# Want to take some risks career-wise and maybe go self-employed



## queenlex (29 May 2011)

I am wondering about taking some risks career wise...I have a permanent pensionable job at the moment but I hate it and find it totally unrewarding and was thinking of starting my own business with a particular idea in mind.

My question is if I was to go all out and the business failed its a competitive enough sector I would like to pay myself (probably a very small amount initially) and I would hope to qualify for some social welfare assistance in the event of it failing by paying myself as an employee.  The bottom line is would there be any danger of ending up not being able to feed myself have some kind of accommodation in the long term if it failed and I could not secure alternative employment... I wouldnt say I'm overly qualified I am PC literate and all that but no degree or professional qualification or trade for example.

Many thanks in advance,

Q


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## wbbs (29 May 2011)

Gut reaction - mad idea!  Without getting into ins and outs of what you intend doing etc and I realise you hate your job but still, in this environment giving up any job is folly.  Can you start the business on a part time basis fitting it in with your employment for the time being?


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## Brendan Burgess (29 May 2011)

If you hate your job, you are right to make a change. 

But have you the skills and finance for starting a business? 

if not, then look at changing your job instead of going into a business which may have a very small chance of success. 

Get an independent view of the business you plan.

I take it you are single? 

Brendan


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## Guest105 (29 May 2011)

I would be inclined to agree with Wbbs, Start the business on a part time basis and see how it goes. 

I think in the present climate it would be madness to give up a secure job in favour of starting a business which in your own words is very competitive. Lots of people are not happy in their jobs but few would be willing to give it up without securing another in its place.

If you decide to go ahead and in the unlikely event the business were to fail, you will most likely be assesed for jobseekers benefit if you have enough PRSI contributions paid or if not you will be means tested for Jobseekers Allowance.


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## SPC100 (29 May 2011)

Do it part time at first, without a doubt this is the best way to try it, especially if your pension is currently plated in gold. If it picks up try career break, use holidays, flexi-time, ask for part time/job sharing etc, 

if you like it, and you can make an income from it, then you can quit.

I understand, that if you go self employed / contracting / your own ltd company / partnership, and subsequently look for social welfare will be means tested. If you don't have much means (savings, investments etc.,), this is ok, otherwise you have to run down your means anyway.


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## bullworth (30 May 2011)

self employed people don't get unemployment assistance or social welfare for a long time. if you could get redundancy and qualify for the Back to Work Enterprise allowance
http://www.citizensinformation.ie/e...d_work/back_to_work_enterprise_allowance.html
 that could help but its madness to give up your job unless you know what you are doing.


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## queenlex (30 May 2011)

wbbs said:


> Gut reaction - mad idea!  Without getting into ins and outs of what you intend doing etc and I realise you hate your job but still, in this environment giving up any job is folly.  Can you start the business on a part time basis fitting it in with your employment for the time being?



Haha yeah I know what you're saying thanks very much for the advice guys all constructive which is appreciated....I'm not the most materialistic guy in the world its more a lifestyle decision for me I just think...well I know that I'd be more suited to a job that is a bit more sociable than my present one and I realise it wouldnt be a bed of roses or anything.  

I just dont want to take the risk that I'd end up on the street...assuming the unlikely situation my friends all desert me, etc. after it failed...  If I had to live on the bare minimum in definitely I'd survive as long as I could afford to feed myself basically.

I dont know how the social welfare really intimately... like someone who worked in that specific area for example but I'd rather try and run a successful business which gave satisfaction to my customers than sponge off the state if you like....also if the business failed would I have terrible trouble starting a business again?


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## queenlex (30 May 2011)

PS I am single thanks for the positive response Brendan (though I am taking the responses even if not totally positive or positive at all haha as constructive so no offence taken either way) and re present job is with the state so as far as I'm aware the option of going part-time for a while is not allowed if for the purposes of working elsewhere and the career break option wouldnt be a runner anytime soon I dont think unfortunately....


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## queenlex (30 May 2011)

bullworth said:


> self employed people don't get unemployment assistance or social welfare for a long time. if you could get redundancy and qualify for the Back to Work Enterprise allowance
> http://www.citizensinformation.ie/e...d_work/back_to_work_enterprise_allowance.html
> that could help but its madness to give up your job unless you know what you are doing.




What would be defined as a long time?  How low can unemployment assistance go is there ever a danger you'd get zilch?  As another of my posts stated I'm not materialistic but I'd want to be able to eat healthily if even purely by buying food in Tesco/Lidl/Aldi/Dunnes, etc.


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## bullworth (31 May 2011)

queenlex said:


> What would be defined as a *long time*?.



Basically code for me not having all the facts at my fingertips yet doing my best to point you in the right direction. Self employed people are not entitled to unemployment assistance when their business fails or is wound down. It's a common complaint that they dont have this safety net despite taking higher risks than most. I need to upgrade some of the terminology: ''jobseekers allowance'' is what ''unemployment assistance'' or ''the dole'' seems to be called now.

As it is such a serious step , please ensure you get advice from proper authorities and not just from a web forum.

http://www.welfare.ie/en/pages/jajbfaq.aspx#q5



> 5. I have been self-employed for some time but I now have no work. Is there anything I can claim?
> 
> Applicants who do not have the required PRSI contributions for Jobseeker's Benefit may apply for Jobseeker's Allowance.



you might be entitled to a means tested payment but do you really want to risk living on the breadline with zero means eaten up by expenses in an economy where precious few jobs are available ? Compare this with how well off you are now. You can probably save now. If your business fails to produce a return you may end up with no savings and hence no means to start a new business. Catch 22.


http://www.citizensinformation.ie/e...ed_people/self_employed_and_unemployment.html



> Self-employed people pay Class S PRSI. Class S PRSI only covers you for certain social welfare payments. It does not cover you for Jobseeker’s Benefit.



if you quit your job you wont be entitled to benefits straight away either. But perhaps you could get a good redundancy package ?


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## MaxPower (31 May 2011)

If you are considering setting up a business, It's advisable to write a business plan. This will get you thinking about all the practical factors etc. and help you assess if it's a viable option for you. 

Also, have a look at your county enterprise board, as they have grants for feasibility studies etc. Your business might qualify for funding.


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