Potential entrepreneurs should not be out off starting their own business because of the recession, according to the Institute of Chartered Accounts (ICAEW).

The ICAEW believe that this is a great time to start a new company as the high numbers of firms falling into administration has resulted in decreased competition and office and retail space are available at the lowest rates for many years.

"Periods of recession can be one of the best times to start a small business. If you deliver a good customer experience during a recession, those customers will remember you afterwards," said Ian Strange of the ICAEW.