should i stay or should i go?!

[gemini_beauty]

I have been working self employed doing all aspects of nails and beauty for just over 18months now, i rent a property to work from but i have noticed as i looked back through my books that the business hasnt really increased in profit that much since opening.

Im aware that it can take anything from 3 years onwards to build up a business and make it viable etc but im not sure whether im wasting my time. I rarely take a wage and when i do get some money its never anymore than £50.

I am hoping to be able to leave home within the next year but if im stil working self employed my boyfriend and i may have to put it one hold.

If you where me would you quit, get a job and enjoy being young or battle on and attempt to carry on building the business?

Any advice would be greatly appreciated.
thanks

 

[Kayleighs Nail & Beauty Studio]

Hiya , i know it is very hard being self employed ..im full time self employed but for under one year ...one thing most beauty salons even hair salons the profits are down everyone has has a bad year to be honest.dont give up so quick why dont you considering taking a couple of days employed maybe in a salon or doing something else -im thinking of doing 2 days helping a friend employed too just for extra cash - were all in the same boat , at least if you work emloyed part time you still have a wag plus your takings from your own buisness its hard but you ll get through it once you get a bit money coming in every week - it ll put a smile on your face....

Good Luck

 

[Scratchers]

what do you want to do???

18 months isn't along time to be in business hun, why don't you sit down again and look at you out goings in the business.....are you watsing products are you paying too much rent are there any costs that you can cut down or cut out????

then look at what you are taking are you charging too little where is the majority of your income coming from what treatment..how many new clients you get a month and how do they here about you etc

you should be able to tell from these things whether or not its all worth it and i'm sure it will be hun it just takes time and i know how hard it is as we want to buy a house and are unable to at the minute but somethings are worth waiting for!!


hope this helps hun xx

 

[Scratchers]

Hiya , i know it is very hard being self employed ..im full time self employed but for under one year ...one thing most beauty salons even hair salons the profits are down everyone has has a bad year to be honest.dont give up so quick why dont you considering taking a couple of days employed maybe in a salon or doing something else -im thinking of doing 2 days helping a friend employed too just for extra cash - were all in the same boat , at least if you work emloyed part time you still have a wag plus your takings from your own buisness its hard but you ll get through it once you get a bit money coming in every week - it ll put a smile on your face....

Good Luck

its hard to be employed and self employed you have to work out if its worth it don't forget you have to pay your own tax and then you will get taxed on your wages you get for the 2 days aswell???

 

[Kayleighs Nail & Beauty Studio]

I found it ideal , if you work 16hours you dont get taxed

its hard to be employed and self employed you have to work out if its worth it don't forget you have to pay your own tax and then you will get taxed on your wages you get for the 2 days aswell???

 

[Scratchers]

oh cool never new that lol

 

[weezie]

I found it ideal , if you work 16hours you dont get taxed

I've never heard of this! I am self employed and in my first year of trade I worked under 16 hrs per week I still paid tax in relation to my income.

 

[oey]

I found it ideal , if you work 16hours you dont get taxed

Is this your only job or are you self employed as well?

The tax has nothing to do with the amount of hours you work but the amount you earn.

 

[VHunter]

Why not work from home, or go mobile.

Instead of plonking a tonne of cash down on renting a space, plonk 'some' (or all) of it down on advertising instead and use the rest to add to your salary?
Advertising makes a difference, the more you do, the more your name gets known. The better known you are, the more business.

I've only just started being busy and making a decent living, and this is my 3rd year. BUT I dont have to rent a space, I work from home.
Nothing would irk me more than to be employed by a salon or pay a huge rent.
If your place is too small, look for something that offers you an extra room that's not going to cost any more than your rent for home + rent for business did, know what I mean?

If you love it, KEEP AT IT. I would much prefer to work at something I love, than something that "just pays the bills".


Hope this helps
:hug:

 

[Kayleighs Nail & Beauty Studio]

Hmmm , my part time girls never payed tax on 16hours.
A women i worked with is also self employed and works 16hours employed in a salon she doesnt pay on her employed job.
im sure when you claim jobseekers allowance(not when your self employed of course) your still entitled to work up to 16hours and claim ..(providing you making under £5000(and something-dont rememeber the eaxact amount) a year

 

[Kayleighs Nail & Beauty Studio]

I am talking about, you dont pay tax if you work 16hours or less in an employed job

I've never heard of this! I am self employed and in my first year of trade I worked under 16 hrs per week I still paid tax in relation to my income.

