Whether you are a resident planning to start up a business, or you are considering a change in scenery, Lincolnshire offers a healthy landscape for budding entrepreneurs. So, we have compiled a list of the 5 best business opportunities in Lincolnshire!
Campsites
Lincolnshire is England’s second largest county and home to plenty of nature parks and breathtaking sceneries, from the Gibraltar Point National Nature Reserve in Skegness to Mablethorpe beach.
The Shire boasts a wealth of attractions, which makes the area a haven for campers and holiday makers. With hundreds of campsites operating throughout the county, it is a very competitive industry and a business with great profit-earning potential.
For entrepreneurs who love the outdoors and enjoy the unpredictable British weather, owning a campsite would be an apt lifestyle business.
Location is an important factor when you are looking to buy a campsite or caravan park; aim to buy a business near an area of natural interest or in a secluded pocket of peaceful English countryside.
New and interesting glamping alternatives are continuing to flourish, meaning campsite owners can ensure their business has a USP, attract a diverse clientele and charge a premium for an outdoor adventure. Modern camping could range from self-catering wigwams, rustic log cabins or static vintage campervans.
Camping is growing in popularity; around 15.4 million camping and caravan trips were taken in 2015, according to the Great Britain Tourism Survey, with 74% of the trips England-based.
B&B/Hotels
If you prefer to run a tourist-based business from the comfort of your home, operating a B&B or hotel could be more appealing. In 2015, Lincolnshire attracted almost 20 million visitors – an increase of 1.37 million compared to the previous year.
Lincolnshire is thriving, with sights such as Lincoln Castle, the Cathedral and a set of glorious coastal resorts underpinning the success of the county’s booming tourism economy.
To be successful in the holiday accommodation industry, customer service and interacting with your guests are key. It is increasingly popular for customers to review businesses online; a business can live or die by its online reputation.
If you’re planning on buying a B&B or hotel, it is important to do your research. Look at previous reviews and ratings the business has received and what type of reputation it has in the community.
Buying a failing B&B could save you a lot of money, but you’ll also need to be prepared to have the funds and energy needed to reinvent the business.
You must also consider the location. Find a premise that is close to landmarks, bars and restaurants, or perhaps near a beach or nature reserve. You should also consider the growing popularity of websites such as AirBnb and FlipKey, and how this could affect your holiday accommodation.
Pubs
Lincolnshire is home to some widely known breweries, such as the family-owned Batemans, located in Wainfleet, and Tom Wood Beers, who are Barnetby-based. There is also a high number of independently owned pubs still operating throughout the county.
For entrepreneurs looking to break into the industry, it will be crucial to find the right type of pub in a suitable location. With some English pubs dating back to the 14th century, you should consider the condition of the property, as well as the business’ current financial performance.
Pub trade relies heavily on its regulars; find out what social demographic makes up the current clientele. Research the reputation of the pub, the footfall throughout the week, what the average earnings are for residents and find out who your competition is.
Lincolnshire also boasts many cosmopolitan pubs and bars, offering craft beers or cocktails. Once you are familiar with your customer base, you can tailor your drink and food menu to suit.
Restaurants
From luxury fine dining to street-food eats, Lincolnshire has it all. With a growing population and a large demographic of young adults, opening a restaurant could be a great business opportunity for an entrepreneur.
Lincoln offers a variety of cuisine, from Indian restaurants to tapas bars, or specialist eateries such as Browns Pie Shop and The Cheese Society. To carve out a successful business, find a niche product or unique idea; less is certainly more in this industry.
Entrepreneurs should also be aware that buying a restaurant or setting up from scratch is not for the faint-hearted. Reports this year show that many large restaurant chains are scaling back UK expansion due to a rise in food and drink costs.
Coffee shops
Despite being a nation of tea-drinkers, coffee shops are still growing in popularity across the UK, and Lincolnshire is no exception. The UK coffee shop industry was worth £3.4 billion in 2016, which is a 37% increase on its value five years ago, according to a report by Mintel.
The coffee shop culture is booming thanks to the younger generation, with the age group that visits coffee shops most frequently being those between 16 and 24 years old. An impressive 73% of 16-24 year olds have been to a coffee shop in the last three months.
In 2015, around 13% of Lincoln’s population was those between 20-24 years old, which is considerably higher than the England percentage. This makes the city an ideal location for entrepreneurs keen to set up a coffee shop.
Would-be café moguls must conduct due diligence checks and research the area before they take a plunge into the coffee scene.
However, if you find the right premises with a healthy footfall and adequate space, you can expect to enjoy high profit margins in the coffee shop industry.
Lincolnshire is home to a variety of possibilities beyond 5 best business opportunities outlined here. The shire is fast-becoming a hub for hi-tech manufacturing, software and agri-tech sectors.
Whether you’re a business tycoon looking for your next venture or a first-time entrepreneur, Lincolnshire could offer you the perfect landscape to succeed.
This article was written by guest author Jo Thornley for Lincolnshire.org
Jo joined Dynamis in 2005 to co-ordinate PR and communications and produce editorial across all business brands.
She earned her spurs managing the communications strategy and now creates and develops partnerships between BusinessesForSale.com, FranchiseSales.com and PropertySales.com and like-minded companies.
