Entrepreneurs urged to set up businesses before economic recovery

Entrepreneurs should take the opportunity to start up a new business before the economic recovery truly kicks in, it has been claimed.

Recent figures from the Local Data Company have shown that, despite scenes of empty store fronts during the recession, 11,000 more new shops opened actually opened in 2009 than closed, with many of the spaces emptied by major chains being filled by local start-up retailers.

Julie Meyer, who has 20 years investment and advisory experience helping start-up businesses, believes people need to take advantage of the low costs involved with setting up a new business.

She said: "People have learned how to become better business managers earlier in their career, and those people know that the downturn is the time to set up a business so that when the market comes back you’re already pulling out ahead of the competition

"Timing is a huge advantage, and [those with] the smart money always know you have to be building in the downturn in order to pull ahead in the upturn."

According to Barclays, small and medium-sized businesses will create two million new jobs over the next 12 months.

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