How to launch a business without losing everything
For many, launching a startup business can feel like a pipe dream. Though it’s something they aspire to do, the fear around financial concerns often holds them back from making that first step.
Transmit Startups' Richard Myers is here to tell you why you don’t need to risk your whole income to start your own business.
Mute the noise
The first thing to do is to mute the noise around you. We all know how the typical story goes: a full-time worker tells their family members they’re thinking of starting a business and the room fills with silence and puzzled looks. This is usually met shortly after with statements like "but what about your bills?”, “you can’t give up your day job”, “that’ll never work!”. Any of this sound familiar?
Well, it’s entirely possible to explore becoming self-employed whilst working full or part-time. By focusing on what you’re good at and enjoy, you can turn your hobby or skill set into a full-time business that works for you. And better still, there are thousands of potential business options out there that have really low start-up costs. This means you don’t need to take a huge risk with your financial future.
When 10,000 people were asked “what puts you off being self-employed?’, 47% of people responded with “a lack of stable income”. Granted, if you want to launch a business that requires full-time care and attention, then holding down your job at the same time may not work.
But, starting a sustainable business that revolves around something you know or love, gives you the freedom to develop it in your own time. In turn, you can choose the hours you work and generate an outcome.
Once you’ve identified your passion, take it step by step. Only invest in the equipment or consultancy that’s vital to your business. For example, use your phone to record material first. Then if it proves to work for you, invest in a quality camera.
In addition, keep your current job. Whether you choose to cut down your hours or work full-time, you can then maintain a stream of income whilst also trying out becoming your own boss.
Many of Transmit Startups’ loan recipients opt for this approach when they first embark on their entrepreneurial journey. It can help to make the whole idea of entrepreneurship much less overwhelming and give you more confidence in your business idea too. By not jumping the gun, you can see where your business is going and the demand it generates before you give up your day job for your daydream.
Seek financial support
Securing funding doesn’t need to be a stressful thing. You might think that to be granted funding you need to present a groundbreaking idea, with a history of sales and future orders from a waiting list of clamouring customers. But that’s not the case.
In order to become self-employed, most just need a small amount of funding to get started. Start Up Loans are a great way to get your business idea off the ground and purchase the necessities without breaking the bank. This might be cash for items such as:
- A vehicle
- Equipment (such as health & beauty or fitness equipment, labourer tools, computers or technical equipment, etc.)
- Marketing materials
- To cover your wages in the very early days
These examples are typically what entrepreneurs need finance for. Through Transmit Startups, all items could be purchased by applying for their Start Up Loans, which can fund between £500 to £25,000 per founder.
Starting your own business isn’t plain sailing; it requires a lot of hard work. But it’s rewarding. We know there’s a lot to consider before you take that leap, so if it sounds like something you want to give more thought to why not speak to one of our UMi advisors who can take you through each step.
- Think about what you enjoy and draft a business plan
- Visit Transmit Startups site to learn about the funding available and the application process
- Start small, invest in the essential equipment you’ll need to get started