Many people may be put off working full time on their craft business. But with some savings and a bit of knowledge of financial facilities available, your dreams can be within reach!
How I quit my job and got supplemented 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!
For full information on the STEA & BTWEA > Here
Application for STEA form > http://www.welfare.ie/en/pdf/stea1.pdf
How to apply for STEA: