Grants for Start up business .... but already employed

miller82

Hey Folks,

Currently in full-time employment but will be starting a course in January with the aim of potentially going down a new and very different path.
The plan is to keep the comfort/security blanket of the current full time job for 6/12 months to see if the new business venture takes off.

Becasue I will be in full-time employment, will my chances of getting grants be very limited ?

has anyone around these parts taken a similar path to mine, if so, any tips/tails etc on set up, and grants etc

Thanks in Advance

PS might be worth pointing out.... potential to employ others is slim for a good while anyway

Meathlass

As far as I know the grants would be for the business so you working full time elsewhere wouldn't affect that. BUT you may find it hard to get a grant as you can't show full-time dedication to the business.

What funds have your LEO and what type of grants can they offer? There are a lot of free courses/mentoring/workshops out there to assist SMEs, not all compatible with someone in full-time employment but certainly worth looking out for.

miller82

Meathlass wrote: »

As far as I know the grants would be for the business so you working full time elsewhere wouldn't affect that. BUT you may find it hard to get a grant as you can't show full-time dedication to the business.

What funds have your LEO and what type of grants can they offer? There are a lot of free courses/mentoring/workshops out there to assist SMEs, not all compatible with someone in full-time employment but certainly worth looking out for.

thanks for the reply.

excuse my ignorance but.... LEO ?? not following that or your query about grnats they can offer

Meathlass

miller82 wrote: »

thanks for the reply.

excuse my ignorance but.... LEO ?? not following that or your query about grnats they can offer

Local Enterprise Board - formerly known as the County Enterprise Board.

Here's an example of the types of grants they offer https://www.localenterprise.ie/DublinCity/Financial-Assistance/Types-of-Grants/

miller82

Meathlass wrote: »

Local Enterprise Board - formerly known as the County Enterprise Board.

Here's an example of the types of grants they offer https://www.localenterprise.ie/DublinCity/Financial-Assistance/Types-of-Grants/

much appreciated

potential sticking point ...."Must be at least one new full-time job created"

Meathlass

miller82 wrote: »

much appreciated

potential sticking point ...."Must be at least one new full-time job created"

Yes and that'll be your job as you won't get a grant without a lot of homework done on your business to show it's feasible.

You should also keep an eye on things like the New Frontiers Programme for when you're a little further down the line.

Duckett

what type of venture are you thinking of setting up?

miller82

Duckett wrote: »

what type of venture are you thinking of setting up?

Venture probably makes it sound very different to what it actually is.

Looking at the Personal Trainer sphere

Graham

miller82 wrote: »

Venture probably makes it sound very different to what it actually is.

Looking at the Personal Trainer sphere

I can't think of any type of grant you'd qualify for miller. Most grants are to generate jobs, increase exports or move people from the live register.

If you're planning on doing this while still working full time, what would you need a grant for?

I would avoid going for grants or even thinking they can be in your equation.

I was on a panel for an event a few years ago and a lady for the enterprise board was beside me. A girl in the audience asked me about getting grants and that she had tried for her business and it was almost impossible, and this was holding her back from getting her business going.
My advice was that these boards don't really have much money anyway to give away, and your only hindering yourself relying on them or even thinking you'll get financial help. The only person you can rely on is yourself to make it happen.

Funnily enough the lady beside me agreed and concurred there wasn't much funds available. Im not sure if that has changed in the last few years, but utilise those boards for advice and guidelines about starting your own business thats what they are good at, dont expect grants!

miller82

Graham wrote: »

I can't think of any type of grant you'd qualify for miller. Most grants are to generate jobs, increase exports or move people from the live register.

If you're planning on doing this while still working full time, what would you need a grant for?

yeah i figureed that might be the case.

Well equipment and possibly rent/deposit

pedronomix

To be blunt, you are dreaming. Grants are not designed to give a dig out to those doing a bit on the side!!

miller82

pedronomix wrote: »

To be blunt, you are dreaming. Grants are not designed to give a dig out to those doing a bit on the side!!

never thought it was nailed on and totally get that. was merely asking the questions

cob1

in fairness you want a grant to give you a handout in a business you're not confident enough in to leave your job. leave the grants to those who aren't as fortunate to have that option or are willing to take the risk. a bank will give you a loan for equipment/rent if you have a good business plan.

collegeme

cob1 wrote: »

in fairness you want a grant to give you a handout in a business you're not confident enough in to leave your job. leave the grants to those who aren't as fortunate to have that option or are willing to take the risk. a bank will give you a loan for equipment/rent if you have a good business plan.

I would agree to try a bank loan or the local enterprise boards will have info on loans for small businessif you cannot get a bank loan.
I too am in the process of setting up a business and do have the potential to employ in the future but I'd see a grant as a bonus rather than something I can rely on. I am trying to build the business from very little funds and take it slowly.
Best of luck. Do lots of research on costs associated with business and premises. People don't realise the costs such as council rates and water rates as well as rent and possible management fees and insurance.

Duckett

If a bank declines you then try MicroFinance Ireland but like a bank they will need to be confident you can make repayments