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New business start up, to wait or not to wait!!!

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  • 11-01-2015 10:29pm
    #1
    Stew1977
    Registered Users Posts: 3 ✭


    Ok so here goes. I have registered my company with the CRO and set up a business account with the bank.
    I am in receipt of Job Seekers Benefit as is my wife for the last 4 weeks since returning from Australia at the start of December.
    I have made inquiries about transferring on to the Short Term Enterprise Allowence which allows you to keep your welfare payment whilst actively sourcing work.
    After inquiring about this my case officer in the welfare office advised me that if I was to come off JSB and go on to STEA I would only be entitled to a payment for 242 days and a technical allowence of up to €1000, but if I was to stay on the JSB for 12 months and then start my business I can avail of the Back To Work Allowence which allows welfare payment for 2 years 100% first year 70% second year, tax free with revenue with earnings up to 40k and a technical assistance allowence of up to €2500.
    She also mentioned that if I avail of STEA now I can't apply for BTWEA for 5 years.
    She was very insistent that I have series think about wanting to go forward with STEA as the resulting benefit (BTWEA) will certainly be more beneficial for business start up, almost recommending I stay on the live register for 12 months.
    I'm keen to here if anyone has been able to avail of BTWEA whilst being on JSB or is it a matter of having to wait the 12 months on JSB to qualify?


Comments

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    #2
    collegeme
    Registered Users Posts: 512 ✭✭✭collegeme


    You do need 12 months for sure. How long were you in Australia?
    I know the BTWEA is much preferred over the STEA but you have to seriously think can you sit for the next 12 months on JSB?
    Do you know what line of business you want to start up?


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    #3
    Letyourselfgo
    Closed Accounts Posts: 768 ✭✭✭Letyourselfgo


    I have no idea about the above but if you believe in your business, why would you wait.
    Go for it.


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    #4
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    Letyourselfgo wrote: »
    I have no idea about the above but if you believe in your business, why would you wait.
    Go for it.





    Agree totally. Be confident in yourself ! Go for it!!


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    #5
    Stew1977
    Registered Users Posts: 3 ✭Stew1977


    We were in Australia for 18 months. I have carried out substantial research both here and in Oz about my new venture and believe me I am raring to go but the general consensus is mixed from both friends and family wether to sit tight or start up.
    I have never availed of welfare before as I'm not one to sit still but the benefit of sitting tight for a year are far more attractive with regards to the BTWEA.


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    #6
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    I would be a lot more concerned about the business than the benefits. If you believe that its going to work then don't let a couple of thousand that you might miss out on hold you back you could end up missing out on a lot more by not doing it.


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    #7
    Letyourselfgo
    Closed Accounts Posts: 768 ✭✭✭Letyourselfgo


    Stew1977 wrote: »
    We were in Australia for 18 months. I have carried out substantial research both here and in Oz about my new venture and believe me I am raring to go but the general consensus is mixed from both friends and family wether to sit tight or start up.
    I have never availed of welfare before as I'm not one to sit still but the benefit of sitting tight for a year are far more attractive with regards to the BTWEA.

    I get you and it is a tough decision.
    But best thing I did for myself was to go full throttle into my business. And my attitude would be where will my business be in a years time if I start now! Sets you up in the right frame of mind for success.

    Good luck with it and I appreciate its not easy, but back yourself


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    #8
    Stew1977
    Registered Users Posts: 3 ✭Stew1977


    Cheers for the comments everyone, it's definetly food for thought.


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    #9
    delthedriver
    Closed Accounts Posts: 4,958 ✭✭✭delthedriver


    Stew1977 wrote: »
    Cheers for the comments everyone, it's definetly food for thought.

    Stew,

    If you are ready to roll go for it now! No point in letting a potential competitor steal your business! Get out there now and crack on with it!

    Very best wishes


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    #10
    professore
    Closed Accounts Posts: 5,857 ✭✭✭professore


    I'd only listen to advice from people who have started successful businesses themselves. Don't listen to people who've worked in jobs all their lives. It's like having kids ... If you haven't done it yourself you haven't a clue.

    You have to look at where your money is coming from every month. That's #1. If you can get a good stream of cash in from day 1 your 90% there. And get your tax, vat etc right from day 1. Base all your costs on this.


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