#SelfEmployedSupport #StartupGrants #SoftwareBusiness #RedundancyPayout
Hey everyone 👋! I recently got made redundant from my Software Engineer job and I’m looking to use my £20k payout to kickstart my own software business 🚀. I have some savings and a solid plan, but I’m wondering what grants or support options are out there to help me on this journey.
Here’s a quick rundown of my situation:
– Received £20k redundancy payout
– Have £8k in assets & savings
– Monthly expenditure currently at £2800, aiming to cut back to £2500
– Looking to start as a solo software business founder
– Considering part-time contract work while focusing on launching my SaaS app
If you’ve been in a similar position or have any advice on grants, benefits, or support for someone starting a software business, please share your insights 🙏. I’m open to any suggestions or feedback that could help me along the way.
One option that I’m exploring is applying for startup grants specifically for tech entrepreneurs. This could provide additional funding or resources to help me get my business off the ground while I work towards replacing my previous salary.
Looking forward to hearing your thoughts and thanks in advance for any guidance you can offer! 💡👨💻
New Style JSA?
Look at reducing your expenditure as much as possible. Think of who you can ask for help. And also consider consulting or part time work for previous employers but remember to keep some earnings aside for tax.
Also connect with the local tech founder scene for funding opportunities and possibly jobs.
There is some information on the government’s Money Helper website
[https://www.moneyhelper.org.uk/en/work/self-employment/thinking-of-starting-up-in-business](https://www.moneyhelper.org.uk/en/work/self-employment/thinking-of-starting-up-in-business)
If you’re serious about your SaaS, launch it tomorrow and start selling. It’s one thing to be writing software, it’s quite another to sell it successfully.
Be very hard on yourself and give yourself strict deadlines. You might not need money now, but you will in 6 months. If you want to avoid full-time work, then you’ve got a run way to get your sales up.
Do not take on debt unless you’ve built a solid customer base.
> I negotiated an extra £5k tax-free from my redundancy. So I’m thinking to use that £5k as initial funding for my business, which then leaves another £15k which covers ~5 months of living costs.
Sorry to ask a totally unrelated question with no input but as someone who sees the writing on the wall: how the bloody hell do you negotiate this? It’s such a one sided position to be in regardless of how good terms you are with an employer.
Personally I would get yourself established as a contractor full time before going part-time. I feel like you will struggle to go part time from the get-go.
Markets hard OP, consultancies are really in choppy waters now, firing up a SaaS business on your own without a network will be a battle. Take a contract / perm job until you’ve built a nest egg. Do your SaaS work in spare time. Build that network