What businesses will die?

[101]

The very first place I worked in is closing down. Going in over the weekend to see some of the folk I worked with, 10 years of trading all over after Brexit and utilities just knocked the stuffing out of them.

[RH33]

On 10/08/2022 at 10:40, Stringer Bell said:

Most of the Tartan Tat shops in Edinburgh are owned by the same 2-3 Scots Indian families. Possibly some tax/VAT dodgyness going on, but they're not OC fronts or money laundering outfits. They'll be fine because daft tourists will continue to buy their shite.

Reckon there'll be another round of High Street bookmaker closures, it's mostly all online now, add in rising overheads, pub closures and the older generation dying off. Doubt there will be many left in 5-10 years time.

Were they not in news fairly recently for tax dodging?

Edited August 19, 2022 by RH33

[carpetmonster]

In yet another flashing red light for the economy, which is forecast by the Bank of England to fall into recession next year, data published on Friday by the Federation of Small Businesses (FSB) shows that a majority of firms – 53% – expect to stagnate, shrink or fold in the coming 12 months.

 

https://www.theguardian.com/money/2022/aug/19/uk-small-businesses-forced-to-close-by-soaring-energy-bills

[DiegoDiego]

So 47% of them expect to grow during a recession? They seem to be far more confident than this thread would suggest.

[Mark Connolly]

4 minutes ago, DiegoDiego said:

So 47% of them expect to grow during a recession? They seem to be far more confident than this thread would suggest.

I knew there were loads, but I didn't realise American Candy and Tourist Tat shops made up 47% of UK businesses

[BFTD]

Don't forget all the new businesses opened by friends & family of government ministers to exploit the new openings in the market.

[effeffsee_the2nd]

On 20/08/2022 at 13:23, oaksoft said:

Just checked the FSB report itself and yes, that figure of 47% does appear to be correct and excludes those who don't know.

Business people do have a tendency to be very (overly) optimistic people though and that optimism is quite often not realised in practice. Quite a lot of small retailers are saying they are confident of growing in the next year which is pretty bizarre to say the least. Business people rarely want to admit to anyone that they are worried about the growth of their company. Negativity and negative people are poisonous which most of them try to keep out of their lives because it can destroy you very quickly.

I honestly would take this number with a pinch of salt, you can't trust the responses.

It's not so much that fortune favours the bold, half of the bold will still fail for one reason or the other, it's more a case that the over cautios and negative minded will never get anywhere

[coprolite]

35 minutes ago, effeffsee_the2nd said:

It's not so much that fortune favours the bold, half of the bold will still fail for one reason or the other, it's more a case that the over cautios and negative minded will never get anywhere

Exactly.  People who would think their business will shrink tend to not run their own  businesses. 

If you tested the growth expectations against the outcomes,  the outcome will be lower almost all of the time.