Starting a business in a recession?

Starting a business during a recession, are you mad?

For many people it may seem like complete madness to even consider starting a business in the current economic climate.

But I know so many people who will tell you it's the best decision they have ever made.

Having worked with hundreds of new business owners over the past 10 years, I never tire of the enthusiasm and passion that exudes from them, it almost leaks from their pores. It is this enthusiasm that will really determine whether the business will be a success. A great idea, a well thought out plan and sufficient funding gives you a good starting point, but it's the person driving the ideas forward that determines the success of every business.

Self employment is one of the options that those made redundant have available to them. So many times I've heard: "Starting a business is something I've always wanted to do, until now I've never felt able to give up my job to take the plunge, now is my chance."

With perhaps a little redundancy money behind them it is a perfect opportunity to go for it, to follow that dream.

Some people fall into self employment simply because of the lack of job opportunities available.

Unemployment, perhaps through redundancy, possibly came as a shock and self employment may seem like a way forward. However, this can be a much more difficult starting point. What is missing is the lead up time, which for most people is about two years. It usually takes time from when the idea first starts to rattle around inside your head, to testing the idea on a few friends. Some research needs to be carried out, right to the point when you know you have to do something about it. Without this lead up time the vision is often unclear, there is less confidence and a greater need for both business and psychological support.

I know so many men and women that have been there and found the support they need from us professionals, peer support, family and friends and they have never looked back.

Having said all of this, self employment is not for everyone.

Being good at something or having a great idea is not going to give you a business and there is no guarantee of success. Without customers you have no business and so you have to get out there and generate sales.

For anyone that has just started a business or is thinking about it please be aware that there is help available - not much on the financial side in terms of grants but lots of training and advice. It is up to you to find it and use it.

You can make it happen.

Kate Wilde is managing director of Engage with Business

www.engagewithbusiness.co.uk