One in 11 businesses started in Wales in the past three years is achieving turnover of £100,000 according to figures from Barclays. Across Wales, firms started in Monmouthshire and Newport were most likely to have hit the £100,000 turnover mark (12.04%), while Anglesey start-ups were the poorest performers, with only 4.21% hitting £100,000 of sales, the figures showed.
Judith Gage, Barclays Business regional director for Wales said that the figures show that despite the tough economic climate, businesses born in the recession were achieving success.
“Many of us secretly hope to run our own business and escape from nine-to-five employment,” she said. “These figures show that dream is realistic, and starting your own business can offer a credible, financially attractive alternative to working for another employer. Even if your ambition isn’t to reach the financial stratosphere, there are many, many businesses providing their owners with a good income below £100,000 turnover. Figures like these are part of the reason why Barclays is supporting record numbers of people taking the plunge and starting up a business.”
The Barclays study found that across the UK around one in 20 businesses started up during the last three years is turning over £200,000. One in 65 businesses, have gone on to achieve a turnover of £250,000.
One entrepreneur who was not deterred from starting a business is Matt Hiscox who purchased The Carpenters Arms in Coed y Paen, Pontypool in 2009. The gastro pub operates in a very difficult sector but has expanded rapidly over recent years, employing over 20 staff and will see turnover reach £500,000 this year.
Mr Hiscox said: “The extension and investment supported by Barclays into the function-room market has certainly paid dividends as turnover has significantly increased. Running a business is tough with no respite and being tied to the business 24 hours a day, but the rewards far outweigh the downsides even after working 18 hour days.”
Ms Gage said there were a number of reasons why people were being attracted to become their own boss.
“The record numbers of start-up businesses is partly the ‘Dragon’s Den’ effect – seeing inspirational people on television who are following their business dreams. We’re also seeing a new generation of young entrepreneurs who have learned about business at their school – which is exactly as it should be,” she said.
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Source: Wales Online
