Hi
I'm going to be a qualified nail tech from the end of march...eek.
I just wanted to know facts about going self employed. I currently work part time in retail... do I need to pay anything at first etc when are the first monies due etc.
I was going to do it all now so I'm ready to go but would it better to wait?
I really have no idea!
Ty xx
Hi there,
A very exciting time for you I see. Well done on taking the next step in your Nail career.
There is a lot of information about becoming self employed that cannot be covered in one post.
The first step would be qualifying in order for you to get insurance.
You would need to contact hmrc and let them know you are trading or what date you plan on trading.
I take it you will be a sole trader as opposed to a limited company? Also if you have staff you will need to register through Pay As You Earn (PAYE) and add them to your insurance.
There are different types of insurance which cover different things such as public liability and contents insurance, also letting your car insurance know if you are going to be mobile or carrying stock in your car.
You would need to pay for some marketing such as website, Facebook ads, booking system/CRM, leaflets, posters depending on how you plan on getting customers /grow your business.
Other costs could be branding such as logo, leaflet design, branded uniform etc.
You can hire a book keeper or do your books yourself but you need to record everything and keep all receipts etc. You can record on a website each day what sales you got plus what came out such as phone bill, stock costs etc. Keep all receipts, invoices etc.in a dated envelope. You can do your books online now too.
You can hire an accountant to make sure your books are balanced, there are no discrepancies. Prices will vary but you usually only pay when your end if year accounts need done.
I would also recommend getting a portfolio ready if you haven't already done so at least 10 pictures of different styles/designs to show potential clients /share on social media.
There are free workshops from your local enterprise centre and hmrc to help build certain business skills.
