Should I Venture To Start My Own Business?

Truegho

Having become utterly fed up with being unable to find a job, I am now seriously considering starting my own online business. This would probably take the form of building a small chain of websites relating to subjects for which I have a passion (e.g. movies, paranormal etc.). However, before I take the step, I would just like to ask you all what do you think of this idea? Should I take the plunge, or what?

Obviously, all the uncertainties about messing my money up with leaving JSA and going self employed are plaguing my mind, timing of claiming WTC etc. (I am now 50 and a single male with no kids). I don't want to end up with no money while I wait for all this to be sorted out.

I asked my advisor at the Jobcentre about this, and she said that I would be entitled to the Enterprise Allowance Scheme, and possibly my WTC on top. Are there any experts on this who would be able to advise me? Also, if I said to HMRC that I would be working 30hrs pwk on my websites, what proof would they need of this?

I really want to start my own business, so any advice you could give really would be welcomed.

Caroline_a

Not quite sure how you would make any money from a series of websites, what would people be paying for? Also, are you experienced in web design?

Emmzi

The big question is, how would you generate revenue?

If it is by adwords etc I might start by plugging some articles into something like suite 101 and see how long it takes to make any return. More profitable may be seeing if you can get some freelance writing work for magazines - try getting hold of the Writer's Yearbook for contacts and ideas.

Truegho

Yes, I am experienced in web design.

I would monetise my sites by including Adsense adverts, affiliate products etc.

I might even set up a membership site to boost my income with recurring fees.

Caroline_a wrote: »

Not quite sure how you would make any money from a series of websites, what would people be paying for? Also, are you experienced in web design?

sofaspud1234

Sorry but you won't make any real money with adwords, adsense or even amazon...you earn peanuts! I know because I have around 12 websites and have had some of them for a number of years. You really need to sell products.

I suggest you do websites in your spare time and keep looking for a job.

Truegho

I take your point. But what about some these entrepreneurs who have made quite a bit of money using Adsense and affiliate links?

I can't get a job, as there are too many applying for each vacancy, and I never hear back. Very demoralising. Hence my reason for considering starting my own business.

sofaspud1234 wrote: »

Sorry but you won't make any real money with adwords, adsense or even amazon...you earn peanuts! I know because I have around 12 websites and have had some of them for a number of years. You really need to sell products.

I suggest you do websites in your spare time and keep looking for a job.

saintjammyswine

Def. speak to your advisor about the Enterprise Allowance. Also look into local not-for profit and social enterprise organisations. Depending on what is around where you are you may be able to get free coaching and other very useful advice & information.

bluenoseam

man i'll be honest with you, you're trying to make money in a market where you're going to struggle to break in & even then, pay for what exactly? If i want to hear an opinion on something i'll go online & get it free of charge, honestly the money in that is so miniscule you'd be bankrupt inside a week, by all accounts this is a "spare time" project, but replacing a job in terms of income levels is unrealistic, especially when you factor in the costs (webhosting, licensing if you want to use images, paying to see movies) it's not viable.

I get you're at the end of your tether with regards to finding a job (i'm there myself, trust me!), but this idea would NOT be the answer to the question - i would rather see you find this out now before you lose any money on it!

sofaspud1234

If you have web design skills you could look at sites like payperhour, vworker and earn some money that way.

Jingo

I say go for it. Just be clever about how you do it.

Get a website up and running (you can get a domain and hosting for peanuts to start with), work on it as much as possible whilst you are unemployed and have the time. Aim to add, say, 4 pages/posts a day and within 4 months you'll have a 400 page website.

If you are careful about the niche you choose, if you do your research and make sure that the content is relevant and useful, the traffic will come.

Then, and only then, think about adding Adsense/Affiliate links and telling the Job Centre about it. Up until that point it is a hobby, so they don't need to know.

What do you have to lose? If you find a job during that time, just keep the site as a sideline.