Redundant and want to start out alone

Sazzyukrafc

I've been redundant for the third time in the past two years and I'm starting to get rather downhearted by the whole thing. I've always had content/copy/editorial/PR jobs and it seems like those jobs are always the first to go. Although I'm applying for similar jobs, I don't want to be in the same position a few months down the line.

I've always dreamed of running my own business, I'm a well grounded, hardworking and educated person, and I believe it's something I could make a go of. It would require a small premises and there is actually one for rent near me, which would be ideal.

Unfortunately, I don't have any money saved up to put towards this and to be honnest, I have no idea where to start. Is there funding available? Is a business loan the way to go? I believe you can still receive Job Seekers Allowance for 6 months to make a go of your own business.

This is something that could also be an online business and eventually moved to a shop presence, so any advice about an online business would be welcome.

Advice on setting up a business and what I have to pay would also be appreciated.

moneypooh

Look up and contact your local Business Link:

http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1073858805

There is a wealth of help out there. (and on here too)

Good Luck.

Horace

There used to be a New Deal programme where you could be self employed and test trade for 6 months and still get your dole money but this has changed and they are no longer so flexible. It is very hard to get funding for anything - I am still looking and I have been officially self employed (no dole) since April last year. It is possible to set up on a shoestring. Look at 123-reg for your domain name as they seem to be cheapest - you will probably need a website.

Contact businesslink in the first instance as they have free advice and free courses to go on. When you have decided on self employment and start you need to contact the HMRC immediately to sort out your tax and class 2 NI - you can apply for an exemption for your class 2. If you are on a low income then you could try and ask the HMRC for some working tax credits - I get just over £50 a week (still get housing and council tax benefits), you get more WTC if you have kids.

It is hard but I am getting there - things are slowly improving for me since I joined a networking group, you can join their online forum for free (loads of PR peeps on there) https://www.4networking.biz and if you want to go to their breakfast meetings you are allowed 3 visits then you have to join.

Good luck.

fuzzball172

To set up your own business...

What do your REALLY need to spend money on to start up? Can you work from home to start with? Most office work can be done at home, you can hire office space in most towns by the day for meetings if needed.
Advertising - You no doubt know your customers, where do they look to get your kind of service? pay for that advertising, it pays for itself in the long run
Starting - Just do it. You must tell the HMRC that you are self employed once you start taking money.
Advice - here is good, your local council will probably run help courses for basic book keeping skills, tax skills etc... normally free to start ups and self employed.

You did not say what you intend doing, but my advice is try it without spending much money. Do you really need a premesis? Could you not try it out from the kitchen table and your home PC? Its really easy to waste money setting up, buying all the trappings of a 'business' but if you think creatively you may have everything you need at home already.

I bought a £5 invoice book from a stationary shop, had 500 cheap business card printed and a £500 advert in yellow pages (paid via direct debit over 10 months @ £50 per month). So first months expenses £65 and I was in business. I did some cold calling, some part time teaching and some agency work and cajoled friends and family to hand out my cards...
four years on I'm still in business and loving almost every minute...

Good luck

paulwf

Contacting Business Link as mentioned above is excellent advice, they run courses in most areas that are totally free and at a range of times.

Could you please tell us what you intend your business to be? Once you have the concept the next stage is to write a business plan. This has sections such as market research, start up costs, cash flow projections and so on.

Generally business plans come together bit by bit. Once you have a concept for your business then you can determine what type of location is best and your size requirements and from there you can estimate your start up costs and turnover. From that you might decide the start up costs are too high so might tweak the concept and location...every bit comes together over time, you don't usually decide on one bit then work from there.

My advice would be to keep looking for another job for now whilst working on the project. Many businesses take up to a year to fully get off the ground, and this is good because rushing things and not planning can lead to failure, so if you can find employment now you can then take as much time as it needs plus build up some funds.

The first half of the book Go It Alone by Geoff Burch is a good read (should be on AbeBooks for £2-3), it will help you to see what is involved and where to spend your money.