Half of all Londoners aspire to set up own company in 2023

More than half of all Londoners have either started their own business or aspire to do so in 2023, compared to nearly a third of people overall across the UK.

Making their own money and being their own boss are top of the agenda for Londoners, nearly one in five stating that they want to generate their own income, followed by 14 per cent who want start their own business so they have something of their own and one in 10 saying they feel trapped in their job, according to new research, published today by AAT (Association of Accounting Technicians).

Perhaps as part of ‘The Great Resignation’ fuelled by the pandemic, which saw record numbers of people leaving their jobs, the data showed that overall, nearly a third of UK workers have started their own business or considered doing so in 2023.

In addition, 19 per cent of Brits felt that this was the only way for career progression and a further 18 per cent made this move because they felt trapped in their job.

Despite this, nearly one in 10 people are put off starting a business by tax and accounting and one in five don’t think accountancy skills are important to start a business.

“The pandemic has proven to be a powerful catalyst for people to reassess their work lives, and 2023 could be the year for many Brits to take the plunge to be their own boss,” said Rob Alder, head of business development at AAT.

Additional research by AAT with small business owners in the UK revealed that the top three mistakes when starting a business are poor understanding of the target market (30 per cent), cash flow management (19 per cent) and ignoring technology (19 per cent).

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Half of all Londoners aspire to set up own company in 2023