DRO and starting out as sole trader

jamesshowmethebargains

Hi
In 2012 I took out a DRO as I found myself in a position where I couldn't pay creditors and make ends meet. The years period finished in July last year. even though I know my credit rating has been affected I feel it is a big millstone from around my neck as I have lad some form debt since I was 18, I am 41 now .

I am currently out of work and as I can't seem to get past the interview stage with jobs, I was thinking of making things happen for myself and starting up my own business, in the form of a market stall. I have over 20 years experience in retail and currently I'm making a modest success of carboot sales.
Would the fact that I have been subject to a DRO mean that I couldn't run my own business ?

I know I would find it almost impossible to get credit which is why I am looking at the market stall route instead of permanent retail premises.

Any advice re DRO, or the business idea would be much appreciated.

Regards

James

longtermplanner

Your DRO will only affect becoming a sole trader because you will find it very hard to obtain any credit to buy stock.

re the business idea. To be honest it's a hard way to make as much money as you would from a minimum wage job, and there is no sick pay or holidays. Why can't you get jobs if you have retail experience?

jamesshowmethebargains

Hi, thanks for the reply.

The short answer is that I have an unspent conviction. It's something I definitely regret, and have taken full responsibility for..
I'm not one of the typical "they won't give me a job" types but did hope that over 20 years unblemished record with just 2 employers would count for more than it obviously does.
I'm getting the interviews, have spot on cvs, but I'm convinced the conviction is the stumbling block.
I am even offering to work extended probationary periods.
I even had a job offer as Store Manager from Poundland, due to an oversight they never asked me to declare any convictions, I wasn't sure where I stood so I declared it at that point and they retracted the job offer. So that really proves it.

That is why I have started to think about going down the sole trader route.

Regards

James

If anyone has any advice or pointers, it would be great to hear them.
Please don't think I feel I'm owed anything as it's my fault I'm in the situation, but it would be nice to just get a fair chance.

UpToMyNeckInIt

Hi James,

Going self employed has its pitfalls as described above, but it can also be incredibly rewarding. Personally, I would hesitate to become employed again as I love being my own boss.

Have you thought of setting up your own Ltd. Co. Rather than being a sole trader? If you succeed in the long run you will pay less tax/NI etc. But also, instead of being 'someone with previous' trading as 'someone with previous', you become the MD of 'Show me the bargains Ltd' (or whatever you choose to call your company), and/or a relatively anonymous employee whenever it suits.

Have a chat with an accountant initially.

Another difficulty may be setting up a business bank account. 'Cash Plus' and 'Card One Banking' will offer to insolvent customers. Alternatively, your accountant may agree to have the account in they name, with you as a signatory.

Sorry to hear that your previous conviction seems to be the sticking point with getting a conventional job, and I'm not sure if it will hinder you with getting bank accounts either.

Good luck.

longtermplanner

You could try Timpsons - they have a reputation for employing people in your situation: http://www.timpson.co.uk/current-vacancies.php