New businesses need to be planned well in advance, according to a small business expert who has offered advice on a number of issues that affect the new business operator.

A spokesperson for the Federation of Small Businesses said that individuals hoping to start-up a new business should plan at least a year in advance of the launch.

He noted that new businesses require plenty of financial support, as even the best-laid plans can go awry. Be prepared for the worst, he warned, and "leave a healthy margin for error".

"Make sure you understand the market you are going into, have a look at potential competitors, think about who you’re trying to target and how you’re trying to target them," he added.

As of August last year, national statistics showed that there were an estimated 4.5 million businesses in operation in the UK, of this number 99.3 per cent were classed as small businesses, employing between one and 49 individuals.