Tina McKenzie
Policy Chair, the Federation of Small Businesses
Learn why attracting and supporting the next generation of entrepreneurs is crucial for maintaining a thriving local economy.
Our research found that younger business owners are utilising the benefits of social media to create their own businesses and build their customer base. Yet, this doesn’t mean they are done with the traditional high street.
Entrepreneurs want high street stores
Evidence in our ‘Generation Entrepreneur’ report with Simply Business, which examined the challenges facing young entrepreneurs, suggests there’s still an appetite to open brick-and-mortar businesses, so they can sell products locally. It shows 16% of young entrepreneurs who use online marketplaces are keen to open high street businesses.
Tackling brick-and-mortar barriers
It’s essential to address long-term barriers like high business rates and inflexible tenancy structures, which continue to stifle ambition. Business owners told us they want a more fluid route to ‘set up shop,’ with emphasis on pop-ups and temporary use initiatives allowing them to experiment and develop.
16% of young entrepreneurs who
use online marketplaces are keen
to open high street businesses.
Local support for digital retail
Local authorities can play a role in helping businesses integrate their physical presence with their online setup, providing reliable digital infrastructure and training. We’re calling for a fund to support firms in developing their web offering, marketing and ecommerce so they can thrive in the evolving retail landscape.
Some already sell on big online platforms, which should include systems and resources to handle complaints and disputes.
Tech support for retailers
There’s a growing interest among small businesses in embracing new technologies. Almost a third (31%) of small high street firms say they want support for online sales and marketing. Showcasing businesses based primarily on high streets allows shoppers to virtually explore local retail and services, working alongside ecommerce platforms and social media.
Larger retail firms should also back small businesses as part of their ESG efforts. This helps foster more ethical and sustainable supply chains and allows small firms to access fair opportunities and resources.
Tailored tech empowers communities
Offering entrepreneurs the right support to embrace tech tailored to the needs of local areas allows them to contribute to the evolution of retail and strengthen the local economy.
