Welsh Entrepreneurs Urged to Hold Their Nerve In The Face of Recession

Wales-based entrepreneurs are being urged to hold their nerve and to seek out unfolding opportunities in the face of the much talked about recession that is heading this way.

The MD of Storage Giant, a Newport-headquartered self-storage company that incubates thousands of smes under its roof, says entrepreneurs are uniquely placed to find emerging opportunities, and to thrive during tough times ahead.

Simon Williams says: “The downturn that most experts are predicting will bring a host of challenges for individuals and for businesses and we must all do what we can to support each other throughout this time. But it is very clear that entrepreneurs are inherently resilient and have the agility and skills to survive and even to prosper through recession.

“For our part, Storage Giant was established during a recession – as a single-facility concern in Newport. Now we have a portfolio of facilities across Wales, The Midlands and the M4 corridor and, crucially, we have seen a real boom in start-ups under our Storage Giant roof in Newport, Cardiff, Swansea and beyond, during the tough times of Covid.”

UK companies that were established during recession include:

• Wilko
• Hays Travel
• JD Sports
• Poundland
• Pets at Home
• PC World
• Storage Giant

Simon Williams continues: “It is a myth that some sectors are recession-proof, but there certainly some businesses that are well-placed to do well – including e-commerce businesses with low-investment stock items, home-improvement firms, and skilled tradesmen and women, online software companies and firms that offer low-cost luxury items.

“There are also conditions brought about by a downturn that support some entrepreneurs to thrive. For instance, your competitors may be pulling back from investment and from marketing their goods and services, leaving an opportunity for gaining market share. There will be inevitable shifts in consumer behaviours that will open up fresh opportunities to all kinds of businesses to offer something new to those consumers. Start-ups may find that they can negotiate harder on rates, office space, or technology costs. Also, if your competitors are cutting back on hiring new staff this may give you a better talent pool to choose from if you are keen to take on staff. It is important, particularly here in Wales where so many people are employed by smes, that they continue to thrive and invest.”

Storage Giant is the largest self-store provider in Wales and is the second largest privately owned self-storage company in the UK and it offers office space to thousands of businesses on a low-cost, flexible terms basis.