Starting a business over the age of 30

[Tigris]

Hi guys,

are there any business grants available for people setting up businesses over the age of 30? I have heard of 1 or 2 for people under the age of 26 I think it was but not over that age.

I've been working in my field of work now for just over 10 years and i'm thinking of venturing off and doing it myself which I have managed the business for most of that 10/11 years as it is anyway and thought about this for the past few years. The worrying thing we all must go through is leaving a job and hoping you can make up next months bills etc.

I would be doing it from home/on-site visits to carry out repairs to keep overheards low as well. The going rate in my area for this kind of work is £50/£60per hour which would mean I need 1-1.5 jobs a day to match my current wage. Obviously I would be aiming for a lot more jobs but i'm thinking what I need minimum right now to get by and there will be other business overheards such as a vehicle, insurances etc.

I have no written contract as well so advertising/working in the same area won't be a problem.

Thank You

 

[Paul Kelly ICHYB]

Speak to your local council, but, for most people/locations, there isn't anything.

Have you looked at the NEA scheme?

 

[Tigris]

Speak to your local council, but, for most people/locations, there isn't anything.

Have you looked at the NEA scheme?

Thank you, I will do.

Not heard of the NEA scheme?

I could almost do with advertising and building up customers before I leave but even though I have no written contract it makes it's hard to advertise because ile be a direct competitor to my employer (to one of there businesses anyway). It's catch 22, I need to leave to go all out and advertise really.

 

[Mark T Jones]

There is no such thing as a 'start up grant', though there are specific targeted grants depending on what social need you are meeting

NEA scheme is for the unemployed (which you could possibly engineer) - the loan equivalent is the Government Start Up Loan, for which I am an advisor, so can answer questions on here.

 

[Tigris]

There is no such thing as a 'start up grant', though there are specific targeted grants depending on what social need you are meeting

NEA scheme is for the unemployed (which you could possibly engineer) - the loan equivalent is the Government Start Up Loan, for which I am an advisor, so can answer questions on here.

To be honest i'm not sure ide need a loan. Not 100% anyway, just causes concern if the first few months I can't make my rent etc. I have kept money aside for targeted facebook adverts for my area, business cards and advertising in local magazines.

 

[Mark T Jones]

To be honest i'm not sure ide need a loan. Not 100% anyway, just causes concern if the first few months I can't make my rent etc. I have kept money aside for targeted facebook adverts for my area, business cards and advertising in local magazines.

Rent is a great motivator.

Take on temp/agency work?

 

[Deleted member 335660]

Hi guys,

are there any business grants available for people setting up businesses over the age of 30? I have heard of 1 or 2 for people under the age of 26 I think it was but not over that age.

I've been working in my field of work now for just over 10 years and i'm thinking of venturing off and doing it myself which I have managed the business for most of that 10/11 years as it is anyway and thought about this for the past few years. The worrying thing we all must go through is leaving a job and hoping you can make up next months bills etc.

I would be doing it from home/on-site visits to carry out repairs to keep overheards low as well. The going rate in my area for this kind of work is £50/£60per hour which would mean I need 1-1.5 jobs a day to match my current wage. Obviously I would be aiming for a lot more jobs but i'm thinking what I need minimum right now to get by and there will be other business overheards such as a vehicle, insurances etc.

I have no written contract as well so advertising/working in the same area won't be a problem.

Thank You

Well I would forget grants they are usually for specific entrepreneurial achievements not just working for your self doing the same thing.
I know how you feel, I had two children and a mortgage. I set up some mini cab work in the evening and weekends to help.
You just have to set up your business, start promoting your service and go for it.

 

[The Byre]

Whatever happened to people saving up to start a business?

 

[MarkOnline]

Whatever happened to people saving up to start a business?

Wouldnt that involve some sort of sacrifice? Nah I can go on Dragons Den with a great idea and get a few £100k that sounds much easier, or find someone with more money than sense. Saving up is for suckers!

 

[japancool]

Over 30? Forget it. Don't you know that old people don't count?

 

[Interestedobserver]

I think you are too young! Lol

Wait til you are 40 at least!

