How Much You Need To Live
Starting Your Business
If you wish to start up in business or self employment while you are receiving Job seekers Allowance or Universal Credit you will need to apply to the DWP and arrange an interview with there the person responsible for agreeing that you can enrol on the Enterprise Allowance scheme which will allow you to stop claiming unemployment benefit and instead receive payments at a slightly reduced level for 6 months as a business start up entrepreneur as well as being able to apply for a small loan. This requires you to fill in their own quite simple Business plan.
After years of successfully advising 50+ unemployed people to start up in business or as as social enterprise or become self employed it has become clear that the work required to start up a business which must be carried out in order to fully understand and then present your Business plan is absolutely crucial if you are to succeed. Carrying out proper research into your idea, the range of products or service you will offer, to research your market in depth, to understand what your potential customers want and need, how they go about purchasing, where they look for advice is key. You will also need to research your competition which is now not just local but also international through the internet. You will need to know your costs , what your pricing will be and what turn over you will need to make even a small profit.
You may have previous experience of working for yourself or of being self-employed, or it may be entirely new to you. If you get it right, being self-employed can be exciting, rewarding and challenging. To make sure you get it right, it is essential you obtain proper advice before putting your own time and money into self-employment.
There is a lot of information, advice and practical support available, and most of it is free. From planning a business and raising finance, to making sure you have enough to live on while you get your business off the ground, this section gives you some ideas of where to turn.
There are a range of sources of advice that provide practical information and support for new and existing businesses. They will help you meet all the legal and financial requirements of being self-employed.