Should I Venture To Start My Own Business?

FOX_HOUND

Truegho wrote: »

Being fed up with signing on and getting nowhere with countless job applications, I am now contemplating starting my own business. Being good at HTML, that business will probably take the form of a self-built website. However, I was just wondering if going it alone would be a good step? My main fear is would I mess all my money up by leaving JSA?

As a single guy, who would be spending about 30hrs a week on my site, I know I would get WTC. However, if the business takes a few years to grow, what then financial wise? How long does the New Enterprise Allowance scheme run for, and how much would I get? And would I still have to attend the jobcentre to see this Business Menotor they are supposed to refer you to?

(Sigh) Questions, questions. Hope somebody can really help me here, as I really do want to work for myself, but obviously am a little uncertain about taking the step of signing off JSA until I can be absolutely sure I won't end up worse off.

Hello, I respect your endeavour.

However as others have said signing off is easy. Signing back on could be fraught with difficulties. IF IT WERE ME, i would go under the radar and see how its gets on. Do what is best for yourself. Its called self-preservation.

Truegho

Emmzi wrote: »

There isn't much to lose n trying, is there?

Yes, you're right. I WILL have a go at it. Problem is, as I have said, trying to be 100% sure that I won't mess up my money with the process of signing off, duration of waiting for Tax Credit to come through etc. etc.

Emmzi

Don't sign off. Right now it is a hobby! If you do generate income, worry about it then.

red_devil

i wouldnt sign off yet.

Mistral001

Emmzi wrote: »

Don't sign off. Right now it is a hobby! If you do generate income, worry about it then.

I agree. The OP's caution with regard to this business may well be not mis-placed. He needs to start to see income grow before he can gauge whether it is a viable business so I would not do anything rash.

Once income starts to grow and he can see some real income from affiliate marketing and not just a few £'s then is the time to think of it as business you can make a living out of.

sdt1986

If you're thinking about making money through websites of interest, i.e blogs, then you will need a long time to start driving traffic to your site, what do you know about seo etc?

I'm looking at doing it in the future and it certainly looks like hard work, but I'm doing it as an hobby that may eventually fund the topic in question.

I'm not aware of this jobcentre stuff though, are you actually telling me that you can get wtc and that new enterprise money whilst setting up an affiliation website etc? If so that's awesome!

Truegho

Well, I think some people have successfully gone on the New Enterprise Allowance scheme and can claim WTC, plus a weekly allowance (I think) for up to six months. However, I would have to find out more about this from my jobcentre before I take the step of going it alone.

sdt1986 wrote: »

If you're thinking about making money through websites of interest, i.e blogs, then you will need a long time to start driving traffic to your site, what do you know about seo etc?

I'm looking at doing it in the future and it certainly looks like hard work, but I'm doing it as an hobby that may eventually fund the topic in question.

I'm not aware of this jobcentre stuff though, are you actually telling me that you can get wtc and that new enterprise money whilst setting up an affiliation website etc? If so that's awesome!

sdt1986

Truegho wrote: »

Well, I think some people have successfully gone on the New Enterprise Allowance scheme and can claim WTC, plus a weekly allowance (I think) for up to six months. However, I would have to find out more about this from my jobcentre before I take the step of going it alone.

I think my cousin did it, I find it ludicrous for such a venture, I could understand it if you were forced to write a business plan and pitch that plan to a DWP staff member who could decide whether it was worth while etc, but to offer it as a blanket benefit I find unreal. Keep me informed if you do it though, good luck.

rockstar

AM is not a viable income for at least a year (and even then thats optimistic at best) Generally people earning a livable income doing AM do so by having around 10+ good quality high traffic websites. I would agree with the general consensus here that do it as a hobby (whilst you have lots of free time) and if it takes off for you, then declare it. But it is hardwork and you need to know way more than just html.

Do you have any updates OP?