 

[SillyBill]

Given the rather basic questions posted consistently on this board I do wonder if life goals need to be reassessed here as first port-of-call. I'd even be wary of employing a person asking such types of questions, demonstrative of low initiative arguably; initiative is the one characteristic which is required in abundance in getting companies off the ground.

 

[Tigris]

Whatever happened to people saving up to start a business?

I have read from research the recommended savings is around 6 months to cover personal bills etc?

I think you are too young! Lol

Wait til you are 40 at least!

I know a few people who have started businesses in there 50's and i'm thinking start now and it's more time for growth/lessons to be learned.

Given the rather basic questions posted consistently on this board I do wonder if life goals need to be reassessed here as first port-of-call. I'd even be wary of employing a person asking such types of questions, demonstrative of low initiative arguably; initiative is the one characteristic which is required in abundance in getting companies off the ground.

To be honest where I work i'm expected to run the place on not much more than minimum wage, worked there over 10 years with no formal contract. Holiday entitlement is always an issue anyway (i'm aware this doesn't exist when self employed). I'm basically working for minimum wage and charging people £50/hour labour (on my own as well)

I know it's wrong to start up on your own to get away from your current job but I like what I do just not the conditions and it's gone on for too long now. I'm not on much more than minimum wage so if I didn't manage to get the work in (through facebook ads, local magazines, business cards, word of mouth etc) I could do a second job like a food delivery driver to make up my personal bills. Not like i'm giving up at £40k a year job.

I think ile get business cards made up and put out my feelers as to speak

 

[intheTRADE]

Could you not use the money from the sales you have made on Amazon over the last 18 months that you posted about last month? Or the money from your trading212 account? Or even the money from your ltd company that you have mentioned in previous posts?

 

[Aniela]

Whatever happened to people saving up to start a business?

For some people, the ability to save would be seen as a luxury. They don't have any money to be able to save.

It's like telling people who want to buy a house to "just save up for a deposit" - It's not as easy as that for everyone.

 

[Tigris]

Could you not use the money from the sales you have made on Amazon over the last 18 months that you posted about last month? Or the money from your trading212 account? Or even the money from your ltd company that you have mentioned in previous posts?

You pay attention, lol.

That's a seperate company which i'm currently launching the website for. It's not really at the stage of paying myself yet so I keep the money in that business to launch more products.

 

[japancool]

You pay attention, lol.

That's a seperate company which i'm currently launching the website for. It's not really at the stage of paying myself yet so I keep the money in that business to launch more products.

Wouldn't it be better for you to concentrate on one thing at a time?

Have fingers in too many pies, and you'll end up not cooking any of them properly.

 

[Tigris]

Wouldn't it be better for you to concentrate on one thing at a time?

Have fingers in too many pies, and you'll end up not cooking any of them properly.

That is an option. Keep a steady wage (9-5). Concentrate on my brand in the evenings. Thing is ile have the website and despatch the orders myself but can't imagine it taking up too much time. Almost have that as an evening thing (to start anyway).

I feel stuck because I want to do my trade as self employed but I am looking at purchasing a house soon so I could do with keeping my 9-5 as it will help with mortgages. It just seems daft I go to work for 8 hours for almost minimum wage and could earn that on my own in 1.5hours.

 

[Aniela]

It just seems daft I go to work for 8 hours for almost minimum wage and could earn that on my own in 1.5hours.

Be careful here as the two earnings are not equal.

The £50/£60 per hour you refer hasn't been adjusted for costs, so your 'take home' hourly rate will be a lot less.

If you could just make £50-60 every 1.5 hours (lets say 2 hours to give leeway), you would just get a loan for this, as you'd easily be able to pay it back on that sort of hourly pay.

Your first step here is to work out the true hourly rate you will get paid from this new business, and form a plan from there.

 

[Tigris]

Be careful here as the two earnings are not equal.

The £50/£60 per hour you refer hasn't been adjusted for costs, so your 'take home' hourly rate will be a lot less.

If you could just make £50-60 every 1.5 hours (lets say 2 hours to give leeway), you would just get a loan for this, as you'd easily be able to pay it back on that sort of hourly pay.

Your first step here is to work out the true hourly rate you will get paid from this new business, and form a plan from there.

