New Enterprise Allowance scheme - My story

andyscott

rosered1963 wrote: »

I wasn't talking about working tax credits. I said "possible support from elsewhere" for over 50's (in setting up in s/e) eg Princes Trust scheme etc. All seem to be loans and mentoring, not grants. I was told about another new govt backed start-up loan scheme today via the Institute of Enterprise and entrepreneurs for under 30's only http://getstarted.ioee.co.uk/ which is why I asked if Andy was under 30 or over 50.

Thanks for the link. Do you know anyone personally who has applied for this?

I hope I am wrong but I feel this is another one of those schemes started by the government just to fullfil election promises.

I always feel that these schemes are weakened when they are actually been run by a company whos aim is to make profit.

Its the same with programmes such as working programme all these providers get paid for putting people on courses, making them attend meetings etc

I had a look at the get started website and was wanting to enquire if a credit check is done on loan applications but the only way to contact them is by filling in a contact form where you must give full name, full address, telephone number, email address and date of birth. I think that is giving to much personal info for just wanting to ask a simple question.

On the contact form there is not even a bit to say why your contacting them. lol

When I first heard about NEA I spent a lot of time surfing the net looking for info. There was info out there but it was scarce but with get started there is even less. I acnt actually really find much on it except for their own website.

even when I google government get started business nothing for it comes up on the first page which to me is a bad sign.

Lady_strange

The under 30's start up loan scheme, I applied for it, and got it. The NEA took out alot of the work from it for me, as I already had a business plan and cash flow forecasts done. I applied for it the day it went up to 30, and after a couple of weeks of tooing and frowing, I got the money at the beginning of March.

andyscott

Lady_strange wrote: »

The under 30's start up loan scheme, I applied for it, and got it. The NEA took out alot of the work from it for me, as I already had a business plan and cash flow forecasts done. I applied for it the day it went up to 30, and after a couple of weeks of tooing and frowing, I got the money at the beginning of March.

Thats better now that I know someone on here has actually got it. You never can tell with these schemes until you hear from someone to has been there.

Was there a credit check done with the loan application?

WantToBeSE

andyscott wrote: »

How confident is everyone about their planned business been a success.

I seem to have this issue where every morning when I wake up for the first hour or so I feel very negative about my idea and just feel it will never work.

Hey Andy,
i have been keeping quiet on this thread since the recent bout of negativity, but i just wanted to reassure you that i feel the same.
Sometimes i think "why not just get a job working for someone else"...but then i have to remind myself of all the reasons that i went for it in the first place.
My main concern is (obviously) getting enough clients, so i am going to focus the main bulk of my time on marketing/advertising.

I am reasonably confident of mine being a success, mainly because it requires very little initial outlay, just some cleaning stuff (As well as PLI) and money for advertising. Without giving too much away, i know there are 3 other cleaners in my area, but nobody with the 'twist' on it that i will have, and that is my Unique Selling Point.

Take Care.

andyscott

WantToBeSE wrote: »

Hey Andy,
i have been keeping quiet on this thread since the recent bout of negativity, but i just wanted to reassure you that i feel the same.
Sometimes i think "why not just get a job working for someone else"...but then i have to remind myself of all the reasons that i went for it in the first place.
My main concern is (obviously) getting enough clients, so i am going to focus the main bulk of my time on marketing/advertising.

I am reasonably confident of mine being a success, mainly because it requires very little initial outlay, just some cleaning stuff (As well as PLI) and money for advertising. Without giving too much away, i know there are 3 other cleaners in my area, but nobody with the 'twist' on it that i will have, and that is my Unique Selling Point.

Take Care.

I'm sure I can remember you saying you had completed the forms and were just waiting to see business advisor, have you had a meeting with them yet?

WantToBeSE

Yep, i filled in the forms lat week. I am just waiting to hear from the business advisor...no word as of yet. I am not sure how long it usually takes, but i was told it'd be this week. Still waiting.
I don't mind the waiting though,as i am busy getting on with writing as much of my business plan as i can

The more i write my business plan, the more i get excited and motivated about doing this.

Lady_strange

andyscott wrote: »

Thats better now that I know someone on here has actually got it. You never can tell with these schemes until you hear from someone to has been there.

Was there a credit check done with the loan application?

I just had to send off a simple credit check from experian, was worried I wouldn't get it, as my credit isn't that great, but because it is a government backed scheme, there were no issues. ANd it is interest only repayments for the first year, which gives you chance to set up.

andyscott

WantToBeSE wrote: »

Yep, i filled in the forms lat week. I am just waiting to hear from the business advisor...no word as of yet. I am not sure how long it usually takes, but i was told it'd be this week. Still waiting.
I don't mind the waiting though,as i am busy getting on with writing as much of my business plan as i can

The more i write my business plan, the more i get excited and motivated about doing this.

How do you feel you have done in regards to market research into your idea? As you said earlier you have 3 competitors in your area but you have a USP but you dont really want to start telling people about your USP becasue if 1 of your competitors hear about you they could start using your USP before you get your business started.

WantToBeSE

andyscott wrote: »

How do you feel you have done in regards to market research into your idea? As you said earlier you have 3 competitors in your area but you have a USP but you dont really want to start telling people about your USP becasue if 1 of your competitors hear about you they could start using your USP before you get your business started.

Well i have a date in mind for officially starting to do leaflet drops etc, this will be the 1st day that i start as SE too. If someone takes on my idea and uses it, well there isn't much i can do about that, except make my customer service better than theirs.
I know the areas that are not covered by the other cleaners, so that's a start.
Also, my USP would take time to research and time to start up, so if someone decided to steal my idea, it would be long after i had started..so everyone would know they were stealing my idea

WantToBeSE

Oh, also, i have thought about my USP carefully, and researched the best shops/areas to advertise. There is a certain type of person (i think) that would be more open to using my services because of its USP, and it's figuring out where these people shop, where they spend their time etc, and making sure i advertise there.