Third of start-ups ignore specialist advice

One-third of people who consider starting a new business do not seek professional guidance, according to new research.

Barclays bank analysed 4,500 new small businesses and found that despite the specialist advice available to new entrepreneurs, many choose not to use it.

The Bank warns that this lack of guidance in the early stages of setting up a business may contribute toward the 37 per cent of start-up businesses that close within two years.

With the number of start-ups reaching a record-level of 453,000 last year, the Bank urges entrepreneurs to pursue every advantage in such a crowded field.

Louise Fowler, Barclays' marketing director for small business, said: "With more people embarking on new business ventures, it's important to establish a solid grounding."