Key business statistics
|Business population (2014)|
|Number of new startups (2014)|
|Enterprise deaths (2014)|
|Survival rate (Four year survival rate)|
Key financial statistics
Average annual energy bill*
Average weekly earnings
Overall average – £403
Full time – £499
Part time – £167
Female – £344
Male – £479
Should you make Cardiff your HQ?
As Wales’ capital city, it only fits that Cardiff has grown to become a thriving hotspot for both financial start-ups and technology SMEs alike. The most successful businesses in the city have proven to be firmly in the financial camp, including insurance brokers, banks and pension providers. If you specialise in any of these areas as a start-up, then you will find that Cardiff is extremely well suited to your plans.
Running your business
A strong case can be made for setting up a business in Cardiff, especially as it has a four-year business survival rate of 45.6%, not to mention the wide talent pool that you would have access to. There are four institutions of higher education in and around the city centre, including Cardiff University, Cardiff Metropolitan University, the University of South Wales and the Royal Welsh College of Music and Drama. This means that every year you will have the pick of the bunch to take your business further.
How much it will cost your business to open and operate should also be an important factor to consider. Love Energy Savings’ data revealed that the average annual energy bill for South Wales was £2,817, which is neither the cheapest nor the most expensive. However the average weekly wage is significantly lower than many other comparable cities, standing at £403.
What help is available in Cardiff?
For anyone starting their own business in Cardiff, the first place to go for help and guidance should be the City Council, who have numerous resources and articles on their website taking you through the steps of setting up your enterprise. In a true bid to boost entrepreneurship in this area of the UK, their articles leave no stone unturned and can really help to answer common questions.
In addition to the Council, an initiative called Cardiff Start helps to bring SME owners from all corners of the city together in order to share advice and resources. Focusing particularly on the areas of web/digital, technology and the creative and media sectors, Cardiff Start also host a number of events throughout the year, and can provide information on working space and further supportive communities.