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While mass market players continue to dominate the UK retail industry, Geek Retreat research shows that 15% of Brits have set up their own business in the past 10 years, with 44% of these starting their own business in 2020. I have started a business since then.
The most popular sector for start-ups is retail, with 19% of the 1,060 UK consumers surveyed owning an independent business.
The findings also show that more women (52%) have started their own business in the past three years compared to men (30%).
Motivation and operations behind retail startups
The top three factors behind the decision to go it alone are making more money (43%), wanting to be your own boss (41%), and needing more flexibility (35%). Yes, respondents said they believe these can be achieved through running. their own business.
Entrepreneurship is also appealing to American teens, with 14% expressing interest in starting their own retail store.
More than two-thirds (68%) said they run their own business, while 19% said they had an equal partner and 13% said they set it up with a family member.
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However, plans are somewhat lacking when it comes to exit strategies. More than a third (37%) said they had no idea what they would do with their business after retirement, 23% said they would close their business and 18% said they would pass it on to a family member.
The next few years will be critical for small retailers as the market conditions set by the pandemic become increasingly remote and the UK continues to battle inflation.
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