How to start a successful small retail business

There are more than 310,000 retail businesses in the UK, which is 5.7% of all businesses, with SMEs accounting for more than 99% of them. Many UK retail businesses, especially those in the high street, have had a very tough time in recent years, having battled Covid and a record inflation-fuelled cost-of-living crisis that’s left consumers much more careful when it comes to spending their cash. So, is it still worth starting a small retail business and if so where do the best opportunities lie? Should you take on premises or stay strictly online? How do you set yourself apart and create a winning brand?

Answering these and many other key questions is Catherine Erdly, a small-business independent retail expert with more than 21 years’ experience, 17 of them spent working for high street names. She now works exclusively with start-ups, independent brands and retailers, helping them to grow their profits.

This episode is brought to you thanks to the support of Square. Whether you're a small business or a multi-location retailer, Square's retail POS system includes all the tools your retail business needs including payments, inventory management and ecommerce. Find out more about Square's retail POS systems at square.com.

Show notes for the episode can be found on the Start Your Own Business podcast website. Visit Start Up Donut and sign up to the Donut newsletter for more free start-up news, advice and special offers to help you save time and money.