Could buying a business offer new possibilities to young entrepreneurs?

The recession that struck in 2008 changed the face of business. Risk takers shrunk back, jobs were struck off and lending all but shut down.

All this left a sour taste in the air as young people in particular saw their opportunities for the future narrow substantially. However, while the economic reality remains problematic, the tough realities have resulted in some new positive possibilities.

Figures from the Royal Society for the Encouragement of Arts, Manufacturers and Commerce (RSA) show that the proportion of surveyed 20-somethings who want to start their own business has rocketed from 17 per cent in 1998 to 29 per cent in 2010.

Furthermore, in 1998, just four per cent of this age group planned to start a business in the following 12 months. This figure was almost double (seven per cent) when the same question was put to people in 2010.

Alice Barnard, chief executive of the Peter Jones Foundation, told City AM: “There has been a fantastic surge in the number of young people starting up their own businesses over the past year. This is in part due to the advance in technology making it easier for people to run businesses remotely or from their home, with potentially very low start-up costs.”

However, growing a business from scratch presents some significant obstacles, namely building up a name and a following. Furthermore, if the company is to be in a sector such as manufacturing there can be numerous additional expenses involved in finding suitable premises and establishing solid supply chains.

Initial costs can be high, but it is worth looking through the current businesses available and checking exactly what is included in a sale. Many entrepreneurs are surprised at the possibilities that buying a business presents once they start researching it as an option.

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