To preface, I need to say that living alone has been my biggest accomplishment thus far in life, as I’ve struggled with a traumatic upbringing and mental health issues which meant I could never have imaged myself being able to afford to live alone. But I did it! For 2 years!
I live in Nottingham, UK. Rent is £525, Bills inc council tax are £259.64, Food and other necessary expenses are £202.98. Which leaves me with £987.62 – EXTREMELY HIGH LIVING COSTS 🙁
I have managed fairly okay the past 2 years, with my online business and part time job, however I haven’t been able to save any money, and used universal credit at times.
My online business is what I use my 2nd bedroom for – it’s my office. I went fully self-employed last year for 4 months and have managed to make about £1,200 a month profit. I ended up getting a part time job for the social aspect as well as help me establish a routine.
I quit my job last week due to mistreatment, it gave me around £850 a month, so I’ve been thrust into self-employment once again. This time I’m absolutely terrified.
My goal this year is to launch my own footwear brand, I’ve very invested in the planning and designing process and seeing real progress happen. I feel optimistic this will be a very successful venture.
I have noone to rely on to house me or lend me money. I feel suicidal.
I have 3 options:
1. Try to get my business to be as profitable as before (made about £350 last month so it’s super slow!), get a part-time job and try to make ends meet until…I don’t know what…I win the lottery?! Or I somehow manage to balance both businesses? It’s important to note I’ve lost the passion for my current online vintage clothing store, especially since the sales are super slow.
2. Swallow my pride and bathe in disappointment as I find a house share to live in, rent out a storage unit to keep my stock as I continue with my business/ work to set the other one up. The fear here comes from the fact that I look very financially unstable, and I don’t know if anyone would be willing to take me on. House shares are typically £300-400. Storage unit would be £300.
3. This one is slightly hard to imagine, but get a roommate? My flat is small, I’ve a lot of stock, instruments, books, it’s tight with 2 people, plus I’ve a mould problem too…
I feel like my ideal scenario is to move in with other person, rent a unit for my stock – sell all that and close that business, get a part time job while I launch the footwear brand and then take it from there.
The pain I feel to submit to this failure is unbearable. My biggest hurt is that I won’t be able to have my German Shepherd at my flat anymore. He lives with my parents but I have him a few days each month. He’s the love of my life and gets me through my suicidal times, genuinely.
Any advice or support would be appreciated. I feel myself paralysed with fear…I don’t know what to do. I feel like I’ve made all the bad decisions in life and I don’t want to end up homeless.
What about option #4–getting another full-time or nearly full-time job while you work on the footwear business on weekends or evenings until it’s at a more promising position? Sell all your resell inventory and just focus on one of the businesses at a time?
Get a job. Your self employed business doesn’t generate enough money yet for you to not also have a job.
If I were in your shoes, here is what I would do:
-Sell all my clothing inventory to free up the second bedroom and get a roommate, get a lease and charge them half the rent so now your cost of living has decreased considerably
-Find a full-time or nearly full-time job to provide a reliable source of income and funding for my next business
-Work on my footwear business on nights or weekends until I am more financially secure and ready to launch
Well for starters, 987.62 is not at all extremely high living costs. In fact, you were almost covering your entire living costs with a part time job. Worst case scenario, you get a full time job that will more than cover your expenses, and you’ll be fine.
If you want to start your own business and are thinking of doing it full time, you first need to make sure you have enough money to cover yourself until it is profitable. That might take three years, looking at how most businesses are run.
Let’s assume your business makes you zero moneys in the first year. You’d need at minimum, a little less than £12,000 saved to cover your expenses during this time.
So if I were you, I would have a **full time job**, saving all of the extra money you make, while working on your business on the side until you’re financially prepared to have zero income for the foreseeable future. It could take a while but that’s why many businesses fail. You have to be able to juggle both until your business is stable.
However, I’m a bit confused why you think you need to get a roommate, or find shared housing? The math you have here on getting shared housing would cost more than your current living situation. If you got a full time job at 40 hours a week and minimum pay rates in the UK, you’d have about £1200 to work with monthly. Plus whatever your online business makes. Sounds like you’d have enough to start saving if you went that route. Am I missing something?
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