smallbusiness.co.uk: Helping your business think big

Trying to hire staff

There’s no getting round the fact that great ideas are...
Have your say »

RSS

Half of small firms 'could lose everything'

Nov 07 2008

Half of small firms 'could lose everything'

Almost half of all business owners could lose their home or everything they own if their company goes under, according to new research.

The Federation of Small Businesses' (FSB) survey of 8,600 members found 49 per cent are risking everything to keep their firm going.

Many of the company owners work from home, meaning their abode is tied up in their business assets.

Following this research, the FSB has appointed a professor of small business in order to aid firms in the economic downturn.

Professor Anderson, the new academic to join the organisation's team, says the findings are worrying and another example of how small firms 'put themselves in the firing line'.

He advises companies to 'keep watching your cash flow, get to know your bank manager and give your customers value in the way that only small businesses can'.

Research released this week from insurance firm RSA found 470,000 small businesses have already ceased trading since the credit crunch began.

Comments

There are currently no comments on this article

Prize Draw

Smallbusiness.co.uk has teamed up with Avery® Quick&Clean™ Business Cards to offer five lucky readers the chance to win a copy of BBC Dragons' Den James Caan's new book The Real Deal and a pack of Avery® premium heavyweight business cards. To enter the prize draw, simply answer our question here

Polls

Latest News

New start-up programme approved

Lord Peter Mandelson has given the go-ahead for a new £35 million scheme to create over 12,500 new businesses in the north-west.

North-east firms to get boost

Almost £2 million of European funding has been given to the Institute of Digital Innovation (IDI) to help start 90 new companies in the north-east.

Entrepreneurs want to be their own bosses

The main aim of European entrepreneurs is to be their own boss, as opposed to their US counterparts who say making lots of money is their main motivation.

Start-up numbers drop

November saw the lowest number of start-up companies created since the dotcom crash in 2001, dropping by over a third compared to two years ago.

Super SMEs emerge from downturn

'Super' small businesses have emerged from the economic slowdown and are outperforming the rest as they have not fallen into the 'classic pitfalls' some companies do.

Disabled people 'should be supported in start-ups'

Disabled people should be supported in starting their own business, with many choosing to do so because they have difficulty finding paid employment, one organisation says.

Mandelson unveils £30 million tech fund

Technology firms who want to expand their business and raise equity finance of up to £2 million have been given access to £30 million in a new technology fund.

Dragons' Den 'dumbs down business'

Small firms feel shows like Dragons' Den and The Apprentice dumb down the public perception of businesspeople.

UK needs to help start-ups

The country needs to work collectively to help people with good ideas to start up their own business.

'Spouse power' gives businesses £72bn boost

Partners of small to medium-sized business owners are contributing 230 million unpaid hours each year, helping these firms stay profitable, new research has found.

Guides & Tips

Ten recession-beating tips

In these uncertain times it’s important to keep your cool and make the right decisions. Here’s a list of the top ten things you shouldn’t do in order to keep your business afloat

Rising Star: Sara Murray

Founder of insurance comparison website Confused.com, Sara Murray set up GPS tracking device company Buddi which is due to hit a turnover of £4 million

Reclining star: Tim Williams using his Jetsleeper

Sleeping giant: Tim Williams

After appearing on the BBC’s Dragons’ Den, Tim Williams was promptly booted off without a penny. A year and a half on and his travel pillow invention Jetsleeper is a roaring success.

Don't Miss

Karin Ridges: Mad about ethical businesses

Rising Star: Karin Ridges

Karin Ridges founded Mad Promotions, a PR company for ethical businesses, back in 2005. Since then she has started internet TV company Veggie Vision

Start-ups and universities

The UK is world-class when it comes to science and innovations. Increasingly, these great ideas are being turned into commercial reality

Rising star: Piers Daniell

Still only 26, Piers Daniell has taken internet service provider Fluidata from the confines of his bedroom to a £2 million business in the space of two years

Store

FT Guide to Personal Tax

Formerly the Lloyds TSB Tax Guide, the FT Guide to Personal Tax is now published by Pearson Education. Written by Sara Williams, CEO of Vitesse Media Plc and Jonquil Lowe, this unique guide gives step-by-step advice to completing your tax return as well as 100 tax-saving tips.

FT Guide to Business Start Up

Formerly the Lloyds TSB Small Business Guide, the FT Guide to Business Start Up is now published by Pearson Education. Written by Sara Williams, CEO of Vitesse Media Plc, this unique guide has sold over two million copies. It offers practical advice about starting and running your own business.

Growth Company Investor

Growth Company Investor is widely recognised as the leading magazine for investors interested in AIM and smallcap companies. Published 10 times per year, and brought to you by an award-winning analyst team, it offers subscribers unrivalled insight into high-potential smaller companies. Subscribe today with a 50% discount in your first year.