It's said to be risky business running a company, especially with all the potential pitfalls in a time when money is tight as a result of the cost of living crisis.

Two entrepreneurs in Kent have shared how they are coping with the recent pinch, as tax rises and spending cuts were announced in the Chancellor's Autumn Statement this month.

Jeremy Hunt announced his first major policy to trim some £60 billion from the budget as the government aims to stabilise the economy, tackle crippling inflation and balance the books.

The nation's tax burden is likely to be among the highest in at least 70 years but the basic rate of income tax has stayed at 20% and personal allowance threshold frozen until 2028.

But with councils able to raise taxes by 5% without a vote instead of the current 3%, energy bill support falling from April, inflation rates at 9.1% this year but falling to 7.4% next year, there are several reasons why many will be feeling the financial strain for many months to come.

It comes as a dilemma for small business owners like Andy Jarvis, a roofer from Gillingham who has worked independently since 2004.

The 39-year-old runs The Roof Medic and he saws and drills on top of people's homes from dawn to dusk, but believes he may need a second job to support him and his family.

"I am currently contemplating getting another job, my wife is just about to resume work as our youngest is in full-time schooling now.

"She was a stay-at-home mum for a while as childcare is so expensive.

"I’m massively anxious when it comes to money. I've been struggling to sleep lately, I’ve got a lot of anxiety, I’m scared to open my letters because it might be a bill.

"I am not a rich man, I just manage to feed my kids. I am just happy I’ve got a very strong relationship with my wife, so I take solace in that."

Andy has been married since 2006 and has three children. He added: "During the lockdown it wasn't too bad because a lot of people were indoors so they chose to renovate. Their attention was drawn to their homes, there was an initial boom and a lot more inquiries which materialised into jobs.

"Post-lockdown it has been steady work but petrol prices had a massive impact. I can only get away with putting my day rate above so much.

"I've had to charge between 15% to 20% more just to cover the difference in business costs such as fuel and insurance premiums.

"If I was working for the same money I was earning two years ago I would be really struggling.

"I would tell an 18-year-old who was interested in the business to look into third parties who supply work such as Check-a-Trade, or else it will be really tough if you haven't got an established client base."

The roofer explained how he got into the trade, saying: "Initially I learned the old-fashioned way through an informal apprenticeship, there weren't really college courses for it back then.

"I had a couple of years on site then I went off on my my own."

In recent months the UK has seen a rise in inflation with costs across the board going up, especially with fuel and food. The rate currently stands at 11.1%, the highest ever since 1981.

According to the Office for National Statistics (ONS), the price of a litre of both petrol and diesel has gone up by more than 60p in the last year. Households now pay on average more than £500 per year extra to run a medium-sized petrol car.

The organisation also found that food and non-alcoholic beverage prices rose by 13.1% in the 12 months to August 2022, up 0.4% from July and the highest rate since August 2008.

Robert Lundie, an electrician who went independent back in the summer, says the current situation is "not good" but he is making ends meet.

The 25-year-old, who operates mainly in Medway and Maidstone, said: "It's just me at the moment. It doesn't feel good, I totally understand everyone's situations, but I have to mark up prices to make a living.

"It’s not a comfortable situation at the moment, but I am making ends meet."

He says he set up his firm, RG Lundie Electrical, after being inspired by his parents' success after running their own company, construction contractors Lloyd Lundie Building.

He said: "My parents run a contracting company and they worked their hardest to give me and my siblings a good lifestyle, I was inspired by that.

"The cost of fuel is not helpful. I have a lot of miles on my car which definitely rakes up prices; cost of electrical parts is going up as well.

"I work five days a week and advertise mainly through Facebook, I do a lot of work on extensions, and also get a lot of smaller jobs.

"Normally I wake up at around 6am, then I pick up parts and make my way to jobs. I make sure customers are happy with the service I'm providing."

And what's Robert's advice to potential independent tradespeople?

"Get yourself known, get people knowing what you do and what you provide," he says. "Some people do like to go to smaller businesses."

In response to the Chancellor's statement Andy said: "I’m starting to worry that the situation will follow a similar pattern to the 2008 recession.

"During that time I had to get a second job as a lorry driver to supplement my income.

"My material prices have gone up insanely recently, around 20% to 30%. If I put my prices up to match this I will lose jobs immediately.

"But if prices don't come down, it will soon become more difficult for me to pay for utilities, food and general essentials, I’m already starting to struggle.

"And if the public's wages don't go up it will push down the labour prices of my industry as roofers will drop their price of service to get work.

"The work I do is essential so it will never crash, people need their houses to be dry. As to whether it will be lucrative or not in the future is another question."

Robert added: "It’s frustrating. I just hope that prices will go down eventually. If not, we might have to find a solution to be able to afford living costs. We hope that the government will try its best to sort it out."