HOw does unemployed with business ideas get a help ?

Ehi

hi guys
I lost my job months back and starting an online business

All jobs I have been applying for, say I am over qualified or declining me. I have now applied for Uber (taxi) lic and now behind in my bills. The taxi lic  takes 2 - 3 months

Is there any help for unemployed with both a business ideas and waiting for my taxi lic ?

I have a car on finance costing £9,000 and a number of expensive gagdets at home, I dont want to pawn. But need assistance

please keep it polite, many thanks
Ed

Brie

I would suggest that we move this to the debtfree wannabe board so people can help with the bills part of the problem.  And maybe look for the small business board to repost for ideas for your business financing.

On the debtfree wannabe board the first thing is that people will want to see you budget - all your income (assuming you're getting at least job seekers or whatever it's called now) and all your expenditure based on a couple of month's bank/card statements.  Pop those into the statement of accounts (SOA, see my signature for the link) and copy it on to this post and people will help you deal with getting through the time until the money starts to come in. 

Meanwhile I'm assuming you will need to ensure that your car insurance will cover you for using the vehicle for business - might mean a (hopefully slight) increase in premium. 

tacpot12

Have you  been claiming JSA? If so, I would suggest asking at the Jobcentre.

Ehi

hi guys
I lost my job months back and starting an online business

All jobs I have been applying for, say I am over qualified or declining me. I have now applied for Uber (taxi) lic and now behind in my bills. The taxi lic  takes 2 - 3 months

Is there any help for unemployed with both a business ideas and waiting for my taxi lic ?

I have a car on finance costing £9,000 and a number of expensive gagdets at home, I dont want to pawn. But need assistance

UC said, they can only offer me emergency food allowance. I will be posting as advice in the Business forums also. But for now I need help. As adviced here https://forums.moneysavingexpert.com/discussion/comment/81736811#Comment_81736811

please keep it polite, many thanks
Ed

soolin

@Ehi please remove your personal link, asking for donations is against MSE rules. 

Desmond_Hume

What’s the business idea?

Ehi

Desmond_Hume said:

What’s the business idea?

I have a number.

I built an online money transfer app, but had to abandon it, as I though it required software compliancy and security standards, which I built into the system myself, the FCA regulations for compliancy, requires a tonne of docs, and asked me to go back to the drawing board. e.g KYC, AML, Reporting etc

So right now, I have developed a very comprehensive online messaging and social communication system with management. I am hoping to launch early next year. But at the moment out of funds, I tried applying to startuploans.co.uk who rejected my ideas, because they said its not new, having years of experience with IT and they dont support legacy ideas

So now, I while waiting for my taxi lic, I need an urgent loan. I can show evidence as I am legit

I am happy to demo a few of my serivces if needed. But would hide my UNIQUE SELLING POINT

NotArobot24

Ehi said:

hi guys
I lost my job months back and starting an online business

All jobs I have been applying for, say I am over qualified or declining me. I have now applied for Uber (taxi) lic and now behind in my bills. The taxi lic  takes 2 - 3 months

Is there any help for unemployed with both a business ideas and waiting for my taxi lic ?

I have a car on finance costing £9,000 and a number of expensive gagdets at home, I dont want to pawn. But need assistance

please keep it polite, many thanks
Ed

Ehi said:

Desmond_Hume said:

What’s the business idea?

I have a number.

I built an online money transfer app, but had to abandon it, as I though it required software compliancy and security standards, which I built into the system myself, the FCA regulations for compliancy, requires a tonne of docs, and asked me to go back to the drawing board. e.g KYC, AML, Reporting etc

So right now, I have developed a very comprehensive online messaging and social communication system with management. I am hoping to launch early next year. But at the moment out of funds, I tried applying to startuploans.co.uk who rejected my ideas, because they said its not new, having years of experience with IT and they dont support legacy ideas

So now, I while waiting for my taxi lic, I need an urgent loan. I can show evidence as I am legit

I am happy to demo a few of my serivces if needed. But would hide my UNIQUE SELLING POINT

I have siblings who have software dev company and other family members are in funding of tech start ups.

What you need to understand is that there are stages of funding and for a project like yours it is a chicken and egg situation in terms of success and funding.  The stages are explained here:

https://www.investopedia.com/articles/personal-finance/102015/series-b-c-funding-what-it-all-means-and-how-it-works.asp

My family member does not even look at anything under £10m usually at B or C stage, they have to test all the projections, track record and a plethora of other stuff, then they have to get it past compliance and only after that can they structure a debt around the customer needs and affordability. 

