These days, a rising number of people are self-employed. Perhaps the most obvious reason for this trend is the fact that as a result of the economic problems, the jobs market is extremely competitive and there are far more candidates than positions.

However, if you plan to take this course of action, you should bear in mind that there are certain elements of risk involved.

For example, your income is by no means guaranteed, so you may find it harder to plan things in advance. Also, you might have to accrue a certain level of debt and this can lead to problems if you are not careful.

Eventually, you might find that the business debt you have accrued is too great and you are unable to pay it off. Getting to this point can be frightening and you might not know what to do.

That is why you should come to experts such as us here at Cooper Matthews for business debt advice. Our team can guide you through the necessary steps and help minimise the difficulties you experience.

Broadly speaking there are two main options when it comes to resolving self-employed business debt. One of these is an Individual Voluntary Arrangement. This is a legally binding agreement that is designed to help you repay your debts. It allows you to make an offer to repay as much of your debt as you can either in a one-off sum or monthly payments over five years.

If it is accepted, creditors agree to stop any additional interest or late payment charges and they will write off any debt left over when the agreement has finished.

Meanwhile, the alternative is a Debt Management Plan. This is an informal agreement between you and your creditors that allows you to pay a reduced amount each month so that the payments fit within an affordable budget.

When you run a company, you invest your time, energy, passion, reputation and money into it, as well as many other things. This means you have a strong motivation for ensuring it is as successful as possible.

However, heading a firm is not easy. It requires a tremendous level of skill and a certain amount of luck. To illustrate this, the current economic problems affecting the UK and many other countries have made it impossible for some enterprises to trade and they have gone bust, often through no real fault of their own.

If your organisation is suffering from excess business debt, you might well be feeling the pressure. And of course you take your worries home with you at the end of each day.

It is difficult enough to leave work in the office even when times are good, so when you are going through company financial difficulty it is impossible. You are bound to spend sleepless nights thinking about how you might be able to resolve the issues and what will happen if you cannot.

The combination of constant stress, lack of sleep and frenetic activity can in turn lead to health problems. For example, your blood pressure may rise and you might be at an increased risk of heart problems.

Therefore, for the sake of yourself and your loved ones, you need to seek help for your business financial problems. It is only by reaching out for professional assistance concerning your business debt that you will be able to regain control of the situation.

When you realise your business debt is out of control, you might well panic. It is easy to react by burying your head in the sand and failing to deal with the problem.

Indeed, company owners who are experiencing such issues often simply ignore demands to pay suppliers and other creditors the money they owe for long periods of time, constantly promising the cash is on the way when in fact this is not the case.

Of course, eventually this approach to business debt can only end in disaster. There will sooner or later come a point when legal action is taken against such operators to get the money back.

If this happened to you, you would stand to lose a great deal, and this could have a negative impact on your family. Even if you run a limited liability firm and do not stand to lose your house and other personal assets, your source of income will be removed and your reputation may be left in tatters.

Also, because of all the stress associated with keeping the problem of your company financial difficulty to yourself, your relationship with your partner and children may be strained.

However, if you deal with the difficulties more proactively, your levels of worry should be reduced and you stand a better chance of being able to remain in operation. The earlier you seek business debt advice, the more likely it is that a positive resolution can be found.

Remember, it is not only you who will be affected if you fail to get to grips with business debt, it is those close to you as well.