I appreciate that. There's fuel for on site visits, insurances etc to consider as well. I would be doing it from home to keep overheads low and in my line of work you can carry out some repairs remotely as well. Even if I managed to keep £15 of it which should be realistic from £50/hour I would be on a lot more than I am now.

One thing I need to consider is I won't be busy 8 hours a day earning the money as such as some of if will be invoicing etc as well.

I worked out to make my current wage ide need 1.5 jobs a day.

My main problem is even if I was to start in the evenings its the advertising I'm stuck on when working for someone else in the same trade.

 

[MarkOnline]

For some people, the ability to save would be seen as a luxury. They don't have any money to be able to save.

It's like telling people who want to buy a house to "just save up for a deposit" - It's not as easy as that for everyone.

Course its not easy for some, the takeaways, full tv package, running 2 cars, the air trainers cost money. I suppose if you want it bad enough you will find a way, it may mean that you do without some stuff, work another job you know make a sacrifice to realise your ambitions. I think you have it the wrong way round...these luxuries stop me from saving.

These millionaires never had to do that stuff look at Buffet he just read accounts for 70 years, These comments just reinforce my belief in the "entitled" generation.

 

[Tigris]

Course its not easy for some, the takeaways, full tv package, running 2 cars, the air trainers cost money. I suppose if you want it bad enough you will find a way, it may mean that you do without some stuff, work another job you know make a sacrifice to realise your ambitions. I think you have it the wrong way round...these luxuries stop me from saving.

These millionaires never had to do that stuff look at Buffet he just read accounts for 70 years, These comments just reinforce my belief in the "entitled" generation.

I allocate money when I get paid from my 9-5 to stop me buying rubbish as much as possible. I have emergency savings, put some into an online brand I'm working on, some into an ISA account, some into ****** investments (I know some hate this stuff) but I do a small amount each month.

I actually sold my gaming stuff a few months back ready to launch a product for my brand I started on Amazon but I'm hopefully launching a website soon. Not at the stage where I take a wage yet

 

[Aniela]

Course its not easy for some, the takeaways, full tv package, running 2 cars, the air trainers cost money. I suppose if you want it bad enough you will find a way, it may mean that you do without some stuff, work another job you know make a sacrifice to realise your ambitions. I think you have it the wrong way round...these luxuries stop me from saving.

These millionaires never had to do that stuff look at Buffet he just read accounts for 70 years, These comments just reinforce my belief in the "entitled" generation.

I think you're out of touch of how some people have to live in the UK.

 

[MarkOnline]

I think you're out of touch of how some people have to live in the UK.

Dont tell me about being out of touch. Ive had to live out of a van as a single male with no support network no job and no money. So tell me again which bit am I out of touch with?

Cant believe Im justifying myself to the forum dreamer.

 

[MarkOnline]

I allocate money when I get paid from my 9-5 to stop me buying rubbish as much as possible. I have emergency savings, put some into an online brand I'm working on, some into an ISA account, some into ****** investments (I know some hate this stuff) but I do a small amount each month.

I actually sold my gaming stuff a few months back ready to launch a product for my brand I started on Amazon but I'm hopefully launching a website soon. Not at the stage where I take a wage yet

So tell me why you need a grant? Your post suggest your flying. Just reallocate £5-£10k into this new venture from all the others. Oh and if Ive read it wrong and you cant afford it, build one of the other businesses a bit more before you start the next one.

 

[Aniela]

Dont tell me about being out of touch. Ive had to live out of a van as a single male with no support network no job and no money. So tell me again which bit am I out of touch with?

This is not a bragging post BTW, it wasnt a proud chapter of my life but it wasnt half a great way to refocus my life and values. Oh and a bit of a clue, I didnt borrow my way out of it either.

I was saying that some people don't have money to be able to save. So it's not as easy as telling people to "just save."

You must have been in that same situation with no job and no money, so you're just backing up what I was saying. If someone told you to save money then, you would have answered with "What money!?"

Life isn't always 'that easy' - The £50 left over each month after bills might have to go pay for the kids school uniform. There are a lot of people in the UK leaving on the breadline who literally don't waste money. Get another job? Who's paying for childcare then?

