Employed Full-Time - looking to start business

mbbetter

Hi all,

I currently work full-time for an employer, but I have a business idea that I would like to pursue. I would like to undertake this venture with my wife, who is also employed full time. The business would only take up evenings, so I would see it as a bit of a bonus on top of remaining employed in our current positions.

The business may only break even initially, but then could be perhaps make a little "pocket money" (a couple of hundred pounds per month)

I have a few quick questions:

- Could anyone point me towards a guide that may help? Particularly with registering for tax purposes.
- I would assume we are obliged to tell our employers, the business doesn't compete in anyway, but does anyone have any experience with this, is it generally negative?

All the best

PlutoinCapricorn

There are many points to consider: www.businesslink.gov.uk is a good place to start.

A lot depends on what exactly you will be doing: there may be some insurance involved. If you are working from home, could there be any nuisance to the neighbours?

You do need to register as self employed once you actually start working/trading: HMRC have an online form that you can use. You need to decide whether to be 2 independent sole traders, a partnership or a limited company (the last is not a good idea for small scale work). If you can wait until the new tax year it will give you more time to investigate all the issues.

Is there anything in your contract of employment about doing other work? Conflict of interest is not the only potential problem: being too tired and distracted to concentrate on the main job is another, as is using the facilities or taking phonecalls. I know a fundraiser who worked in a bar in the evenings, and was asked to stop as she was obviously very tired and could not give attention to her main job.

mbbetter

Hi,

Many thanks for the swift response - very much appreciated. I'll check out the link.

The type of work is essentially web design and hosting, if it gets off the ground great, although I think it is a pretty competitive market so I don't even know if I'll pursue it. Given by the time 40% of any profit goes to the tax man. If I did I would probably just register as a sole trader, well probably get the wife to - her work (smaller firm) seem somewhat more accommodating than the big corporate I work for.

I'm not sure about my contract, but I certainly won't get tired from the job. (get more tired from the endless DIY on our house, which is now nearly thankfully finished.)

Cheers again

PlutoinCapricorn

On the one hand, web design and hosting is ideal for doing from home without any problems involving storing stock, taking deliveries, visits from customers etc. You can still put some running costs down to dedictible expenses to reduce your profit.

There does seem to be a lot of competition though, both from people with the same idea and packages. Have you got any special skills or creative ideas in that area, or contacts who might put business your way?

This type of work has been discussed many times on MSE and no one is very optimistic about the chances of success.

JennyJewell

He who knows not and knows not that he knows not is a fool: shun him;
He who knows not and knows that he knows not is humble: teach him;
He who knows and knows not that he knows is asleep: wake him;
He who knows and knows that he knows is a wise man: follow him.

What you resist persists; what you accept dissolves.

Really love this quote
Jen