Business in Wales has seen huge growth over the last 10 years and is set to continue this upward trajectory. The strength of the Welsh economy, low cost of doing business, and proximity to major markets make Wales an ideal location for expanding or starting a new venture.
With such a high concentration of small businesses and niche operators, it can be challenging for business owners to stand out from the crowd.
To help your company find success, you’ll want to learn as much as possible about your target market. You might even have a good idea about who you want as clients or suppliers — but without some basic information about what’s available in your area, you run the risk of failing to take advantage of those opportunities.
The Welsh Market
There are 1.56 million small businesses in the UK, with around 97% of them being microbusinesses. That means that the Welsh market for new ventures is likely to be vast and highly lucrative. The Welsh market is also extremely responsive to changes in consumer demand and needs. This means that Welsh businesses can expect to benefit from rapid growth and expansion as more and more people discover the advantages of shopping locally. The majority of Welsh consumers are located in the South Wales and West Wales region. The Welsh market is also very ethnically diverse, which means that it’s an ideal choice for businesses that would like to market to a diverse range of consumers.
Business Support in Wales
To get started as a business owner, you’ll need the right kind of support. This includes everything from training and mentoring to financial and technical assistance, The welsh government has a variety of online documents and support which can help for those looking to begin new social enterprises or simply looking for application forms on setting up their new business.
With this in mind, we’ll begin by looking at the range of support available to Welsh SMEs. If you’re thinking about launching your own business, it’s important to understand the range of support services available to help you succeed as a new business owner. While there are many businesses that thrive without any kind of outside assistance, it’s essential to avoid the risk of failure by seeking support, advice, and expertise as soon as possible. Your local Small Business Service will be able to provide you with details of any business support services in your area.
Where Can I Find Business Support Experts?
- Your Local Town Centre
- Your Local Town Council
- Business Wales Online
- Your Local Marketing Agency & Business Advice Centre
New Business Grant Wales
One of the top 5 things you need to know about starting a business in Wales is that the government has a number of schemes specifically aimed at supporting new business development. This includes the New Business Grant Wales, which is aimed at helping new or growing businesses to establish themselves in Wales. The grant is available to businesses that are not registered or licensed in the country and whose annual turnover is less than £2m. The grant amount is £5,000 and it is available for a maximum of two years.
The application process for the new business grant is available online at businesswales.gov.wales and can be helped through by a member of the grant funding team.
The business wales grants are designed to carry the weight of the burden for businesses and help with any business planning, business activities or work needed in order for the small business to succeed.
Many of the welsh businesses grants can also be put toward expanding your business and making your business more accessible to your customers. This can be done through accessing a local government grant which offers help with marketing – of which many welsh businesses have chosen to have an online store & website designed using the help of the business grant.
Whilst the grant is available for all businesses, it is a competitive process and all eligible businesses will be required to submit a business plan, revenue reports and a declaration of what the grant funding will be used towards.
If by any chance your application is denied, this does not mean you are unable to apply for future applications. It can either mean there were a large number of applications and your business was unable to receive the grant due to a late submission or less urgent request, or you had missed key details from the application process which means you did not meet the eligibility criteria. For detailed discussion regarding a denied application, speak to a member of the funding team who can discuss your personal application with you or a member of your company.
Kickstart business grants
If you’re looking to expand your business, then the kickstart business grant may be just the types of funding you’re looking for. The kickstart grant is available to all businesses who have been active for a minimum of 2 years. It is essentially a grant to employ an additional member of staff for a minimum of 3 months – maximum of 6 months, these members of staff will then be paid fully by the Kickstarter scheme in a bid to help young people of Wales find a suitable career path whilst also helping small welsh businesses with business growth and funding sources of pay.
Running a business can be exciting, but it’s also a challenge. Like any other type of business, you’re going to need to make some key decisions, find the right partners and suppliers, and ensure that your finances are in order. This will help ensure that you’re able to take advantage of the many opportunities that exist in Wales.