Published On: Thu, Feb 29th, 2024

Eight in 10 Brits think communities would benefit from more local businesses | City & Business | Finance

Running a cafe or bookshop have topped a list of the top 25 dream ways to make a living.

Research of 2,000 adults also revealed toy shops, delis and dog hotels were other businesses they would love to start.

Kids’ play cafes, artisanal coffee roasteries, and fashion boutiques were also business ideas those polled daydream about opening.

It also found 44 percent dream of one day running their own business, proving Napoleon’s old adage that Britain is a nation of shopkeepers.

As many as 57 percent genuinely intend to pursue their vision, with a quarter planning to do so within the next two years.

Of those who intend to run their own shop, 44 percent love the idea because it would allow them to be fully in control of their own career.

While 37 percent say it would give them a chance to see their creativity come to life, and 30 percent like the idea of interacting with local customers.

The research was commissioned by the online wholesale marketplace Faire – which is used globally by independent retailers to discover, source, and sell unique products.

Charlotte Broadbent, general manager for the brand, said: “It is no great secret that the UK retail industry has been hit hard in recent years, so it’s fantastic to hear that so many Brits not only dream of opening their own independent business, but actually intend to make it happen in the not too distant future.

“And the recent news around an economic upturn is an encouraging sign for those considering taking the plunge.”

However, the biggest barriers to making it a reality include not having the money they need to give it a go (36 percent) and a fear of failure (30 percent).

To combat this, 32 percent said financial incentives would help get their business off the ground.

Additionally, 28 percent would like access to useful resources and 27 percent believe testing out their idea in the market in a low-risk way would help them start up.

Encouragingly, the data conducted by OnePoll, found 36 percent think shoppers are more likely to spend in independent stores over bigger brands.

And 79 percent believe communities across the country would benefit from more independent businesses.

Charlotte Broadbent added: “Launching a successful retail business is no mean feat, and it’s understandable that people have concerns about how they can make it a success. However, there are plenty of resources available to help.

“We have an initiative called Open With Faire which sets new retailers up with credit to spend on stock to help build up their inventories. Another great way to test and learn is through a pop-up shop.

“We recently launched a partnership with Lone Design Club which helps facilitate retail pop-ups across the UK, so we’ve seen first hand how successful they can be for new and emerging brands.”

Proving that the retail dream is achievable is Lucy Jeffrey, who quit her corporate banking job to set up her eco-friendly bamboo sock business Bare Kind.

Over the past two years, Lucy has grown the business tenfold, has achieved B-Corp status and is now stocked by 1,000 UK retailers.

Lucy said: “Quitting the corporate world to start a sock business was absolutely terrifying, and lots of people thought I was crazy, but it was the best decision I ever made.

“I believe when you are so passionate about something, you will stop at nothing to make it a success, and that was certainly the case with Bare Kind.

“But I didn’t achieve this on my own – without the support, advice and lessons from countless people and organisations, including Faire, it wouldn’t have been possible.

“So for any aspiring inde-entrepreneurs – help is out there, you just have to find it!”.

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