Those considering setting up a new business need to carry out thorough planning, paying particular attention to finances and budgets.
This is according to John Grange of Business Link, who urged would-be company owners to have a realistic approach to starting a firm.
He remarked: "Take your rose-tinted glasses off in the beginning and make sure you understand how much it is going to cost you to start your business," adding that there is a "huge amount of help" available to people who are looking for guidance on the issue.
One key aspect that needs to be addressed is that of how long it is going to take before an enterprise begins generating income, he said, stating that this is often underestimated by entrepreneurs, meaning they run out of the capital they have set aside and have to start borrowing more than they want to.
He was commenting after the Consumer Credit Counselling Service released new figures showing a substantial increase in the number of people contacting its debt helpline.
Last month, the body took 739 calls from self-employed workers concerned about their operation, a 78 per cent increase on the 415 that got in touch a year earlier.
However, in spite of this, Mr Grange also stated that 2010 provides an ideal opportunity to start a business, as long as the idea is good enough to generate interest.
If the product or service will be in demand and an effective business plan has been drawn up, he commented, then this year is a "great time" to set up an enterprise.
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