Small business owners in the U.K how is business going at the moment?

Posted by Rylanorlives@reddit | AskUK | View on Reddit | 14 comments

I am self employed and run a small entertainments company, this last couple of months I’ve noticed a real drop off on bookings with several people saying they just can’t afford to book. My business is a bit of luxury service I know but I am wondering if everyone is being hit by this reluctance to buy at the moment?

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14 Comments

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marco__brito@reddit

I run a payments startup for small businesses (helping them save on transaction fees) so we have a first-hand look at how they're doing financially and I gotta say that even compared to just 3-4 months ago we're seeing steep drop offs in revenue, anywhere from 10-30%. It's tough out there at the moment

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Porkchop_Express99@reddit

As a general point, I read earlier about 60% of our economy is based on disposable spending - not verbatim, just what I'm trying to recall. With the worry about mortgages, energy bills and general cost of living I can see that disposable spend taking a huge hit. I was a freelance designer until earlier this year when I landed 12 month contract, partly due to anxieties with the COL crisis. I've 10 years experience in the public sector so when this contract is coming up to expire I'll probably look at going back into that sector for the security (in my experience it offers more than the private sector and certainly going freelance).

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InstructionNeat1424@reddit

The past few months have been noticeably quieter generally with blips of spending when people have been paid. Finding alternative revenue streams for my stock has helped.

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mss1808@reddit

I’ve seen an uptick recently but all with overseas clients.

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Ninerogers@reddit

I'm a self-employed graphic designer and copywriter. I've noticed a slight slowdown, but I'm lucky that I have constant, reliable long-term clients. It must be awful for you in such a fairweather business like entertainment. I feel for you.

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Rylanorlives@reddit (OP)

Thanks luckily the books are all still full for 2023 and mostly full for 2024 but I would have expected to take maybe 50% more bookings this month for next year and 2025 so I guess that’s when it will really start to hit.. plenty of time to pívot the ship though!

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SosigDoge@reddit

Taxi driving antique toy dealer here. Taxi business is the same, toys are fine if they're mint boxed and rare examples, mid range and common stuff is dead, people still come to fairs, but they ain't leaving with bagfulls of stuff like they used to. Collectors are hoarding the best for themselves.

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nicthemighty@reddit

>everyone is being hit by this reluctance to buy at the moment? It's unlikely reluctance. More that there just is nothing left after essentials are paid for...

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Rylanorlives@reddit (OP)

Yeah I think a lot of the money people where spending was on credit so it’s just a lot more expensive to borrow now

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epicmindwarp@reddit

Are you... unaware of what's going on in the wider economy...?

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Rylanorlives@reddit (OP)

Not at all. It’s just how much is this effecting small businesses? It’s only really filtered through to me in the past 2-3 months where my clients are just not wanting to spend.

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Jlaw118@reddit

I’ve just started out in the last month as a self employed courier. I’m surrounded by a fantastic support network and I’ve earned more money within a week than I used to get a month in my old office job. But I’m noticing some days can be much better than others. I had myself set out to earn £300+ today but made £130 as I ventured South with a few jobs but struggled to win bids for jobs to get me back home, even offering low prices. But one thing I am grateful for, everybody wants things delivering these days. Although only problem is people don’t appreciate how much diesel is or want to pay higher prices

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OrdinarySuper6983@reddit

It’s fucked mate.

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