While entrepreneurs can often find lots of generic information about buying a business, it’s less easy to find details on more specific kinds of regional support. So, we are looking at the various kinds of help available to those looking to purchase a business in the Principality of Wales.
What businesses are popular in Wales?
There are a large number of business opportunities in a country with such rich diversity.
Traditional tourism is very strong in Wales, but the coastal regions and wild interior landscapes are now being exploited for more adventure-type of experiences than ever before. And with its own rich and unique cultural history, Wales is also the natural home for many different types of creative and craft-based industries.
The energy industry also has deep roots in Wales, though the rise of renewable energies and modern concerns about the environment have also played a prominent role in the formation of some new sustainable, eco-friendly Welsh businesses.
A welcoming, outgoing and tourist-heavy population also provides countless locations and opportunities for food and drink businesses.
Wales attracts global players in areas such as Life Sciences and all kinds of Tech and ICT industries. And furthermore, the country is renowned for its workforce expertise and strong track record in developing strong links between industry and the higher education sector.
Why buy rather than start a business?
Starting a business has its own merits and may seem like the obvious option for an aspiring entrepreneur full of fresh, innovative ideas. However, there are some important advantages in choosing to buy an existing business instead.
Not only are there less risks attached to buying a ‘going concern’ rather than attempting a new start-up, you will also be able to reap the financial rewards much sooner.
In Wales especially, buying an established business will provide you with a fast-track opportunity to grow and find success in a rapidly growing market. There are now a record 238,200 active firms in Wales, and a huge 99.3% of that number are independent SMEs.
An ideal business-purchase opportunity for example, could be purchasing an off-license in a prime location. Not only would such a business have its own local customers, in many areas there would also be opportunities to contact and supply other establishments – especially those business owners catering for tourists.
What kind of support do you need?
Buying a business comes with its own special difficulties, so getting the right help at the right time can make this process far easier.
Broadly speaking, support services will involve: Financial, advisory and overall mediation services.
It’s very important to have all your finances in place before attempting to buy any business. Sellers will be keen to know not only that you wish to purchase the business, they will also need firm reassurance that you have the necessary means in place to go ahead and complete the transaction.
The Development Bank of Wales is a specialist lender to businesses in Wales and can offer loan support in a number of different formats.
The Bank can support both B2B and B2C enterprises and, although it does lend to others, its particular focus is on micro to medium-size business needs.
A broker’s expertise can be very helpful, especially if you feel intimidated by the entire purchase process.
They can guide and support you from start to finish. Your relationship with your broker will be vital to your success, so you should also spend time to ensure your broker understands precisely what you are looking for.
And it goes without saying that your broker should be someone you can get on with and trust completely to manage your investment on your behalf.
In our modern age, finding an advisor can be done from the comfort of your own home. And thanks to the abundance of resources available, you will be able to find advice on trends and all kinds of sound investment for yourself. For example, Business Wales can offer business advice to prospective entrepreneurs.
Whatever route you choose, when it comes to helping you to develop business ideas and innovation, the enthusiastic help and support you will receive in Wales will always be second to none.
By Jo Thornley, Head of Brand and Partnerships at Dynamis. Joining in 2005 to co-ordinate PR and communications and produce editorial across all business brands. She earned her spurs managing the communications strategy and now creates and develops partnerships between BusinessesForSale.com, FranchiseSales.com and PropertySales.com and likeminded companies.