Becoming an Entrepreneur
Self employment can be an attractive proposition for anyone, it is a chance to create a future for yourself and make a difference. A chance to start, run and grow a business. It can bring with it great rewards when it works out.
There are local business enterprise clubs dotted across the country that offer great support, advice and courses to guide you through the the minefield of considerations which you need to take into account in a start up. Here are some:
- Trading Entity: Will you be a Sole Trader, Parternership or Limited company
- Finance: How you will fund the venture. Grants, Loans, Crowd Funding.
- Accounts and book keeping
- Tax: Vat, income tax, corporation tax, national insurance, more at HMRC website
- Premises: Home or rented
- Business rates: paid to local authority
- Health and Safety
- Insurance: Employer and public liability, vehicle, premises, content and accident
- Wages and pensions
- Companies house registration. Trading names.
- Licenses depending on the type of business
So look up your local business enterprise club for help in starting up.
Want to start a business?
So you’ve decided to to start your own clothing line, make cards, chocolate or a bespoke app, the New Enterprise Allowance scheme maybe able to help.
This is government run scheme aimed at people who are on state benefits.
If you qualify you could be entitled to £65 for the first 13 weeks of being self employed and £33 for a further 13 weeks, in total a support package for the first 26 weeks of work.
You may also be eligible for a start up loan.
How do I sign up?
Firstly you would need to be on a qualifying benefit such Job seekers allowance.
You would need to have an idea which can be developed into a viable business.
Speak with one of the Work Coaches at your Jobcentre Plus office and discuss the fact you would like to go on to to the NEA Scheme.
Your Work Coach will then arrange a meeting with a local provider to discuss your idea.
If accepted you be assigned to a business mentor and business courses for 8 weeks. They will assist in producing a business plan, cash flow forecast, networking and any other support required to develop your idea into a start up business.
The mentor will also assist in accessing start up finance in the form of start up loans and grants.
My business plan is completed, now what?
Great, once your business plan is ready, it needs to be approved by the provider who then notifies the Jobcentre that you are ready to begin trading.
Ideally, as soon as are ready to trade you would meet with your Work Coach and make a claim to receive NEA.
Good luck with your idea, we wish it success