Buying a shop has both benefits and drawbacks for new business owners.

It’s a fair bet that if the previous shop owner has reaped success with the location you may also fare well and often there will be trained staff and suppliers already established, quickly removing some of the obstacles for you and allowing you to pick up and continue to run a successful business.

This blog offers insights about where businesses should look for stores as well as things to consider before agreeing to rent or purchase a premises for a retail business.

Where to look for shops for sale

The internet is your greatest resource when it comes to sourcing a worthy shop location. There are a number of online directories that you can use, all of which will allow you to search using specific criteria such as business sector, asking price and location. Some of the best are as follows:

-  Daltons Business, www.daltonsbusiness.com/buy/retailbusinesses-for-sale

-  BusinessesForSale.com,  http://uk.businessesforsale.com

-  RightBiz, www.rightbiz.co.uk

Factors to consider

Once you’ve found a shop that seems ideal and meets important elements of your criteria, it’s important that you consider certain factors that could have an impact on the success of your business.

Why is the shop up for sale?

There are a number of reasons why a particular premises may have gone up for sale and you need to be careful to consider ones that will adversely impact your business. For example, if the previous owner is selling because of nearby competition that is negatively affecting their business, you will want to assess whether this competition is going to continue to challenge the business.

What about competitors?

You’ll need to consider both the strengths and weaknesses of your competitors and also find out if there are any plans for large retail parks to be built in the area any time soon.

Profits of the business

It’s important that you find out whether the profits for the business have been consistent over the years that it has been operating and if they haven’t been, you’ll need to ask about the reasons behind this. Is the cash flow seasonal? If so, it may be necessary for you to open an overdraft for a certain period of the year. 

Hiring high-quality staff is a problem for all businesses and it seems that at the moment SMEs are faring pretty badly when it comes to recruitment and retention.

With statistics revealing that one in five SMEs have problems with high levels of staff turnover and recruitment, what steps can businesses take to ensure that they get the right talent through the door and hold onto them to?

Look for more than a technical ability

When it comes to hiring new staff, one of the most important things to realize is that while technical skills can be taught, morals and values cannot. You need to find people that have the same attitude that you are promoting within your company as this will ensure that they can integrate well into your team. To achieve this, be open and upfront about your company culture and invite them to meet the other members of your team so you can get a feel for how well they are likely to fit in. Someone who is a good match and shares the same core values that you do regarding business is much more likely to stick around than someone who doesn’t.

Consider the future of your business

When recruiting, it can be easy to consider the here and now and think about what skills you need to fill today’s requirement, but if your business is dynamic, it’s likely that you’re always thinking about growth. In terms of recruiting, you need to look for people that will be able to develop with your company, and this is particularly important for junior roles. Consider the skill-set of every person that you interview and think about how you could build on these to fit the needs of your company in the future.

Engage with learning and development

If you want your SME to grow and prosper, you need to make sure that you are constantly encouraging your team to develop their skills. Be sure to mention that this is something that is part of your culture at interview stage. Ambitious candidates will be excited by the opportunity to work their way up through the ranks.

Keep it consistent

If different people are conducting interviews throughout your company, you need to be sure that there is a level of consistency being applied. The same questions should be being asked, as well as information about the company being presented.

SMEs are the bread and butter of the UK economy, providing millions of people with jobs and services across a plethora of different sectors.

Accounting for 99.3% of all private sector businesses, it’s easy to see why SMEs are held in such high regard and are continuing to get the recognition that they rightly deserve.

The work that many UK-based SMEs are doing at present is inspiring, so read on for our round-up of some of the most influential examples of small businesses in Britain.

Talon

This forward-thinking media agency works with a variety of different partners to plan and manage successful projects and has scored a top place in the Best Companies Awards. Spreading across offices in both London and Manchester, the SME employs 84 members of staff and has an employee satisfaction rate of 84%, showing that they aren’t just getting the job done, they’re enjoying the work as well. Their main goal is to produce creative campaigns that challenge the traditional methods of advertising.

A campaign that they produced for PlayStation 4 saw the company light up London’s Oxo Tower with the gaming brand’s famous symbol, which is just one example of how they are working in an innovative way to raise the profile of household companies.

ThirdWay Interiors

Committed to rising above the poor practice that can be seen elsewhere within their industry, ThirdWay Interiors offer office design for commercial landlords and tenants with a focus on tailoring their services to meet the needs of each individual client.

The company employs 59 members of staff and is continually growing its payroll, demonstrating just how successful they really are. Their staff are reaping the rewards too, with 95% agreeing that they feel that they are personally contributing to the development of the firm.

Personalised financial planning is what this company is famous for, and their thorough and diverse approach means that they are able to give each and every one of their clients confidence both now and in the future. Their head office is based in Cheshire, and perhaps one of the most inspiring things about this company is the way that they build a rapport and boost morale amongst staff. Every morning kicks off with a breakfast meeting, meaning that goals and plans can be discussed, while the office is locked every evening at 6 to ensure that no member of staff is working too late. 

Need to grow your SME? Check out our services here.