A Welshpool resident has seen his dream of running his own business become a reality after seeking help from the Welsh Government’s Business Wales service.
Anthony Wright took over Powysland Garage in November this year having worked for the company for six years. When his former employer decided to retire, an opportunity to buy the business surfaced, which is when Anthony called upon Business Wales’ support.
Anthony was assigned a dedicated adviser, Rowan Jones, who supported him with his business planning and ensured that everything was in place to take over the garage.
Together they developed a formal business plan and financial projections, enabling the business to complete a finance application and secure a start-up loan. This allowed Anthony to raise the necessary finance to buy the business and provided the required early stage working capital.
Anthony said: “Rowan was extremely helpful. He encouraged me to think less like an employee, and more like a business owner, which is something that is new to me. We also discussed the longer term vision of where the business is going and the huge potential it has.”
Additionally, Business Wales provided advice on the company structure, marketing, HMRC requirements, business insurance, valuation and assets. Rowan Jones said: “A key part of our work at Business Wales is helping individuals and businesses get the dedicated support they need to start up, grow sustainably or, like Anthony, take over an existing business. We assist our clients when they need us in whatever ways they need us.”
Anthony’s 5 tips for anyone who wants to start up their own business would be:
- Get your loan application in early, to make sure funds are in place before you launch your business
- Do plenty of research around business insurance and make sure your business is covered
- Be prepared for lots of extra paperwork as the business owner, and find ways to streamline your admin processes
- Get support from the people you trust and don’t be afraid to look for help
- Treat your customers with respect and always provide the best service you can
Business Wales, which is funded by the European Regional Development Fund through the Welsh Government,supports the sustainable growth of small and medium size enterprises across the country by offering access to information, guidance and business support.
To find out how Business Wales can help start or develop your business, call 03000 6 03000, follow @_businesswales or @_busnescymru