Thinking about expanding-not sure

[ann@vipnails]

hi ladies anyone been here ? really appreciate feedback - i have been in business 10 years through quiet and busy time recently we are busy and i turn business away clients - so thinking of expanding - problem is if my turnover goes much higher i would become vat registered and have to pay hmrc massive money but i only get a wage from business as have staff and rent etc ?? really don't know what to do ?? feel stuck in the middle thanks x

 

[BannerPenguin]

Expand. If you try to stay below the threshold you'll forever be limiting yourself. Build up a cash reserve, expand and push the marketing hard so when you expand you are well and truly over the VAT threshold making it worthwhile.

 

[ann@vipnails]

thanks it is such a worry have always done baby steps and your right its me holding business back - decisions decisions

 

[squidgernetball]

We went vat registered about 18 months ago. The plus side for us is that we retail a LOT so that helps to bring our vat bill down.

I decided to push it as hard as I could to not only go over the threshold but to fly over it. To that end, we have succeeded. I have never struggled to pay my vat bill but for every days takings I put 20% aside. This is too much so whenever I pay my vat bill I put some back.

If you don't go for it you're stifling any incentive to grow your business.

Good luck

Vic x

 

[ann@vipnails]

We went vat registered about 18 months ago. The plus side for us is that we retail a LOT so that helps to bring our vat bill down.

I decided to push it as hard as I could to not only go over the threshold but to fly over it. To that end, we have succeeded. I have never struggled to pay my vat bill but for every days takings I put 20% aside. This is too much so whenever I pay my vat bill I put some back.

If you don't go for it you're stifling any incentive to grow your business.

Good luck

Vic x

thanks vic, we don't retail much do dermalogica but main business all nails and tan eb wax etc good idea put away 20% i am thinking getting a computer system too to market more as well ? what do you use ? how many staff do you have thanks a lot what is your salon called thanks so much ann

 

[Karen Walters]

Hi, I went through this same decision a few years back, I couldn't decide whether to expand or not either...but I figured without any risk, I'd just stay stuck where I was at. I ended up taking the chance and expanded, it was stressful at first but once I got it up and running it was totally worth it.

But make sure you put some capital aside and have something to fall back on just in case....but if you have an overflow of customers now, you should be alright.

 

[ann@vipnails]

Hi, I went through this same decision a few years back, I couldn't decide whether to expand or not either...but I figured without any risk, I'd just stay stuck where I was at. I ended up taking the chance and expanded, it was stressful at first but once I got it up and running it was totally worth it.

But make sure you put some capital aside and have something to fall back on just in case....but if you have an overflow of customers now, you should be alright.


Thanks very much Karen I didn't see this coming just trying to make sure I make roght decision thanks ann

 

[squidgernetball]

thanks vic, we don't retail much do dermalogica but main business all nails and tan eb wax etc good idea put away 20% i am thinking getting a computer system too to market more as well ? what do you use ? how many staff do you have thanks a lot what is your salon called thanks so much ann

Hi Ann

We use Ovatu for our computer system. Pete Bell is the man you need to speak to. He is super helpful.

We have 3 staff. 2 full time (and by that I mean about 50 hours each a week) and 1 part time!

Up your retail. If you're carrying a premium brand like dermalogica you should really push it. We are literally in the middle of nowhere in a barn and we retail about £600 a week. Don't forget as well that any vat you pay on training, products, uniforms etc etc you get offset. We bought an expensive machine and we got money back from the vat man [emoji15]

My salon is Bliss & Beauty in south Leicestershire, and here's our neighbours [emoji23]

 

[Cesar]

thanks vic, we don't retail much do dermalogica but main business all nails and tan eb wax etc good idea put away 20% i am thinking getting a computer system too to market more as well ? what do you use ? how many staff do you have thanks a lot what is your salon called thanks so much ann

You should try Versum. They have powerful features and are very easy to use. They offer online booking, a simple appointment book and a free website, which looks super attractive to customers. Oh, and they have a free trial version.

 

[ann@vipnails]

Hi Ann

We use Ovatu for our computer system. Pete Bell is the man you need to speak to. He is super helpful.

We have 3 staff. 2 full time (and by that I mean about 50 hours each a week) and 1 part time!

Up your retail. If you're carrying a premium brand like dermalogica you should really push it. We are literally in the middle of nowhere in a barn and we retail about £600 a week. Don't forget as well that any vat you pay on training, products, uniforms etc etc you get offset. We bought an expensive machine and we got money back from the vat man [emoji15]

My salon is Bliss & Beauty in south Leicestershire, and here's our neighbours [emoji23]View attachment 201027

lol love your neighbours thanks yes i will get system in and market and possible online shop etc thanks for information i will get in touch with them take care x