buying a business in a recession

kdowling

I am a pharmacist and was interested in buying a pharmacy but this industry is very unstable at the moment with futher cuts planned etc so going to wait a few years until that settles down.

I was thinking of buying a business in a total unrelated industry. (not decided which one yet)

Anyone have any idea as to the best preforming industries in a recession? I believe fast food restaurants thrive in times of economic downturn.

also what are your opinions in buying a business in a totally different area of your experties?

neris

sometimes your better sticking with what you know so maybe look at another chemists or buidling up your current shop. You need to evaluate your finances because you get involved in somthing you dont now there will be people trying to fleece you, also can you afford to neglect your current businesses so can you give nearly all your time to a new industry?

antoinolachtnai

If I were you, I would do something in the health/wellness area. Just my own idea. I think there is a great opportunity in the opticians business myself. It is all about marketing and positioning.

I would follow the UK chains really carefully. If I were a pharmacist, i would go and work for Boots. I don't know much about it, but it appears to me that Boots have a radically different (and basically better) operating model than the traditional pharmacist. They seem to be driving the industry in Ireland at the moment. I'm sure plenty of people would disagree with me, but that's what I'm seeing.

In a few years, the cost model and service model of the whole industry will be completely changed and I think it will become more like Boots.

kdowling

antoinolachtnai wrote: »

. I think there is a great opportunity in the opticians business myself. It is all about marketing and positioning.

i looked into the opticians business but from my research it seems that the good days are over for that sector.
laser surgery is becoming very popular, contact lenses are cheaper to buy on the internet than the opticians can buy for cost price, online glassses sales are starting to take off and the introduction of tesco opticians into the market is driving down the price of glasses futher.

I would be interested to get your take on the industry as to why you think it is a great opportunity as i am not in the indusrty myself maybe i am overlooking something?

antoinolachtnai

Well, it's a matter of the right approach. You need the right mix of Internet marketing with real-life presence. It's basically a fashion item, not a medical thing. But the examination part of it is a sine qua non.

Online is fine up to a point, but where do you get the test done? All right, you can blag your way though SpecSavers to get it cheap, but regular consumers don't want to do that. You have to have real-life testing facilities, that people like visiting. The visit is also an opportunity to touch and feel the frames. However, it doesn't have to happen on Main Street, it just needs a location that is convenient to public transport links.

I think the same goes for contact lenses. If you already have a prescription and are really comfortable with the product, ordering online will be ok for you. But I think most people will want to sit down with the optician and discuss the products every few years. They don't need to do this in a fancy shop on a high street, but they do need to do it. So the ideal for me would be a compact, cost effective real-world presence combined with online support and delivery.

The markups on frames and lenses still seem to me to be immense.

Getting engaged with the state health schemes and so on is also a critical part of it (as it is with pharmacy).

Tesco is certainly a big challenge. This would be a big worry. Presumably Boots will have a go at it too, at some point. The problem for these guys is that they will have difficulty selling spectacles as a fashion product.

Now don't get me wrong, fashion businesses aren't easy, but there is money to be made.

jakmoon

The fast food game is really thriving at the moment,in fact its always doing well. The biggest problem i think is getting the planning permission as i have encountered this problem myself as the planners just dont want them or too many in towns and villages.

Good Luck

HellFireClub

Online sales I think is where the growth is these days. PM sent lol!