Mapangie50 asks:
Is there any advice and funding aimed specifically at women over 50 who want to become self employed? I will only receive contributions-based Job Seekers Allowance for another four weeks, and the Jobentre advises that they can’t give any advice apart from access to their job search programmes.
I trained in 2008 as a hypnotherapist and psychotherapist but I am finding it difficult to set up in business by myself
Dick Stroud replies:
To the best of my knowledge there is no funding aimed specifically at either women or men who are over 5o years old. There may be special grants available to assist with training but not to help fund your business. From what you have said it sounds like the only funding you will have is your final four weeks of Jobseekers Allowance, your savings and any income you can generate from other part-time work.
The question you have to answer is will this be sufficient to fund your business during its start-up phase? Will you have enough money to pay for the initial start-up costs and to fund you whilst you build a client base?
If the answer is no, then it would be best not to start your business at this time since you risk putting yourself into debt and the business failing because your run out of cast.
My advice would be to delay starting your business until you have a clear plan for how you will generate customers and you know you have the funds to get through the first six months of trading.
Ideally, it would be best to spend time working for somebody else who has a hypnotherapist and psychotherapist practice so that you get a real feel of what it is like working in this field. I do appreciate that this might be difficult.
I am sorry to sound negative but I have seen too many start-up businesses fail because of lack of sufficient funding. Good Luck!
Dick Stroud founded and expanded his own marketing consultancy company 20plus30, focusing on 50-Plus consumers. His latest book is The 50-Plus Market.
Robert Ashton replies:
A lot depends on how long you’ve been ‘put of work’ and why. You may qualify for support under one of the Government’s ‘getting people back to work schemes’. Places to ask: www.nfea.com find your local enterprise agency and ask them. PRIME of course can also help. Check out http://www.delni.gov.uk/index/finding-employment-finding-staff/fe-fs-help-to-find-employment/pathways.htm
Finally, remember that most of your work will come from recommendation – get out there networking in groups populated by people who best match your preferred client profile:
Robert Ashton is a popular business speaker and runs ‘Business Boot Camps’ for entrepreneurs seeking growth.
PRIME adds:
These three organisations specialise in helping women get into business. They may have other relevant advice or know of other sources of funding.
Prowess Ltd = www.prowess.org.uk
Women in Rural Enterprises = www.wireuk.org
Everywomen = www.everywoman.org
Disclaimer: The opinions expressed are those of the author(s) and are not held by PRIME unless specifically stated. The material is for general information only and does not constitute legal, accounting, tax or other personalised advice. You should not rely on this information to make (or refrain from making) any decisions. It is not a substitute for independent, professional advice for your own particular situation.
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