Many people may be put off setting up their own business due to tight finances. But with some savings and a bit of financial support from the government, your dreams can be within reach!
How I got financial support:
- Applied for the Back To Work Enterprise Allowance,
- Prepared a detailed business plan,
- Applied for the Short-Term Enterprise Allowance with the Tolka Partnership.
After I left my job, I knew that I wanted to set up my own business. This will be a slow process as there is a lot of set up work and I will not be bringing in much money within the first couple of months.
To overcome the lack of income in the early stages of my set-up, I applied for the Back To Work Enterprise Allowance (BTWEA) otherwise known as the dole or scratcher. This is a fund for people who are unemployed. Until I've created business viable products, I considered myself to be an unemployed person pursuing on a VERY expensive hobby/idea. On that basis, it is fair for me to avail of this fund.
Recently I completed my online shop set up on Etsy, and made some sales, so it was no longer fair for me to be on an unemployment allowance. I have since successfully applied for the Short-Term Enterprise Allowance (STEA). This pays the same as the BTWEA and for the same nine month period, but rather than coming out of a pot for unemployed people, it is for start up entrepreneurs.
Benefits of STEA over BTWEA
- Money is paid straight into your bank account.
- No need to sign-in anymore at the unemployment office.
- No need to attend meetings with case worker.
Note: You cannot get the STEA grant if you are registered as a sole trader.
The resources I mentioned are only available in Ireland. But there should be support in most countries. Remember, Google is your best friend for information!
Resources
Read more about Irish government support and process > here.
Application for STEA form > here.
How to apply for STEA:
- If you live in an area covered by a local development company (xls) (LDC), apply to the Enterprise Officer.
- If you do not live in an LDC area, apply to the Jobs Facilitator in your social welfare local office.
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