Let's talk about self-employment - [PDF] - Niace

Where do I start?
settled in a home with a job and a good track record of
looking after your money before they hand out any cash. But
you may well find that there are grants and awards that you
can apply for. Business Link has a good directory that helps
you find those that are suited to you.
How much money will I need?
The amount of money you need behind you depends on the
sort of work you’re planning to do and also your own
circumstances. For example, if you’re living somewhere where
you don’t have to pay for rent or food and you’re planning to
do something that doesn’t involve much travelling or
equipment, you’ll need less money than someone forking out
for all their household expenses and hoping to set up a café in
a smart location.
It’s quite tricky trying to work out how much money you’ll
need to start your business, then keep it going and hopefully
earn some cash for yourself because, until you actually start,
you can only estimate – which means work it out roughly.
Even experienced business people often get their numbers
very wrong at this stage so you should definitely try to get
some help from an experienced person. But, as a rough guide,
what you need to do is work out what all your business costs
are going to be and then make sure you have enough money
on top to pay for your life outside work.
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