Normal’
We’ve had a few years of ups and downs, working from home. From a luxury to a mandatory requirement, to a new way of life, and now – what? All the signs are that office working is coming back into vogue, with the ‘Hybrid’ ratio potentially shifting up from two to three days a week. That extra day seems small, but for many small businesses, it’s a boom. That extra day could be a 50% increase in commuter coffees sold, footfall past your shop from office workers on their lunch break, or childcare hours requested. We can expect growth in those sectors that rely on, or benefit from, ‘traditional’ office culture.
Alternatively, if you’re dreading having to go in more often – maybe this is your cue to take the plunge. There are plenty of businesses you can buy right now that would let you set your own work-life balance. Want to work flexibly? Work from home full-time? Daltons have all manner of businesses that will suit the life you want to live in 2024. Why not take this opportunity to escape the rat race and start your entrepreneurial journey.
More Targeted support for Small Businesses
The Autumn Statement in 2023 was great news for plenty of small business owners. The government set out major reforms to support the self-employed, froze business rates and extended rate relief for eligible retail, hospitality and lifestyle businesses. These were targeted changes from an administration looking to garner support in the business community, that will benefit you in 2024.
And all the signs are that the support won’t stop there. The Government is required to hold an election at some point in 2024 – and this means they’ll be looking to sway undecided voters. It’s not unreasonable to expect the Spring Budget to include more support for entrepreneurs. We can’t say what these will look like, but if the Conservatives have a playbook – it’s tax cuts.
These are just five of the many reasons that this already shaping up to be a great year for the budding business owner. So why not jump in and buy a business in 2024? The Daltons Business platform has over 15,000 businesses for sale, including more franchises than ever before. Take a look here and find your future business!
