Help: Resigning job and going it alone?!

BittenByTheBug

Well lads,

Basically I'm in a relatively okay job pay-wise, but the pressure and people I'm working with are making it unbearable.

I've had a business idea burning a hole in my head for ages and am seriously thinking now's the time.

If I resign my job (there's no redundancy available in my dept), and leave with nothing, I need to know every possible source of support (social welfare, enterprise grants etc).

Where's the best place to get quick, no-bull**** advice on same?

Thanks... BBTB

DoMyBooks

I dont know much about social welfare but as far as I know you will get nothing for a few weeks if you voluntarily give up your job. The level of grant aid really depends on the buiness if you were setting up a professional services firm the options are small where as if you were a high growth high tech start up planning to employ people and export there is significant funding out there.

If you do your reasearch and consider it a viable business I would suggest trying to go on a three day week in your current position to break you into self employment gently and minimise the risks.

wapnote

There is a social welfare scheme for people who are unemployed and who wish to start up a company:

http://www.welfare.ie/en/schemes/jobseekersupports/BackToWork/EnterpriseAllowance/Pages/ea.aspx


Check out the 'Short-term enterprise allowance' section - jobseekers starting companies can get this for a year. Not sure if it is hard to get or not - I applied for it but I had already set up my company before May 2009 so wasnt eligible.

DoMyBooks

BTWEA isnt relevant in this case as the individual wont be on Job Seekers for 12 months before setting up the business.

Hagar

There's small businesses going to the wall every day and you're giving up a steady paying job to try to start one up in this economic climate? No offence but unless it's a sure-fire, 24k gold idea for a business you're out of your mind.

wapnote

DoMyBooks wrote: »

BTWEA isnt relevant in this case as the individual wont be on Job Seekers for 12 months before setting up the business.

The Short term allowance is different to the normal BTWEA. There is no qualifying period. It was set up to cater for people being made redundant and who wished to set up a company:

Short-term Enterprise Allowance

The Short-term Enterprise Allowance is a new Back to Work Scheme introduced. There is no qualifying period. You can get immediate access to the allowance but you must meet the qualifying conditions.
To qualify you must have:

• An entitlement to Jobseeker's Benefit

And

• Either 104 contributions paid in the past 2 years or qualify for statutory redundancy.

dbran

Hi

I do not think you are entitled to any social welfare benefits if you leave your work voluntarily.

Be very careful!!!!!!!!!!!!.

Best advise is to stick it out and build the business up on the side. Being on the dole with an idea will never ever be as good as being an employee with a monthly salary.


Best of luck


dbran

fergalfrog

I would suggest as per a previous comment that you don't cut your ties with your current employer.

Ask your employer if they will let you do a three or four day week. Then until things get going spend all available time (evenings and weekends will give you 3 days a week!). Also will there be a chance of getting work off your current employer? - it would be to have them as your first client on day 1.

Have you any money saved up that you could live on for the next few months if no money is coming in?

No offence but unless it's a sure-fire, 24k gold idea for a business you're out of your mind.

I see the rationale in this but I disagree - even if you take a cut in the amount of money you are making, the satisfaction and flexibility you get being your own boss outweighs this loss. If you ask most people who do their own thing if they would swap it to work full time for someone else they wouldn't change even for an extra 10%.

Cheeble

BittenByTheBug wrote: »

Where's the best place to get quick, no-bull**** advice on same?

Have you tried talking to the Social Welfare office? It can be a bit hit and miss depending on the individual you get, but some of them are really helpful.

You could try FAS for supported courses.

The other good place to begin are the CEBs who have access to funding, including paying your own salary for a while, if your plan stands up to scrutiny.

I think the last point would reflect my own advice: get somebody else, independent (not a family member or chum), to have a really critical look over your business plan before you walk out of your job. You will almost certainly benefit from this reality check.

Cheeble-eers

dbran

fergalfrog wrote: »

I see the rationale in this but I disagree - even if you take a cut in the amount of money you are making, the satisfaction and flexibility you get being your own boss outweighs this loss. If you ask most people who do their own thing if they would swap it to work full time for someone else they wouldn't change even for an extra 10%.

True. But the level of failure in the first year for startups is very high. You could end up loosing a ball of money and be put in debt as a result (even though the actual idea may be a good one).

Being your own boss although rewarding is not that easy and is not for everyone.

fergalfrog

dbran wrote: »

Being your own boss although rewarding is not that easy and is not for everyone.

+1
Very true.

MOH

dbran wrote: »

Hi

I do not think you are entitled to any social welfare benefits if you leave your work voluntarily.

Be very careful!!!!!!!!!!!!.

Best advise is to stick it out and build the business up on the side. Being on the dole with an idea will never ever be as good as being an employee with a monthly salary.


Best of luck


dbran

You're not entitled to Jobseeker's Benefit for up to 9 weeks. They'll also want to know in detail why you left your job, although I think that's to determine whether the full 9 weeks applies. Presumably if you're not entitled to JB you won't be entitled to any other benefits during that period, such as the enterprise allowance.

Pres

Bramble79

I don't think the SW office is the place to get any information on the BTWEA as, even though I made my intentions perfectly clear when I went to sign on first, I was given no information about the scheme. From what I have read on boards since, this is pretty typical across the country.
With regard to that scheme, I think Citizen's Advice is your best bet. Also get in touch with your local Partnership/ job facilitator (whichever is relevant to your area).
I do think there would be an issue with your entitlements if you leave your job voluntarily but I'm sure CA could advise you more on this. You need to be entitled to jsb (or allowance, not sure?) to avail of the btwea. There is no qualifying period for it (as noted above) but you cannot commence trading until given the ok by them.

antoinolachtnai

You are thinking of starting a business but you have no start-up capital, or at least not enough. You need to get business advice. Do you know anybody with a business of their own that you could ask? Also, could you talk to the County Enterprise Board? They might have a course coming up.

Kinetic^

Bramble79 wrote: »

I don't think the SW office is the place to get any information on the BTWEA as, even though I made my intentions perfectly clear when I went to sign on first, I was given no information about the scheme.

You need to make an appointment with the jobs facilitator in your local SW office. They will provide you with information in relation to the BTWEA.

unklerosco

I'd suggest getting in touch with your local enterprise board n doing a business startup course, its 1 eve a week over 8 weeks... It'll give you a much better idea of whats involved and what you need to do to run a business. I work full time and run a business with the missus. If you can its by far the best way to start up, keep ur current job and wait until ur business is strong enough to support you. I'm hoping my employer will let me move to a 3/4 day week over the next few months so I can put more time into my own business.. At least that way I still have a steady income thats guaranteed...

An be prepared to work ur ass off... I get home at around 6 each eve, have some dinner n then start working on my own business till about 11.. Thats 5 days a week, I put in about another 8-10 hours over the weekend... I know it'll all be worth it in the end, put in all the work now n enjoy the benefits in the years to come...