Most people think too small,  I have known people who turnover millions not get contracts because the Gov wanted to spend billions.

There are angel investors, they will need extremely solid business plans and you would need to be squeaky clean, they will probably rob you blind, just watch Dragons Den on their YouTube channel, they very rarely take on any serious risk, the ideas they invest in are pretty much proven.  Of course they do not go near people who have not funded their own income requirements into the business.

The USP often needs to be YOU, your ability not just to make the App do something others do not as well as keep ahead as competitors follow.  Microsoft never wrote an original OS, PC-Dos was written for another platform, Windows was clone of Mac which was a clone of Xerox.  NT which became the Win7 was a joint development with IBM on OS/2 the Microsoft staff being mostly ex-Digital.  Their first Phone OS failed miserably because they did not get the necessity for Apps.  Yet they have the will and drive to survive and grow on the next big wave.

Google is truly awful at UI, anyone who has used their marketing platforms will attest to that, Chrome OS on mobiles is pretty dire, Apple IOS is not a lot better but so much better than Chrome, GrapheneOS is a clever diversion, dealing with the complete lack of privacy internet wide.  I mention these just to show you how there can be big players who are market leaders not because they have the best product and service offering but because they have money and economies of scale.  

Look at eBay, it is truly awful these days, you would think that it was a niche just begging for a competitor and there is the signs of one in Vinted but even that has proved self limiting.

They say the most dangerous word in a business plan forecast is the word IF, but you need to consider what happens when IF is not achieved.  Plenty of people can sell the sizzle of an idea and fool big financiers, just look at film or documentary

WeCrashed

https://www.imdb.com/title/tt12005128/

WeWork  documentary

https://www.imdb.com/title/tt11188154/

I recently took a look at an app company after seeing their awful ads, it really is the worst thing but what they got right was making it look right, loads of jobs for all the staff in all the countries.  I am convinced they will fail miserably.  I have seen all their funding data on various investment sites online, including one where they bought a competitor, but they dumped the most valuable asset of that acquisition, the brand.

If you go with someone like one of the Dragon's Den / Shark Tank type investors they will likely look to replace you as soon as they can.  There is a site that shows where all of the DD investments are now, if you then go and look at the DD companies on Companies House, look at the filings you will see that very very few survive that DD investment.  Often funding at that level is just provided to fund you enough to where you will need more and be forced to dilute for their additional funding.

With the greatest of respect yours could be a scam just looking for someone with money to lose.

I could get software written up in days for almost any design, problem is that the developers would try to sell it on tradebit for $20.  You can buy a clone of so may apps and websites on there, which can easily be polished up for a demo for "investors".  A friend of mine writes virtual reality software, he was paid £50k because he was very credible but only kept on board long enough for the MD to sell the hot air company to a bunch of people in a WhatsApp group.  It was a huge scam.

There are also legit white label ready made apps that can be made to look convincing so able to con anyone, they are essentially franchises and you are the salesman.

If you are a decent coder there is plenty of work out there, a good linked in profile would get recruiters coming after you, so I am not really buying the "too experienced"  line.

I think if you have something truly unique you might want to sell it to an existing bank or other FCA authorised company who lacks but wants such a product. If you go down that route think big.

Companies that sell Financial products need super solid executives, even a non-exec Director of such companies are subject to serious vetting.  KYC is super serious, have you looked at the sanctions list of Russian companies and their linked companies, it is huge. It is compliance that adds costs that makes things not as cheap as you think they might be.

Why does the world need another online money transfer app?

Why does the world need another online messaging and social communication system with management?

If you came up with a super brilliant USP, how long would it take for the competitors with deeper pockets to copy you and take you out of the market.  Did you file patents, are you really sure there are not existing patents, even if they are not implemented by the owners?

Uber will just exploit you, my brother worked for them during a gap in employment, he made the mistake of not really counting all the costs, he was trying to hang onto his car but the extra insurance and other overheads meant he was working for less than minimum wage, that for someone with good rep and getting a lot of work.  The App punishes those who try to work around it and that app is a slave driver with an algorithm. 

With respect good business ideas are ten a penny, the skill to run a company, a big company are rarely in the people who have a good idea.  You say you have a number of business ideas, that suggests to me that you have not found the "killer app" the one that is so good you will sell your right arm to make happen, moreover you have probably not done the marketing and market research.

Why would anyone invest in something where they could not see the USP, it is the USP that with the right financial backing would pay for the marketing and company infrastructure.

You posting a link would also put me off, comes over as a scam, I am not saying it is, just how it reads.