The Office of National Statistics has recently released results of a study on the business sector. It projects that retailers are likely to face a difficult year. The trend seen in the last year is likely to carry on, with retailers facing the prospect of low sales and low profits.
While there are usually slowdowns in consumer spending in the few months after holiday season, this is seen to prevail throughout 2006.
What, then, would an aspiring entrepreneur do? Well, we suggest you look to alternative ways of doing business. Since retail will be difficult, try alternative business models, such as e-commerce or services. Set up your company with these in mind, so you won’t have to bear the brunt of a failure if retail turns out bad after all. And if you still plan to pursue retail, do try focusing on selling online—at least your market is larger than the local, physical one.