Starting a business whilst keeping my 9 to 5 job

[juice]

Hi there

Pls could I have some advice?
I work in an office full time but have been offered a chair in a hairdressers doing nails
Will I pay lots more tax and ni on my main wage?
How can I get advice on this? It's all very scary!!

 

[HairSquared]

When I decided to open my shop, i debated keeping my 9-5 steady job.

Problem was, I had 2 teenagers, a husband, basically a life that didnt contain enough hours in a day to start with.....and came to the conclusion that if I was going to do this, i had to give it 110%.
Dont make yourself crazy trying to stretch yourself thin....something will suffer, and you cant excel at something you cant fully commit to.
I quit my job on oct 25th, and had a shop open and running dec 10th.....8 weeks total. Never could have happened if I was working full time on top.
Make sure you have the mind set that it IS going to happen, then go at it full steam ahead! Good luck

 

[jes]

Hi there

Pls could I have some advice?
I work in an office full time but have been offered a chair in a hairdressers doing nails
Will I pay lots more tax and ni on my main wage?
How can I get advice on this? It's all very scary!!

As well as being employed you will have to register as self employed with HMRC and fill in a tax return annually

 

[elliebee]

You won't pay any more tax from your 9-5 job than you do at the moment.

However, you will pay full tax and NI on any earnings from your nails. This is because you personal allowance (the amount you are allowed to earn before you need to pay tax & NI) will be used up in by the earnings in your first job.

Hope that makes sense!

 

[juice]

Thank you all

Yes it made a bit of sence, i think im just trying to work out whether it is worth me doing it. It would be saturdays and maybe an evening in the salon then any other work i can do mobile.

Unfortunately i can not quit my 9 to 5 job at the moment as this pays the bills, wanted to build up a client base then maybe cut the 9 to 5 hours down. Its just very scary, and don't really know were to start.

x

 

[XeLeGaNcEnAiLsX]

Hi

I had been debating this for some time now. Like you I also have a 9-5 office job and I've recently got a mortgage on my first home so this made it a really difficult decision for me as I could really do with a guaranteed income! After much deliberation and finding somewhere that I think is perfect I have decided to bite the bullet and go for the self employed basis at a salon. My heart is in doing nails & beauty and having been in my office job for over 5 years it's just not "doing it for me" anymore!! I'm so excited and cannot wait to start my new venture but I think you have to get to that point in your life where it's one or the other. Trying to make both jobs work for you I just don't think is an option as you will tire yourself out and then you may give up beauty altogether as it would be the easier option! If financially you can commit even if its starts as a struggle I would definitely think about doing it!

Lucy x

 

[snowflaked]

Hi
just wanted to say that I have a 9-5 job 5 days a week but since june 2010 have been renting a room on saturdays doing beauty, the best thing i eve did. Like yourself not in a financial position to give up the full time job so this was the route I chose. Have been really busy and fully booked all of september, I am not taking any wage just saving so next year I can approach bank with a view to buying my own place.... so my advice is go for it good luck

 

[juice]

Hi
just wanted to say that I have a 9-5 job 5 days a week but since june 2010 have been renting a room on saturdays doing beauty, the best thing i eve did. Like yourself not in a financial position to give up the full time job so this was the route I chose. Have been really busy and fully booked all of september, I am not taking any wage just saving so next year I can approach bank with a view to buying my own place.... so my advice is go for it good luck

Welldone you!! you are doing it how i want to start, i do nails on an evening but was looking to expand a tiny bit (obviously much bigger and would not be able to fit it in) sounds like you have it sussed. Good luck X

Can i ask though, the salon i have been offered is nails only (so man/ped and nail enhacements) no beauty as they do not have the space, do you think i can make this work or should i hold out for a room so i can do all my treatments ?? (i know its my choice but .... pls help