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Credit will be less cheap than it was. If you're taking out a bank loan to fund your business, more of your day-to-day cash will be spent on repayments. Which means spending less on other things.
Nic, I'd speculate that VCs leveraging funds will need to pass on additional costs, so funding structures may become more onerous for startups. You may be able to correct me on this...
The ftse was at 6730 in June last year, and is now at around 5,300. So new businesses that rely on custom from public companies may find them hesitating to spend money.
But it's important to keep things in perspective: how much more expensive will money be? How much less will customers invest? At the moment, the answer to both questions seems to be "not much".
New businesses are generally more agile and can cope with difficulties more easily. They also have better memories of dealing with hardship than established companies.
The advice above, that you should concentrate on your core business, is OK. But you should always be asking "what do people want, and how can I deliver it?". If that leads you to realise there's a market for related products and services beyond your core business, then it's obvious you should try to meet that demand if possible.