There has been a significant upturn in the number of start-up business ventures since pandemic restrictions set in across the UK last year.  

A recent study from The University of Law Business School (@UniversityofLaw) 1 found that 854,948 independent businesses have been set up since 23rd March 2020, a significant 43% increase compared to the same period a year before (594,957).  

Although some budding entrepreneurs are fortunate enough to be able to fund their projects with their own savings, some have no option but to start completely from scratch. With this in mind, experts at ULaw Business School have put together a guide to starting a business with no savings whatsoever.  

Start small and simple 

There are a number of potential upfront costs when starting a business which can put you in the red before you even get going. Paying for things such as designs, premises and services are nice to have but not always necessary at the start, so simplifying your operation from the get-go is important.  

By conducting your business predominantly online, using services such as the Cloud to store your information, free tools such as Canva to build your brand identity, and free conferencing tools such as Skype or Zoom for any meetings and networking, you’ll be able to build a support base for your company at virtually no cost. This will allow you to scale up and put more complex structures in place moving forward. 

Build around what you already have 

If you have a set of skills or can provide a service people want, you can start to monetise with little to no financial investment. If you’re willing to put in your own time and effort, you can adapt an idea to work around the resources you already have. 
There are many services you can provide as a business that might align with your current hobbies, such as photography or writing and editing. There is always demand and you can use the equipment you already have to expand these into paid services. Promoting your service or products on social media is a useful and free way to get your name out there, build a reputation and start building a loyal customer base. 

Calculate your costs and stick to a budget 

If you’re starting a new business project with no savings to fall back on, it’s important to properly plan and outline your expected costs before you do anything else.  

Having a breakdown of your potential outgoings from day one will help you set a clear budget to ensure you don’t spend beyond initially modest means. Forecasting any potential spend each month will allow you to set a target of sales you’ll need as a minimum. Doing this weekly will ensure you can keep track of your progress, which you can start to build on, and increase your spend as your product or service starts to gain traction.    

Run it as a side project (initially) 

There is an element of risk when starting a new business, particularly if your base level of finance is zero. One way to easily minimise this risk is to keep hold of any full or part time job you have as a means of slowly funding the project. This will likely mean more working hours to balance both projects but could pay off in the long run. 

If you can keep any non-essential costs to a minimum to begin with, any money you do put into any project will help you expand and grow once that becomes necessary. Finally, be sure to seek advice or speak to an accountant to manage any tax implications that come with self-employment alongside full-time work. 

Explore government support 

You don’t always have to take a leap of faith financially when starting a business. If you have no notable funds to launch your venture, there’s an array of government support schemes to help you get things off the ground.  

The government's Business Finance Support Finder can offer entrepreneurs different methods of financial aid, whether that’s a business grant or a flexible loan you can pay back in your own time. The options can be tailored to your own circumstances to ensure you get the right amount of support to help you. Make sure you have a solid business plan in place if this is something you choose to apply for, as it will most likely be an integral part of the application. 

Marco Mongiello, Pro Vice-Chancellor, The University of Law Business School, commented: “There is no doubt that more and more people are gaining the confidence to start out on their own, with the additional time at home due to pandemic restrictions inspiring Brits to get creative and try to monetise their skills. 

“However, whilst there are plenty of success stories of businesses born in lockdown, the challenges facing new start-ups are significant, particularly for those starting out on a modest or non-existent financial foundation. 

“In an increasingly digitised world, running a business remotely at very low cost is now more common than ever and we are confident these tips will help inspire entrepreneurs that may have been apprehensive about starting a business venture with no savings to fund it.” 

To find out more about The University of Law Business School, please visit our wesbite.


You may also be interested in these articles:

Sponsored Video

Register, Login or Login with your Social Media account:


Upcoming FE Events

Advertiser Skyscrapers

Newsroom Activity

AELP Events added a new event 10 hours

Designated Safeguarding Lead Training in FE

Overview It is a statutory requirement for professionals meeting ‘robust 2-yearly training’ for those with a lead or designated professional role...

  • Thursday, 14 October 2021 09:30 AM
  • Online

Latest Education News

Further Education News

The FE News Channel gives you the latest education news and updates on emerging education strategies and the #FutureofEducation and the #FutureofWork.

Providing trustworthy and positive Further Education news and views since 2003, we are a digital news channel with a mixture of written word articles, podcasts and videos. Our specialisation is providing you with a mixture of the latest education news, our stance is always positive, sector building and sharing different perspectives and views from thought leaders, to provide you with a think tank of new ideas and solutions to bring the education sector together and come up with new innovative solutions and ideas.