Life is life, it's not always as easy as it sounds. You should know better than anyone, based on what you said. Why did you have no support network? Just make friends! Why did you end up with no money? Should have 'just' got another job or two.

 

[Tigris]

So tell me why you need a grant? Your post suggest your flying. Just reallocate £5-£10k into this new venture from all the others. Oh and if Ive read it wrong and you cant afford it, build one of the other businesses a bit more before you start the next one.

I was selling on Amazon for a while but I was breaking even due to the frustrating advertising costs they apply and my first product there wasn't much profit to start with.

The idea with ****** is you leave it there. I don't have thousands so I can't really withdraw a few thousand for the next business.

I have access to 1 months bills currently. I'm currently waiting on another product to be manufactured for my brand. Spent the last 12 months growing social media accounts for the brand ready to launch the website

 

[japancool]

I was selling on Amazon for a while but I was breaking even due to the frustrating advertising costs they apply and my first product there wasn't much profit to start with.

The idea with ****** is you leave it there. I don't have thousands so I can't really withdraw a few thousand for the next business.

I have access to 1 months bills currently. I'm currently waiting on another product to be manufactured for my brand. Spent the last 12 months growing social media accounts for the brand ready to launch the website

My immediate thought when reading this is "lack of focus". You're flitting from one project to the next, and when it doesn't work out, you flit on to the next project.

Stop. Make ONE of these things work before you go onto the next or you'll be doing this over and over.

 

[Tigris]

My immediate thought when reading this is "lack of focus". You're flitting from one project to the next, and when it doesn't work out, you flit on to the next project.

Stop. Make ONE of these things work before you go onto the next or you'll be doing this over and over.

The trade/9-5 would be my main source of income then the brand/amazon would be evening. The manufacturing etc is outsourced so doesn't take a great deal of my time. Can also use third party warehouses to despatch once sales pickup

 

[STDFR33]

Whatever happened to people saving up to start a business?

Cost of living.

 

[Mark T Jones]

I was selling on Amazon for a while but I was breaking even due to the frustrating advertising costs they apply and my first product there wasn't much profit to start with.

The idea with ****** is you leave it there. I don't have thousands so I can't really withdraw a few thousand for the next business.

I have access to 1 months bills currently. I'm currently waiting on another product to be manufactured for my brand. Spent the last 12 months growing social media accounts for the brand ready to launch the website

There are quite a few lessons in here to ponder

The Amazon experience has hopefully taught you that there is a lot more to running a proper than business than selling stuff at a gross profit

The point of sensible investment is that you have a risk based strategy - preferably spread so that no one investment is more than your portfolio . You should also have your own buy and sell limits if your strategy us long term, then you need assets that have a proven history of long term growth- whereas bitcoin has a clear history of volatility

It has been said- stick to one thing and work out how to make it into a long term business with all your gocus

 

[bodgitt&scarperLTD]

The trade/9-5 would be my main source of income then the brand/amazon would be evening. The manufacturing etc is outsourced so doesn't take a great deal of my time. Can also use third party warehouses to despatch once sales pickup

I don't know anyone PAYE in the trades who is any good at their job who couldn't make more as self employed in the current climate, so long as they can manage basic customer relations.

Two important caveats in there, but truth.

 

[bodgitt&scarperLTD]

Dont tell me about being out of touch. Ive had to live out of a van as a single male with no support network no job and no money. So tell me again which bit am I out of touch with?

Cant believe Im justifying myself to the forum dreamer.

Can't believe I'm defnding the forum dreamer either (filthy BBL fraudster here, remember), but she's correct in this respect.

I've lived similar as you (sleeping in a straw barn), although I had self employed work. And it can make you bitter, especially when you see others in their nice houses that they bought cheap, easily affording the mortgage with a menial job.

Anielia and others above are right- the cost of living in the UK is a huge barrier to starting your own business. That potential 'hungry gap' of quitting your job and starting to take income from your venture is too much of a risk for some people. It's OK when you're young and living in a house share or with parents. But in your thirties, with kids?

I started when I was young, but I had recently rented a flat and had a girlfriend with health issues who couldn't work at the time. We were too young for any support from the government. So I took on a round early in the mornings delivering newspapers. The money was shit, but I knew the rent was covered. But I suffered greatly from lack of sleep, working some evenings till 10 on my business and then up again at four in the morning.

