When most people think of Wales, they may think of luscious countryside, rugby and sheep. How about a thriving technology industry?
Business in Wales booming – specifically small business. With employment rates at their highest since records began, the country has become increasingly popular for SMEs, particularly in the tech industry. Almost £115m of venture capital investment was ploughed into tech start-ups between 2012-2018.
So, what is attracting people away from the lights of London and Manchester to set up in the rolling hills of Wales?
The Rise of the Techies
As mentioned, Wales’ technology scene is on the up. Digital and tech entrepreneurs have more freedom of choice over location due to the nature of their work – with widespread internet connectivity available and little more equipment needed than a laptop, why not head for Wales?
The industry has received serious private and government-funded backing in the past decade or so, and it’s paying off. The lower-price office locations available also help to give the budding businessperson a better chance.
Better Quality of Life
With lower living costs, more room to breathe and easier access to green spaces, it’s easy to make a compelling argument for choosing to live and work in Wales over larger UK cities.
Being able to get away from the stresses of work is increasingly important in modern life, and where better to do it than from the top of a vista or the saddle of a mountain bike. Wales is world-renowned for its natural beauty, and you may just have a little more money left at the end of the month to enjoy it too.
Small businesses in Wales can benefit from its central UK position and excellent access to the rest of the UK and Europe. If you need to travel to meet clients, it’s easy to hit the road or hop on a train or plane.
If you don’t need to travel but still need to be connected, Wales has widespread fibre broadband accessibility with plans already in place to roll it out further. Plus, you can ship important parcels to anywhere in the world with TNT.
Room to Grow
Another factor in Wales’ growing popularity among start-ups is the potential it provides for expansion. On top of the afore-mentioned low business property costs, hiring new employees is less competitive than in major cities, despite the wealth of new talent coming out of Welsh universities.
It doesn’t stop there – SMEs in Wales also stand a better chance of launching new products or services thanks to a less competitive market. The vast space to grow is a growing appeal for small businesses looking to go big.
Are you considering setting up a business in Wales? With these four reasons in mind, you’re better placed to know if it’s the right location for you.