Downturn 'no bar to new company success'

20/July/2010

Periods of economic downturn are traditionally a good time to set up new businesses, it has been claimed.

Kathleen Hall, of SmallBusiness.co.uk, commented that a number of hugely successful brands such as Microsoft, Burger King and The Jim Henson company were founded amid tough trading conditions.

She said that new gaps can appear in the market during recessionary periods, creating opportunities for new company formations.

Ms Hall noted that the main considerations when starting a company should be whether the necessary finance is available, what the unique selling point is, and whether there are sufficient levels of business support.

"Right now, by far the biggest problem facing entrepreneurs is access to finance," Ms Hall claimed.

She claimed it can be a difficult task persuading the banks to lend, but there are alternative means of acquiring the necessary credit.

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