Jane Clack is from free debt advice provider PayPlan. Not only does she help thousands of people struggling with their finances every year, but she's also run her own business. She tells newbusiness.co.uk how individuals who've had money problems can still become budding entrepreneurs.

PayPlan's own research shows that a growing number of people are deciding to work for themselves and we're seeing more people taking that leap at an earlier age. In fact, our study found almost a third (32.6%) of self-employed people started working for themselves before the age of 35.

Self-employment is becoming an increasingly more attractive proposition for many, perhaps in the hope of taking back control of their lives, their working hours, and their personal finances.

Anyone who knows me will tell you that I'm not one to beat around the bush and I'm not about to pretend that starting your own business if you have a poor credit history is going to be a piece of cake. It's going to be tough, but it's certainly not out of the question.

Getting any business up and running requires money and financing can be the first stumbling block. If you have past or current debt, you won't necessarily be blacklisted by the bank for a loan, but they'll need convincing. They're going to want to see that you know your stuff and that you've done your research. You'll need a solid business plan with realistic forecasts and projections.

If you ever watch TV shows like The Apprentice or Dragons' Den, then you'll know how easy it is to pick holes in a business plan. If we're being realistic, it's rare for any new business to turn a profit in year one. I'd actually go as far as saying that approximately 90 per cent make no money at all in the initial 12 months. Of those, a further 90 per cent will fail in the first five years. Often, the main problem is not knowing your market properly.

The key is thorough research. Try things on a small scale first, as that will allow you to produce more accurate forecasts. Spend time looking at trends too. Small artisan businesses are doing particularly well at the moment, as they tend to need little start-up capital. Remember, the more investment needed to start up, the more time it will take to recoup the money.

Of course, even with the best will in the world, the bank may well not consider your business a viable investment, but that need not be the end of the road. It's worth exploring alternative sources of funding too. Again, do your research, and take a look at the options available to you via The Prince's Trust, local council and government business grants, peer-to-peer loans, community business schemes or even family investment. There's lots of help out there.

Having been previously declared bankrupt may seem like even more of a barrier to starting your own business. There are lots of myths surrounding bankruptcy and not everything you've heard is true. Common misconceptions include the fear that you can never get a mortgage, you'll never get credit again and that you can't run a business. Yes bankruptcy places you under some restrictions but they don't stay with you for life. Most cases are discharged after 12 months and remain on your credit file for six years. So, in short, if you've been declared bankrupt in the past, it's still possible to start your own business.

The key message is that if you've faced financial turmoil in the past, it's more than possible to regain control of your life and live again. If that new start involves a new business, just remember to take a step back and be realistic before committing. Ask yourself if you'll still be able to cover your normal living expenses and if you'll be able to keep up with any outstanding debt repayments. If you're unsure, seek free professional advice. 

For more free advice around self-employment and debt, visit www.payplanbespoke.com.