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The first episode in the BBC’s Business Boomers series aired last week with the series of four episodes focusing on businesses that have boomed despite the tough economic climate. Episode one took a look at the UK coffee shop market, one in which well-known brands such as Starbucks, Costa and Café Nero dominate but where small independents also have their place to thrive.
With over 16,000 coffee shops now operating on our high streets the owner managed independents account for just over a third. In order to compete with their bigger rivals they need to be as efficient as possible on every level, know their market inside-out and take advantage of every incentive available.
In George Osborne’s budgets this year and in 2013 the Chancellor gave the independents a helping hand with a few tax incentives:
Whether you’re at an early stage in considering your coffee shop business or have been operating for some time it is essential that you take advantage of every available relief and structure your business accordingly. Whilst the market continues to grow so the competition becomes more fierce and margins are squeezed further. Independent coffee shops might be outnumbered and not as prominent as their rivals but get it right and you can live the dream and make it a success.
Chris Carr, Business Services Manager
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