Starting up business......What to do first?

[bella_nails]

Hi all,

Ive been a nail tech for 3 years now, and have worked in 2 salons part time, But i really want to do it for myself.......i have a 14month old baby, live in a 2 bed flat and have a current part time job in retail.

I have an aim that one day i will have my own nail & beauty bar, but i cant get there just yet, then i had an idea to move to a house this year (as were needing more space) and to set up at home, but cant do that as the mo as we cant move due to house prices and not being able to sell our flat at a profit, so......the only other alternative is to set up mobile.......but where do i start?! what do i need to do?!

I have already got my business cards & price lists & set up a group on Facebook. I know i need to inform HMRC, but then trying to explain income to Tax credits when being self employed is a mission, as a friend is having problems at the mo. I need to set some sort of plan/to do list drafted up......BUT I JUST DONT KNOW WHERE TO START!!!!! HELP!!!! :grr:

 

[*sarah*]

Hi Caz, would you be giving up your part time job in retail or doing that aswell? also are you working in a salon at the moment ?

Hi all,

Ive been a nail tech for 3 years now, and have worked in 2 salons part time, But i really want to do it for myself.......i have a 14month old baby, live in a 2 bed flat and have a current part time job in retail.

I have an aim that one day i will have my own nail & beauty bar, but i cant get there just yet, then i had an idea to move to a house this year (as were needing more space) and to set up at home, but cant do that as the mo as we cant move due to house prices and not being able to sell our flat at a profit, so......the only other alternative is to set up mobile.......but where do i start?! what do i need to do?!

I have already got my business cards & price lists & set up a group on Facebook. I know i need to inform HMRC, but then trying to explain income to Tax credits when being self employed is a mission, as a friend is having problems at the mo. I need to set some sort of plan/to do list drafted up......BUT I JUST DONT KNOW WHERE TO START!!!!! HELP!!!! :grr:

 

[bella_nails]

Hi Sarah,

No not working in a salon anymore, yes i would still work in my retail job just till the nails would keep me afloat. x

 

[*sarah*]

Hi Caz,

Well really its just down to getting your self known, advertising is the key try doin leaflet drops around your local area or in shoppping centres, leaving them in tanning salons and hairdressers, get a free listing in yell.com, the yellow pages,thomson local. Also give friends "mates rates" treatments in return for them handing your pricelists or cards to their friends or workmates, you could do the same for your collegues at work? also do you have any details of the clients you did at the salon you last worked at if so let them know you are now mobile. Another good thing would be to have the local paper do a piece if you offer a reader a free treatment they may do this for free. hth xx

 

[RoyalLass]

Just be aware that if you are going to keep your part time job and register the business, you will have to pay 40% tax on everything you earn from the nails (I'm pretty sure its 40%, but sure someone will correct me if I'm wrong!)..you will be taxed as normal from your 'first' job ie: your retail job. Altho I don't know where the tax credits come into all this! But anyhoo, this could have a massive impact on your prices IMO. hth

 

[Martin Duffy]

Just be aware that if you are going to keep your part time job and register the business, you will have to pay 40% tax on everything you earn from the nails (I'm pretty sure its 40%, but sure someone will correct me if I'm wrong!).

It's a misconception that you pay a higher rate of tax on a second job - tax is determined by how much you earn, not the number of jobs you have! This link may be of interest:

How Will My Second Job Be Taxed? - The Tax Guide (UK)

 

[2cheesecakes]

hi there,

you only fall into the higher tax bracket if you earn over circa £34.5k, so i would worry about the tax element at all. ask the tax credit office how tax credits will be affected- think you just forecast your self employed income & get paid tax credits based on your forecast. THEN they adjust your tax credits when you submit your ACTUAL earnings at the end of the financial year. you either end up paying back part of the tax credits if you've earned better than you forecasted or you get some additional tax credits if your actual income has fallen below your forecast. Basically, everything is aligned in the end.

don't think any kind of palnning or local authority consent is required for mobile work. Naturally you need qualifications and insurance, as normal. it's just a matter of marketing thereafter, of which there are infinate ways

HTH xx

 

[2cheesecakes]

sorry typo- supposed to say ' so i WOULDN'T worry about the tax element at all'

 

[RoyalLass]

Yes, you are right about the higher rate of tax (I did say I could be wrong!)..I re-read HMRC website which I misunderstood...however, it does say that it depends on whether you use all of your tax allowance on your first job...if you do, you get taxed 22% on everything you earn in your second job...and would still have a massive impact on earnings from 2nd job.
Good job someones on the ball Martin!!! lol

 

[Martin Duffy]

Good job someones on the ball Martin!!! lol

I only know because I have had two & more jobs in the past!

 

[hannajadem]

For child tax credits and working tax credits-these are calculated based on your income from the previous year, so you don't have to do a forecast.

 

[anewdawn]

Hi
Also get a website godaddy.com will help with doman name, it's the new way to advertise, also if you look about you can get free advertising too, try on Gumtree etc!!

good luck
dx