FE News publish exclusive peer to peer thought leadership articles from our feature writers, as well as user generated content across our network of over 3000 Newsrooms, offering multiple sources of the latest education news across the Education and Employability sectors.

FE News also broadcast live events, podcasts with leading experts and thought leaders, webinars, video interviews and Further Education news bulletins so you receive the latest developments in Skills News and across the Apprenticeship, Further Education and Employability sectors.

Every week FE News has over 200 articles and new pieces of content per week. We are a news channel providing the latest Further Education News, giving insight from multiple sources on the latest education policy developments, latest strategies, through to our thought leaders who provide blue sky thinking strategy, best practice and innovation to help look into the future developments for education and the future of work.

In Jan 2021, FE News had over 173,000 unique visitors according to Google Analytics and over 200 new pieces of news content every week, from thought leadership articles, to the latest education news via written word, podcasts, video to press releases from across the sector, putting us in the top 2,000 websites in the UK.

We thought it would be helpful to explain how we tier our latest education news content and how you can get involved and understand how you can read the latest daily Further Education news and how we structure our FE Week of content:

Main Features

Our main features are exclusive and are thought leadership articles and blue sky thinking with experts writing peer to peer news articles about the future of education and the future of work. The focus is solution led thought leadership, sharing best practice, innovation and emerging strategy. These are often articles about the future of education and the future of work, they often then create future education news articles. We limit our main features to a maximum of 20 per week, as they are often about new concepts and new thought processes. Our main features are also exclusive articles responding to the latest education news, maybe an insight from an expert into a policy announcement or response to an education think tank report or a white paper.

FE Voices

FE Voices was originally set up as a section on FE News to give a voice back to the sector. As we now have over 3,000 newsrooms and contributors, FE Voices are usually thought leadership articles, they don’t necessarily have to be exclusive, but usually are, they are slightly shorter than Main Features. FE Voices can include more mixed media with the Further Education News articles, such as embedded podcasts and videos. Our sector response articles asking for different comments and opinions to education policy announcements or responding to a report of white paper are usually held in the FE Voices section. If we have a live podcast in an evening or a radio show such as SkillsWorldLive radio show, the next morning we place the FE podcast recording in the FE Voices section.

Sector News

In sector news we have a blend of content from Press Releases, education resources, reports, education research, white papers from a range of contributors. We have a lot of positive education news articles from colleges, awarding organisations and Apprenticeship Training Providers, press releases from DfE to Think Tanks giving the overview of a report, through to helpful resources to help you with delivering education strategies to your learners and students.


We have a range of education podcasts on FE News, from hour long full production FE podcasts such as SkillsWorldLive in conjunction with the Federation of Awarding Bodies, to weekly podcasts from experts and thought leaders, providing advice and guidance to leaders. FE News also record podcasts at conferences and events, giving you one on one podcasts with education and skills experts on the latest strategies and developments.

We have over 150 education podcasts on FE News, ranging from EdTech podcasts with experts discussing Education 4.0 and how technology is complimenting and transforming education, to podcasts with experts discussing education research, the future of work, how to develop skills systems for jobs of the future to interviews with the Apprenticeship and Skills Minister.

We record our own exclusive FE News podcasts, work in conjunction with sector partners such as FAB to create weekly podcasts and daily education podcasts, through to working with sector leaders creating exclusive education news podcasts.

Education Video Interviews

FE News have over 700 FE Video interviews and have been recording education video interviews with experts for over 12 years. These are usually vox pop video interviews with experts across education and work, discussing blue sky thinking ideas and views about the future of education and work.


FE News has a free events calendar to check out the latest conferences, webinars and events to keep up to date with the latest education news and strategies.

FE Newsrooms

The FE Newsroom is home to your content if you are a FE News contributor. It also help the audience develop relationship with either you as an individual or your organisation as they can click through and ‘box set’ consume all of your previous thought leadership articles, latest education news press releases, videos and education podcasts.

Do you want to contribute, share your ideas or vision or share a press release?

If you want to write a thought leadership article, share your ideas and vision for the future of education or the future of work, write a press release sharing the latest education news or contribute to a podcast, first of all you need to set up a FE Newsroom login (which is free): once the team have approved your newsroom (all content, newsrooms are all approved by a member of the FE News team- no robots are used in this process!), you can then start adding content (again all articles, videos and podcasts are all approved by the FE News editorial team before they go live on FE News). As all newsrooms and content are approved by the FE News team, there will be a slight delay on the team being able to review and approve content.

 RSS IconRSS Feed Selection Page