Setting myself business goals... help/opinions please

[pink sparkles]

Hi Everyone, Im planning on going mobile next month and Im trying to work out some kind of plan for myself so I can see how Im doing.

What would you say is a good goal to aim for? I will be promoting the business with business cards, word of mouth from friends I will be doing in the coming month as well as posters in lots of public places and Im trying to arrange a leaflet drop in my local area too.

I was thinking of trying to aim for 3 jobs in the first week increasing by 2 every week till I get to my desired 15 jobs a week. Is this too ambitious or not ambitious enough?? I have no idea, I have friends who are techs in salons so they cant really advise me on working mobile, I have been doing a lot of detective work and there is only 1 girl I could find that is working and advertising in the local area as a mobile nail tech and it took a lot to find her too! Im planning on getting my name and number everywhere I can to boost my chances.

Thanks for any help or info you might have!

 

[Kim Lawless]

It's a brilliant idea to set goals. Just remember that it is summer and you may find that biz doesn't really pick up with new clients until Sept/Oct.....but then you'll be rushed off your feet during the party season.

Good luck and remember to make your goals bigger each time and just believe you will achieve themm and you will. :hug:

 

[pink sparkles]

Thankyou, Im really excited about it all. Ive had so many people tell me that its a waste of time and I wont make any money and that Ill fail so its good to hear someone thinks its possible! Im going to do everything I can to make it work, I want to be able to do this full time so Im trying to work out how much I need to do to cover bills etc. Im sure I can do it if I work hard enough.

I know I have to register the business within 3 months but at the end of the tax year do I fill in a self assessment form then they get back to me with how much tax I have to pay? Is there a way I can work this out as I go along so I can put the money for tax aside? I dont want to be hit with a big tax bill next year that I havent got the money for.

Also should I get a business account to put the money in for proof of income purposes or should using my normal account be ok and Ill just make sure I keep a record of all my spends/earns?

Sorry for all the questions!

 

[jes]

In very basic terms you will pay tax and NI on your takings minus expenses and your tax allowance.

You will receive your first self assessment form in April 2010. Once you've filled it in (not very difficult) and sent it off they will work out how much tax you have to pay. Your first payment will be due in January 2011 and again in July 2011. You also have to pay 'tax on account', which means you pay in advance, the previous years tax again:irked: Basically you pay double in the first year, but of course, the money on account is used towards your second years tax bill (hope that all makes sense)

Definitely get a business account. Every credit and debit on your bank statements must be accountable for, so if you use a personal account the tax man will have problems differentiating between between personal and business transactions and it will cause problems. Don't forget that every cheque or debit/credit card used for a business expenses will need you to provide 12 months of bank statements, so use the business account for everything without exceptions!

Apart from that, keep records of all profits, takings and expenses and keep all receipts, invoices and bills etc.

If you want to start putting money aside for tax, then I guess saving around 20% of your weekly profit, should cover it?

jes

 

[pink sparkles]

Thanks for that, really helpful! So will NI be paid at the same time as the tax. Im sure I read on here somewhere that someone puts away 22% of whatever they earn for tax?

I think Ill be able to do it myself once I get my head around it all. As far as I can gather as long as I save 22% of whatever I earn for tax, keep a record of every single mile I drive, money I take and money I spend thats related to the business, there should be no nasty suprises when it comes to next April and I have to just submit all that info to the HMRC? And I can do that online?

God knows what I would have done if I didn't have the geek boards to clarify stuff, I read it on the government websites etc but it just reassures me if someone else who has done before agrees with what I previously thought lol

 

[pink sparkles]

Oh and is tax & NI taken off before expenses are subtracted or after?

Sorry to be thick but is the tax allowance the amount I can earn before having to pay tax, ie if the personal allowance is £6000 and I only make £5500 then I dont have to pay any tax and all that money I earnt is mine?

 

[jes]

Tax and NI is taken after expenses and your tax allowance is deducted.

Yep, if you tax allowance is £6000 and your takings (after expenses etc) comes to £5.500, you'll pay no tax

 

[Kim Lawless]

I'm really pleased with my Abbey business account which is totally free forever.

You won't pay any tax the first year as your outlay will be far more than your income. Put 30% away for tax etc. x