Everything you need to know to start off as a sole trader
No matter if you’re a long-term sole trader individual or just beginning the material below will be of value as it’s tailored to your industry.
Making sure running a Hairdressing business is right for you.
There are a lot of central reasons why you would want to become self-employed, you may what the flexibility and handle your direction and time if you’re very good at what you do you have the chance to pull in more cash compared to being employed.
While this all seems great there are some downsides as well; these need to be contemplated when deciding on if going out on your own is the best thing to do.
What's covered on this page
- How to Set up as a self employed Hairdresser
- Everything you need to know to start off as a sole trader
- Making sure running a Hairdressing business is right for you.
- What You will want to give some thought to before starting your hairdresser business.
- The plus side of doing hairdressing as a freelancer
- The drawbacks of becoming a sole trader mobile hairdresser
There is more great information below but if you’d like to talk to us about your new hairdressing business then please call us on 01229 440184 or click the button.
What You will want to give some thought to before starting your hairdresser business.
- Do you know how you will discover potential clients?
- Do you have start-up cash to launch your business?
- Are there financial savings to cover your personal expenditures if you don’t generate any earnings?
- Are you comfortable with preparing out your accounts and keeping control of your cashflow? If not we’re here to help.
- Have you contemplated through the results of losing out on employee features, for example, holiday pay, sick pay, and employer pension contributions?
- Is it best for you to work with other individuals?
- Have you got the equipment you will need to do the job?
Some of us are not aware that you can be signed up as a sole trader at the same time when you are employed. This will make a move from employment a simpler task simply because you will always make sure you have got what is required. A sole trader is a self-employed individual who owns their own company, and they aren’t a member of the staff of any company. Once you start performing self-employed jobs, you need to let REVENUE & CUSTOMS know that you’re working for yourself with 90 days. This will make sure that you are paying the accurate taxation If you are searching for the most cost-efficient and quickest method to get up and running, signing up as a sole trader is the solution.
The plus side of doing hairdressing as a freelancer
You will discover plenty of advantages of being a sole trader, most notably:
- You could be in control of your own time, so you may be in a position to handle other commitments.
- What you’re doing can be more diverse, because you might be working on many different jobs for separate clientele at any one time.
You will be able to assess your skills by operating your company.
- Any genuine business related outlay you occur while undertaking your job will be taken off your profit to reduce your tax responsibility.
The drawbacks of becoming a sole trader mobile hairdresser
It’s worthwhile to take into account the drawbacks of being self-employed too, in particular, the risks and outlay that can come with self employment
- Obtaining a strategy to market or obtaining prospects, in the beginning, be frustrating.
- There’s definitely no sure pay cheque at the end of the month so it will be challenging to budget properly.
- It might be a nightmare dealing with lenders when you’re running your own business.
- It’s your business, so you need to take control of all the financial aspects which include submitting your tax returns.