Start a new business now?
I wonder if you fine folk can give me a little advice.
I have been claiming benefits for quite a while and they are presently due for revue.
I would prefer it if I came of benefits and became self employed using the New Deal programme that is available at the moment. I have a child and would like to be able to combine working and caring for him/her at home. I have attended several business link meetings and have signed up for some free training courses on business management etc.
The urge to become financially independant is great, but I am also painfully aware of the economic climate at the moment so I feel as though I am stuck between a rock and a hard place. I really don’t know if the government is pushing self employment as a tactic to reduce the figures of those claiming benefits or if it will keep unemployement figures lower, is this a genuine opportunity.
Obviously at the end of the day the government doesn’t care if my business fails but It would be a terrible thing for me and my family.
If it were any other time I would feel 99% confident that I was doing the right thing, but every time I watch the news the viewing is very depressing to say the least.
Do I continue claiming benefits or start up my own little business. My family are ‘pushing me’ in the right direction as it were because it is the most positive move I have made in years.
I would appreciate a little impartial advice if you would like to give it.
Thanks in advance.
I started my business as a lone parent, aged 25. I had been claiming income support for a short while after separating from my partner and had no intention of trying to survive on income support.
i discussed my ideas with my jobcentre plus adviser and got put onto a business start up scheme. then with a little £ help from the adviser discretion fund (ADF) for some start up costs (ie a printer, shredder, mobile phone and office chair) within 4 months i’d started my business and moved onto working tax credits.
as working tax credits were much more than income support it didn’t really matter if my business didn’t earn anything for a while as i was still better off, the only requirement being that i put in 16 hrs+ so i was still entitled to the working tax credit. this gave me time to build up my business and work on low cost marketing to get it off the ground.
one thing i can say is that it was the best thing i ever did and gave me and my daughter a better future. if you have the chance then i’d urge you to give it a go. if you are worried about the current economical market then stick to a low risk idea which isn’t going to lose you any money but has the potential to bring in some income and introduce you to the business world – then you’ll have much more experience and confidence once the economy improves and you’ll be able to achieve much more with the right service or product.
good luck with all your ideas. Rebecca x
I honestly would not do it at the moment. I suppose it does depend on what sort of business you are thinking about. But all business’s require capital and you will need an income live on. It would be awful to get into debt. I expect we could help if we knew what you were thinking of doing. There’s no shame on staying on benefits until the economy picks up and you can use the time to prepare a business plan. Just think ‘I won’t be claiming benefits for ever I have a plan, but it’s not the right time’.
Good luck
References :
retired business owner.
I started my business as a lone parent, aged 25. I had been claiming income support for a short while after separating from my partner and had no intention of trying to survive on income support.
i discussed my ideas with my jobcentre plus adviser and got put onto a business start up scheme. then with a little £ help from the adviser discretion fund (ADF) for some start up costs (ie a printer, shredder, mobile phone and office chair) within 4 months i’d started my business and moved onto working tax credits.
as working tax credits were much more than income support it didn’t really matter if my business didn’t earn anything for a while as i was still better off, the only requirement being that i put in 16 hrs+ so i was still entitled to the working tax credit. this gave me time to build up my business and work on low cost marketing to get it off the ground.
one thing i can say is that it was the best thing i ever did and gave me and my daughter a better future. if you have the chance then i’d urge you to give it a go. if you are worried about the current economical market then stick to a low risk idea which isn’t going to lose you any money but has the potential to bring in some income and introduce you to the business world – then you’ll have much more experience and confidence once the economy improves and you’ll be able to achieve much more with the right service or product.
good luck with all your ideas. Rebecca x
References :