Nearly half of Londoners dream of being their own boss but fear the cost

New research from giffgaff has found that 44% of Londoners want to start their own business, compared with just 27% of people across the UK.

But aspiring entrepreneurs in the capital believe they need almost £35,000 to get a business off the ground, around £7,000 more than the £28,000 estimated by the average Brit.

The findings suggest entrepreneurial ambition is particularly strong in London, but perceived financial barriers could be preventing would-be founders from taking the leap.

Nationally, financial instability is the biggest barrier to starting a business, cited by 36% of those surveyed. Other concerns include a lack of skills and experience (18%) and a lack of professional connections (16%).

The Board: Mentorship and funding for aspiring entrepreneurs

To help address some of the barriers facing aspiring business owners, giffgaff has launched The Board, a new six-part YouTube series offering entrepreneurs practical advice, mentorship and the chance to secure funding.

The series sees aspiring business owners map out the future of their businesses on a game board, while established entrepreneurs Patricia Bright and Jordan Schwarzenberger follow their progress.

Successful participants can receive either a £5,000 giffgaff grant or mentorship from Patricia or Jordan.

Patricia said: ‘The biggest mistake I see is people waiting until they feel completely ready, when in reality, confidence usually comes from taking that first step rather than having all the answers from day one.

‘Whether you’re 21, 31 or 51, the most valuable thing you can do is start learning, testing your ideas and building momentum.’

Her advice to aspiring entrepreneurs includes starting before you feel completely ready, knowing exactly who you are selling to, understanding the numbers behind your business and keeping costs lean in the early stages.

Her golden rule is: ‘You do not need to know everything to start a business. Know your customer, know your numbers and be willing to learn quickly.’

Jordan added: ‘One of the biggest misconceptions about starting a business is that you need to quit your job and take a huge financial risk from day one. Many successful businesses start as side hustles, allowing founders to test ideas, learn from customers and build momentum while maintaining financial security.’

The Board is available to watch on YouTube.

Research of 2,000 UK adults was conducted by OnePoll between 16 and 18 September 2026.