 

[weezie]

I am talking about, you dont pay tax if you work 16hours or less in an employed job

This confuses me as why should someone employed get extra benefits than someone self employed? :lol:

It must definitely be income related as a self employed or employed person does not pay tax if they earn under the taxable allowance £5,225 a year.

If you earn more than this with one or more jobs added together (employed or self employed working under 16 hours a week or over) in a year you would, I think, need to pay tax.

 

[oey]

Hmmm , my part time girls never payed tax on 16hours.
A women i worked with is also self employed and works 16hours employed in a salon she doesnt pay on her employed job.
im sure when you claim jobseekers allowance your still entitled if your employed 16hours or under..(providing you making under £5000(and something-dont rememeber the eaxact amount) a year

That is interesting - I am pretty sure that if you are self employed then you cannot be getting job seekers allowance, but I could be wrong.

 

[Kayleighs Nail & Beauty Studio]

Im wasnt relating the self employed and job seekers togther-i was talking about 2 different subjects-

sorry if i seem to be confusing everyone

That is interesting - I am pretty sure that if you are self employed then you cannot be getting job seekers allowance, but I could be wrong.

 

[weezie]

The only way you could get round this (earning more than the allowance) is if you only declared your employed pay and didn't submit your self employed pay!-but this is illegal! :hug:

 

[Kayleighs Nail & Beauty Studio]

Everyone seems to be confused here- all i was saying in my first post is you can be self employed and work 16hours employed for someone else as well but you wont get taxed on your employed 16hours..(obviously to my takings being self employed i can do that)
But obviously im getting told wrong information by the HMRC..

If she wanted to work 16hours for someone else she could class that as her first job, tax free on 16hours (which would happen if your on minimum wage)
Then have the rent a room buisness and pay tax on that one , and have that as her second job for the rest of the week
Am i sounding right just would like someone to understand what im saying?Haha

 

[gemini_beauty]

[what do you want to do???

18 months isn't along time to be in business hun, why don't you sit down again and look at you out goings in the business.....are you watsing products are you paying too much rent are there any costs that you can cut down or cut out????

then look at what you are taking are you charging too little where is the majority of your income coming from what treatment..how many new clients you get a month and how do they here about you etc

I think i would be happier getting a job and having a regular wage but i dont want to give up the business and regret it later. That is why its so difficult for me to make the decision.
I have also looked at my pricing and i am quite low at the moment but a lot of people in the area are unemployed and want everything dirt cheap. for example, my nails are £25 and spray tans were on offer at £15 for 2weeks when i did my training. A few cheeky begars were asking for discounts if they booked in for the two treatments!

The area of the salon is also one of the factors contributing to me thinking of quitting because i dont think there is much of a call for beauty as we had thought there would be.

 

[oey]

I think i would be happier getting a job and having a regular wage but i dont want to give up the business and regret it later. That is why its so difficult for me to make the decision.
I have also looked at my pricing and i am quite low at the moment but a lot of people in the area are unemployed and want everything dirt cheap. for example, my nails are £25 and spray tans were on offer at £15 for 2weeks when i did my training. A few cheeky begars were asking for discounts if they booked in for the two treatments!

The area of the salon is also one of the factors contributing to me thinking of quitting because i dont think there is much of a call for beauty as we had thought there would be.

Why not look for new premises in a better area/position instead of quitting?

 

[chantell simone]

18 months is not very long but i do see your predicament

i work part time and will continue to do so until i get busy enough with beauty to give up my part time job, it does provides a reliable steady income for me though

take your time and really think about this, don't rush in and make a hasty decision, you have been given some great geeky advice

 

[hippy-chick]

I am self employed AND employed.
I PAYE with my employed job, and as its teaching, I do anything for 2 hours a week to 10 hours a week, but with big gaps of no work.

When I submit my books, the accountant managed to claim back all of my tax from the employed job.

Yes, you have your allowance, but 16 hours is considered full time.