16 years ago, at the age of 60, my 40 year relationship ended, along with our business. With only my state pension, plus small private pension, I ended up buying a small jewellery business in an indoor market. Rent of £600.00 a month (£7.200.00 a year for 155 square feet (£46.45 a sq foot). Compare this with Victoria Beckhams shop next to the Ritz in London of £270.000 rent, for 7000 sq feet. £38.57 a sq foot.
Add in other expenses of service charge, credit card charges, phone, internet, electric, insurance, shoplifting etc, I made very little profit. To employ someone on minimum wages, I would have to take over £40.000 a year more just to cover their wages and NI.
At 60 I had the energy to run the shop, at 70 I didn’t. So many variables - although I didn’t claim any benefits, at least half the other stall holders did. So next time you want money knocked off something, remember not every business owner is making a fortune. They’re often just struggling to survive.