Were I to do it again, I'd employ people earlier, charge more to start with and also borrow money. My tuppence worth.

 

[MarkOnline]

Can't believe I'm defnding the forum dreamer either (filthy BBL fraudster here, remember), but she's correct in this respect.

I've lived similar as you (sleeping in a straw barn), although I had self employed work. And it can make you bitter, especially when you see others in their nice houses that they bought cheap, easily affording the mortgage with a menial job.

Anielia and others above are right- the cost of living in the UK is a huge barrier to starting your own business. That potential 'hungry gap' of quitting your job and starting to take income from your venture is too much of a risk for some people. It's OK when you're young and living in a house share or with parents. But in your thirties, with kids?

I started when I was young, but I had recently rented a flat and had a girlfriend with health issues who couldn't work at the time. We were too young for any support from the government. So I took on a round early in the mornings delivering newspapers. The money was ****, but I knew the rent was covered. But I suffered greatly from lack of sleep, working some evenings till 10 on my business and then up again at four in the morning.

Were I to do it again, I'd employ people earlier, charge more to start with and also borrow money. My tuppence worth.

I appreciate your reply and respect your own experiences, however, I never resented anyone who had what I didnt have. On the contrary it helped me learn and develop respect for them and the realisation that they most probably would have struggled and/or made sacrifices to obtain what they had. The luxury house and lifestyle didnt just appear they had paid a price for that.(self made).

The cost of living is a huge barrier, Ive been in a situation where I have a wife and child to support and not enough money. Who said it was easy, if you want to move your life to a point where you have the luxury of choice and relative prosperity through business ownership (what this forum is meant to be about) then life can be hard, sacrifices sometimes need to be made it just part of the process. How badly do you want it, what are you preppared to do to achieve that (legally btw)

Through my experience noone owes you shit, if you want it go ang get it, there may be sacrifices you may have to do without. You have got what you have got, either wait a bit longer or make it work I think it really is that simple (as a mind set)

I wish you well.

 

[JEREMY HAWKE]

Course its not easy for some, the takeaways, full tv package, running 2 cars, the air trainers cost money. I suppose if you want it bad enough you will find a way, it may mean that you do without some stuff, work another job you know make a sacrifice to realise your ambitions. I think you have it the wrong way round...these luxuries stop me from saving.

These millionaires never had to do that stuff look at Buffet he just read accounts for 70 years, These comments just reinforce my belief in the "entitled" generation.

This is it !
If you want it bad enough You will go and get it .
Its sacrifice ,grind and hard work
Hardwork never lies

 

[Forgot password]

You have to be prepared to lose everything to get what you want. I was always told to imagine a business as a island your building, and make sure you build a bridge back to the mainland ‘just in case’

Well my policy was destroy the bridge as fast as you can and make sure the only way you can get off that island is once you have made the business work and you have a helicopter pad built. (Not literally)

I have built two successive business like this.

Focus the mind.

Also all business people on here please remember the forum dreamer is a ‘worker’ and not a business owner so her standpoint comes from a very different place so don’t take to much notice.

 

[Tigris]

Thanks for all the feedback everyone.

How do you feel about business cards in local takeaways etc as well as through people's doors?

Ideally I need to build up my company name before I leave and go it alone. The business cards will not be handed out in the same town I currently work in. Once I am on my own I will obviously use local magazines, social media advertising etc as well.

Ide almost use this a taster, if I start getting work in I know I could advertise more and its not such a worry if I do lose my 9-5. The same goes for everyone here I guess in terms of there always being local competition which is another reason I want to advertise in my area to see if I get anything.

 

[Forgot password]

Mate what is this business ie what’s the product or service?

 

[Mark T Jones]

Thanks for all the feedback everyone.

How do you feel about business cards in local takeaways etc as well as through people's doors?

.

Does your target customer go to takeaways and pick up cards?

 

[Tigris]

Mate what is this business ie what’s the product or service?

Computer Support / Repairs

Does your target customer go to takeaways and pick up cards?

Yes they would as most people seem to have a computer therefore have issues