NEW Deal 50 Plus Questions Answered

Q

What is New Deal 50 Plus?

New Deal 50+ applies if you are over 50 years old and have been unemployed (and signing on) for at least 6 months. You can then receive up to £60 per week for the first 52 weeks of your new business, or £40 per week if your business is part time (less than 30 hours per week).

In addition you may be entitled to, up to, £750 for any training you may need to improve your long term prospects and also professional advice and support to get you into business. Check with your local Job Centre for eligibility and details

Q

I have been told I need a Business plan to start new Deal 50 plus, what do I do

In most case the Employment Service will control ND50+ and they require an 'outline' business plan before they can authorise you to begin your trading.

The outline plan should include the following sections

The Business name, Address, Telephone Number, etc

Details about yourself, CV, Employment History, etc

What you are Selling, Who you are selling to and any Market research you have carried out

A calculation of Overheads and Direct Costs for the first year of the business

An Estimate of sales for the first year of the business

A Profit and Loss Forecast for the first year of the business

Any advisors, or support you may have (this could include fastlinksolutions, business bank manager, local Enterprise Agency, etc)

All of these may be found in the relevant sections of this web site.

Q

Is there any other assistance that I can qualify for at 50+

You may qualify for the Prince's Trust for the over 50's which is called Prime. (click here for more information)