The impact of the coronavirus on the UK economy may result in many of us finding ourselves unemployed.
Although losing a steady job, and with that a reliable income, can be scary, freeing up time and energy can allow creative ideas to materialise. You could finally devote time and energy to that side project that you’ve not had time to focus on but know is a winning idea.
Recent unemployment might not seem like the right time to invest in launching a new business but luckily the Job Centre (of all places) has an answer.
Enter the New Enterprise Allowance.
If you are claiming Universal Credit, Jobseekers Allowance or Employment and Support Allowance and have an idea for a new business but don’t have the funds to get started, you could be eligible for the New Enterprise Allowance (NEA).
With the NEA you could receive:
- A weekly allowance up to £1274 over 26 weeks
- A loan to help with start-up costs
One of the first things a new business should do is protect their intellectual property to retain their edge. This may mean filing a patent application, registering designs, or registering a trademark. NEA can help pay for these essential rights. Mohun Aldridge Sykes are specialists in start-up businesses and will give you the right advice to protect your new business.
One of our clients has taken the plunge using NEA to help turn their idea into a business and have filed a patent application for their product to give their business the best chance of success.
