UC migration from WTC - Business plan for self employed commitment interview

Carefulspender1

Hello, I have new question re WTC to UC migration that I'm hoping someone here can help with.

My partner and I are both sole traders for the past 20 years. Neither of us have a business plan. We have received separate appointments for our initial work coach commitment interview and have gathered together most of the information required by them.

However, we're not sure what to do about the business plans that are listed to bring along to the interview. I will be retiring next year and my partner in 5 years. Does anyone have any experience or knowledge as to whether a full detailed business plan is essential if we have already been trading for 20 years? Many thanks.

huckster

No you don't need a formal business plan.  But you will have to discuss current business and what you are currently doing to maximize the amount that you can earn from your self-employment. e.g. marketing, seeking new clients.

Carefulspender1

huckster said:

No you don't need a formal business plan.  But you will have to discuss current business and what you are currently doing to maximize the amount that you can earn from your self-employment. e.g. marketing, seeking new clients.

Thank you for responding. Well that's a relief! What I didn't say was that both our earnings from the business have been reducing since the pandemic - I'm assuming that if we both go armed with some ideas for marketing to increase the numbers they will give us a years grace ie the transition period, to make a difference. With both of us trading for 20 years individually surely they can't say we're not gainfully employed and make us look for full time jobs can they?

huckster

I would think you would be found gainfully self employed and not have to seek normal employment. 

But much would depend on recent earnings and whether you had self employed work in the pipeline or good planning to achieve better earnings. 

If your business is failing earning you minimal income with no improvement appearing to be happening anytime soon, you could be found not gainfully self employed. Therefore you need to be searching for jobs.

Carefulspender1

huckster said:

I would think you would be found gainfully self employed and not have to seek normal employment. 

But much would depend on recent earnings and whether you had self employed work in the pipeline or good planning to achieve better earnings. 

If your business is failing earning you minimal income with no improvement appearing to be happening anytime soon, you could be found not gainfully self employed. Therefore you need to be searching for jobs.

Thanks - we've both got work lined up but just not as much as pre pandemic but hopefully it will be enough for them to allow us to continue our claim.