Owing to the fact that it is home to established business infrastructure and a burgeoning start-up scenario, Cardiff is now one of the prime locations where entrepreneurs are looking to stake their claim. If you are looking to join the league of businesses that want to capitalise on the wealth of resources that the Welsh capital has to offer, this guide is for you.
So let’s delve deeper into factors that make Cardiff so ripe for business
Why Choose Cardiff?
Being the capital and commercial heart of Wales, the financial as well as professional services sector in Cardiff is well developed. A good chunk of successful businesses belongs to banks, pension providers and insurance brokers, having said that however, tech businesses too are now thriving in the city. This holds especially true if you are in the aerospace or biotech business. You will get a wide range of support that rivals anywhere else in the country.
Looking Into the Populace
Home to 361,200 people, with 244,300 aged 16 to 64. About 69% of the population is of working age, while 48% are qualified to NVQ4+, which is significantly higher than the Wales average of 35.1% and the UK average of 38.4%
Much of Cardiff’s skilled force comes from three universities that are Cardiff University, Cardiff Metropolitan University, and the University of South Wales, that houses almost 70,000 students. Each university is quite closely tied to the social, scientific and economic sectors of the city, hence local businesses enjoy a thriving partnership with all three of them.
Now talking about labour costs, the ongoing rates in Cardiff are quite competitive compared to the rest of the country. If you look at graduate salaries, they average around£25,000, matching Manchester, Birmingham, and Leeds. It is lower than Edinburgh (£27,0000), Glasgow (£28,000), and London (£32,500). Annual office cost per person rests at £5,205, which is lower than Bristol’s (£5,800), Edinburgh’s (£6,365), Manchester’s (£6,870) and London’s (£14,540).
Another factor that works in the favour of Cardiff, would be that it is the highest-ranking UK core city in the Global Talent Competitiveness Index – Ranking 36 out of 90 cities.
Access to Business Support in Cardiff
As mentioned earlier, there is a good range of business support that is available in Cardiff. With the availability of accelerators and science parks, gardens – Cardiff has been positioned as one of the top five fastest-growing digital economies in the UK. If you are a start-up that deals with bioscience and life sciences, there is additional support that is available through Cardiff Medicentre
Offering a good range of office space, the Welsh capital has many businesses of all sizes, with areas such as Central Cardiff Enterprise Zone that has almost 140 acres of redevelopment land, and Cardiff Business Technology Centre that also provides full-featured office spaces and general business support for start-ups. Apart from this, you have Capital Quarter and Central Square which are two of the biggest mixed-use developments in the city and lastly go working spaces to have gained much fever in the city, owing to the fact that networking and collaborating opportunities are now integral for entrepreneurial success.
Investors and Incubators
For entrepreneurs that are looking to eventually scale their business and earn more than just some sort of stable profit – there now exist tried and tested programmes, that can help you in fast-tracking your business growth such as:
The NatWest Entrepreneur Accelerator Hub much of his two programs, the first of which is for businesses that are freshly formed, and there is also a form of six-month acceleration programme that includes comprehensive training, mentoring as well as community involved collaboration. Barclays Eagle Lab is another exciting prospect in the city, which has all the high-tech equipment and is creating a niche for start-ups that are digital-focused and would like to scale the business by partnering with like-minded business owners.
As mentioned above, bioscience has also become a rising prospect in Cardiff, and for starters that are looking to enter the arena, get considerable support from ACCELERATE. Apart from this, a collaboration of Welsh universities Life sciences hub Wales is now bringing new healthy technologies to the market. Another point to note is that even though Cardiff might not have readily available direct public funding options, start-ups can get financial aid from the Welsh government that looks after businesses in the city. You will also find Angel investors that are looking to invest in promising ventures.
Looking into Business Networks
Building professional relationships, and looking for colleagues and field experts is a great way to open up new business opportunities for you. Thankfully, Cardiff has a wide array of organisations that you can join to start networking.
Organisations like Creative Cardiff, The Makers Guild in Wales, Business Wales Events Finder etc. are a great way to collaborate with like-minded individuals and work on exciting new projects. With the host of available options, in Cardiff – you can easily expand your network, knowledge and skill set.
There you have it, here is our complete guide to starting a typing business in Cardiff. Once you have made the decision, you will come to realise that low cost of living, a friendly atmosphere and the fact that it is a small area that helps you in fostering familiarity with the community is one of the most ideal formulations for setting up a business. So take advantage of the benefits that the city has to offer and take a plunge into the entrepreneurial pool now.