Becoming Self-Employed with a Small Budget

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The year 2020 has been a rollercoaster, and for many of us, the working part of our lives has been turned upside down. With unemployment increasing by the day, furlough being implemented, and shops and businesses closing down becoming the new norm, it is no wonder that more and more people are looking to become self-employed.

Of course, this is not risk-free and does not automatically give you financial security, but considering that the other alternatives offer basically the same level of security and risk right now, there might not be much to lose.

For those who are interested in becoming self-employed, let us look at how you can get going on a small budget.

Why Go Self-Employed?

Many people go self-employed because they want more control over their lives. This can include a better work-life balance, flexibility over their hours, being able to do exactly what they care and are passionate about, not wanting to report to anyone anymore, among plenty of other reasons. For those who have illnesses, children or other complicated factors, going self-employed can also give them the freedom to take some control back, instead of having their work-life control everything else.

Ideas for Low-Cost Start-ups

When it comes to starting your own business or becoming a freelancer, it is best to choose something that does not have a costly outlay, as large amounts of debt will be the last thing you will want to be dealing with. That being said, it is very rare to start something with absolutely no upfront costs, unless you already have absolutely everything you need.

The one rule is, just make sure to choose something you are interested in.

There is nothing worse than trying to stay motivated on something that you are not interested in, especially if it is your own choice to do it!

Ideas for low-cost start-ups include:

  • Content writer
  • Tutoring
  • Marketer
  • Graphic design
  • Music Lessons
  • Editing
  • Garden work
  • Blogging
  • Website building

Now that we live in a digital world, there is so much you can do with just a laptop, which means if you already have one of those, then you are halfway there! If you do not have a laptop or computer, but that is all you need to get started, you can actually rent laptops from as little as £2 a day from smart.uk.com, which makes your start-up costs extremely affordable and increases your potential to earn profits in a very short time!

 

Be Realistic with Yourself

It is important to be completely honest with yourself on this journey as if you are not, the only person you will be cheating on is yourself. If you are still fortunate to have a job then do not quit it immediately if you do not have a buffer. That doesn’t mean you have to wait though – just start small.

Start working on your side hustle when you get home from work and start to put preparations in place and get the feelers out for when you are ready and able to make the big transition.

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