Buying products before being self employed

[JemmaB]

Hello just wondering if its a smart move to gradually buy stock i need for when i eventually want to go self employed, or if I should wait and then buy it in one go.
Im thinking things like CND lamp, maybe shellac, bits of equipment? Will some products go "out of date"?

 

[Glamma]

I would like to hear people's opinions too as I have been considering buying bits and bobs whilst I'm employed and less likely to miss the money, rather than waiting until I am ready to start my business.

 

[JemmaB]

Yeah thats exactly what Im thinking x

 

[RebeccaQ]

Hi, I've started my CND training today and I have been buying various bits and pieces. I bought a selection of polishes and effects so as soon as I start practising my mani's and pedi's, my models can choose a polish they like, as even though I am training, they will be an advert for what I do. I have recently bought a lamp as it's on offer with bulbs at the moment. I get one free with the course but if my lamp breaks I can't work, so now I have a back up. I have also bought other things that have been on offer too. For me it helps with my cash flow until I can start charging x

 

[RebeccaQ]

If you are training with CND, give S2 a ring. They are really helpful and will be able to answer all your queries xx

 

[shedunlop]

It makes sense but a lot of places will not sell to you unless you are qualified so if you haven't got the qualification you will struggle to buy some of the products until afterwards.

You will be able to buy some things though and it makes it easier in the long run and more exciting to start building your business.

 

[JemmaB]

It makes sense but a lot of places will not sell to you unless you are qualified so if you haven't got the qualification you will struggle to buy some of the products until afterwards.

You will be able to buy some things though and it makes it easier in the long run and more exciting to start building your business.

Oh I am qualified yes, Im working in a salon at the moment but thinking about renting a room eventually
Think I may get the lamp while the offers on...

 

[*Jess*]

I bought a bunch of stuff while I was working at a salon 3 years ago (wax pot, spatulas, tweezers, makeup brushes etc) and got given a massage bed for Christmas a few years ago, so when it came time to set myself up this year, I didn't have to spend a fortune and get everything in the one go - mainly only the product like wax and skin care etc. Product wise, might be better to wait until you're almost ready to go, as yes, some products have a limited shelf life. But equipment, like lamps and tables, files, brushes etc would be fine to start buying now. Saves you a lot of hassle down the track

 

[persianista]

Just make sure you keep all the receipts in a folder, so that you can take the cost of them off your profit when you start trading.

 

[josheardown]

Hiya! I think buying a few bits and bobs to get you started is fine, but don't bother with anything that has a shelf life / can degrade over time. One other thing to do is to consult HMRC about how/if this can be claimed as business expense. I did something similar and they were a bit funny about how long before set-up I'd bought some of my stuff and questioned whether I could claim the full costs as an expense. For instance I'd had my furniture up to 6 months prior to set-up. My accountant did manage to sort it out thou! For me though I would obviously be mindful of this. You can give them a call or get more info on the directgov website xx