Now might be a good time for individuals to start up their own business, as one industry specialist argues that recessions can provide "good opportunities" for entrepreneurs who are able to spot a gap in the market.
Kathleen Hall of SmallBusiness.co.uk noted that companies such as Microsoft and Burger King were founded during difficult economic conditions, but acknowledges that credit can be a problem.
She suggested that financial unions or Community Development Finance Institutions could provide an alternative for people unable to take out a business loan or unwilling to use their home as collateral.
A recent report from PayPoint found that more than half of Britons had considered starting their own small business, but decided not to take the plunge due to worries over start-up costs and other red tape issues.
Among those who would like to found a commercial venture, 34% favour online trade, while 28% are interested in service and consultancy.
Financial News
Expert: Now is a good time to start up a business
Financial news has been produced and edited by Adfero Ltd. Signet Financial Services does not exercise any editorial control over the content and merely provides this information as a service to its clients, who should seek professional advice before taking or refraining from taking any action.
