We have all seen the headlines, shops closing, major retailers scaling back or closing altogether, and when you might be considering going into business as a high street shop or café it would not be surprising if you were put off by this trend. However, look closer and it is not all doom and gloom for the smaller independent traders.
The headline “High street shops closed at a rate of around 14 a day in the first half of the year, while openings were down a third” actually has only considered businesses with 5 or more branches. A lot of the large, long-established retailers who have hit hard times seem to have been bitten by overexpansion and perhaps a desire to be represented in prestige locations with the kind of rent they attract.
But beneath all this, you will find a thriving independent sector who in some cases are benefitting from the closure of the larger businesses local to them.
The smaller independent traders often keep a much closer eye on what is coming in and going out, work a lot closer with their customers to understand their wants and needs, and often have very close, good working relationships with their landlord and as a result may pay a fair rent for the property they occupy.
Of course, it is not all quite as simple as that, there is a lot more involved in why businesses are closing down, and not all independent traders have it quite as good as alluded to here. However, whilst we may not be able to help the likes of Debenhams to turn their fortunes around, a Business Broker such as Business Partnership, whilst usually working for the seller of a business, will be able to help a buyer succeed in business.
It is generally accepted that buying an existing business is lower risk than starting from scratch. A lot of the hard work will have been done for you and there will be historic data to help you reduce the risk, and to “Learn from someone else’s mistakes”.
If you are considering buying a business a conversation with a good business broker would be a good place to start. They can help in locating a business, guide you through the purchase process and put you in touch with professionals such as solicitors and accountants.
All this can save you time and money as by getting it right in the initial stages of the purchase process will help to avoid protracted discussions later on.
Business Partnership have hundreds of businesses for sale and more are being added daily. Find your local partner on our website and get in touch, letting them know what you are looking for and you may be surprised at the opportunities that they send your way.