New cycle shop opens in Bournemouth amid national financial pressures for small businesses

The owner of the new Ascend Cycle Workshop remains positive about his business amid daunting financial pressures across the country.

The shop opened its doors in Christchurch Road, Bournemouth, on October 26 and its owner, Jo Sinclair, saw opportunity to open following multiple shop closures on the high street.

He said: “The cycle industry has been pretty turbulent, but we’re on a popular commute route from Christchurch to Bournemouth”

Small businesses are nationally facing financial pressures citing rising energy costs and business rates, shown by a UK Parliamentary Committee report in February.

The current inflation crisis has urged Jo to strategise around higher financial demands for business to grow.

“You have to be sensible with initial business costs. You’re not gonna open a shop with five members of staff.

“Costs have gone up. Product costs from suppliers have gone up. So retail prices have to as well.”

Since owning two previous shops in his career, he’s had to also increase labour and service prices following inflation.

A September survey by Enterprise Nation, Square and EDF Small Business shows that 69 per cent of small businesses has delayed or cancelled growth plans in the previous year.

Ascend Cycle will gradually hire more engineers and general staff in keeping with the business’ financial progress.

Jo was ahead of the game, by collecting gear overtime to avoid a daunting up-front payment to open the shop doors.

But does opening a cycle shop approaching the winter season affect business?

The cycle season tends to become popular during spring and summer time, giving businesses a larger footfall if opened around that time of year.

He said: “Hopefully having six months ahead of me will give me a solid start. It’s not my perfect choice but the premises were more important.”

Whilst retail on the high-street may be struggling to adapt to national price increases, Jo argues that trades and services are growing and will never be overtaken by online shopping competitors.

Despite concern for the future of small businesses, Jo is hopeful: “I see things being pretty solid and successful.”