In the current 'world' we live in I think a warts and all approach is the only way forward. In an easier market making success of a business venture is not as daunting as it is today. To be fair anyone who feels that they can start up a small retail operation (for example) in the current climate should really think again. Look for something where your costs are low, your experience levels are high and your return is partially guaranteed is a far more viable option. Even this is not an odds on formula as a guaranteed income from a source that does not pay you is no income at all. It is a tough old business world out there, especially when money is tight.
To me looking at starting a business is an option only taken when you know what you are letting yourself in for, you feel that you are on a winner without rose coloured spectacles on and have an exit plan for 6 months time when any savings have been depleted. Buying or leasing premises tie you to something in an uncertain market for even the most accomplished business people, so if you do need bricks and mortar ask yourself why. If then you still decide you need premises look to do a deal on premises that have been empty for a while, in a good location by negotiating a short term deal with an option to extend. Alternatively property under licence might be worth thinking about. Every pound spent on overheads needs between three and ten pounds of income to pay for it.