British business owners are more optimistic about the UK economic climate
Almost two fifths (38%) of owners of businesses set up in the last ten years are optimistic that the UK economy will improve in the next 12 to 24 months. Some 9% said that they expected to see improvement in the next 12 months. This is according to new research by Geek Retreat, the geek culture retailer, gaming café, community hub and events venue.
This positive outlook is welcome news after a challenging two years which has knocked profits and confidence for many business owners. Almost half (49%) of those questioned said that the cost-of-living crisis has adversely affected the performance of their business, with over half (55%) of these saying this has resulted in a decrease in profits of between 11% and 50%.
The research reveals the challenging circumstances has significantly impacted business confidence, with 17% of owners questioned extremely concerned about their business failing in the next five years, and 27% said they are quite concerned. Over half (52%) said that they aren’t concerned about going bust at all.
Peter Dobson, CEO of Geek Retreat, commented: “After a difficult couple of years where businesses have struggled with profitability and the impact of the cost-of-living crisis, there is a sense that economic recovery is on the horizon. It is in these challenging circumstances where the franchise model comes into its own, with failure rates lower than sole propreitorship. At Geek Retreat, we have created our Franchise Success Team to support our franchisees when they need it most, whether its financial management or purchasing merchandise.
