Creativity and Innovation Practice Activity

Opportunity to be self-employed Scenario

Towns and cities across Wales are being transformed due to regeneration programmes. These regeneration programmes aim to breathe fresh life into buildings, areas, and communities. Derelict buildings can be unsightly, dangerous and can attract crime, but once transformed can become fantastic community assets.

The Corporation in Canton, Cardiff is an example of a successful regeneration. It was built in 1889 and traded as a public house and hotel. However, in March 2016, the licensee decided not to renew their tenancy and it closed its doors.

However, this landmark building has been regenerated! The new owner has turned it into a venue with units that can be leased by people wishing to set up their own businesses.

Self-employment is an exciting opportunity and is important to the Welsh economy. The number of self-employed people in Wales has increased and now accounts for nearly one in seven workers across Wales. There are many benefits of being selfemployed. Working for yourself means that you are the decision maker and will have the freedom and satisfaction in seeing your ideas come together. You can also set your own hours which may support your work/life balance and enhance your overall quality of life. Your earning potential is also much higher when you are self-employed. However, there are drawbacks too. You won’t receive employee benefits like sick pay or holiday pay and, as you are starting from nothing, your income can be irregular, and you may not generate a profit. This is why it is so important for an entrepreneur to come up with an idea for a business that makes you stand out from other businesses, so customers buy your products or services.

The new owner of Corp Market (formerly known as The Corporation pub) has transformed the interior of the building while maintaining the historic façade. They have created 24 units that people can run their businesses from. Each unit is 4m x 3m wide and has a contemporary metal grill door and wall so customers can see inside. Businesses trading at the Corp Market include a barber shop and a bookshop and café.