Moving forward and upwards

savingholmes

I'm really thrilled that you have found a passion that could also bring in good £. So pleased you got on well with the trainer too.

MovingForwards

Thank you Skinty and SH

I treated the model like a paying customer so I had full experience of speaking with them too. Also thanked her before and after for volunteering. The whole day was so beneficial and I've finally found something I enjoy.
- who'd have thought it would be this 🤭

Believe it or not, the money side of it I've not really calculated as for now it's about building experience in readiness for when the mortgage is cleared and I've the freedom to do what I want. I've now done some maths!

To get my current pre-deduction 4wk salary, I only need to do:
- 33 facials a month OR
- 33 wax bundles OR
- 88 gel nails, less if nail art, extensions etc OR
- 49 lash infills OR
- 49 lash lifts

Doing one each of the above per day is over half my current income in just 5 days 😲😲 I've calculated 50 weeks 😮😶😮
- obviously I'd have to take off the usual deductions, account for stock and other expenses but now understand why not many people work FT!

I'll be ordering stock for facials and should be able to get set up for under £100. We happened to use the products I had been researching and I'm very happy with them.

TomBo has told me to sell my previous career books, he'll list and take them to the PO; I'll try the group I'm in first.

For now, it's back to reality!

~FlowerPot~

sounds like you are sorted! plus you will enjoy it, making money at something you enjoy is the best. ANd if you can choose your hours and be part time, that is even better!!

I do like being self employed, Im nowhere near part time for many reasons, but I do really enjoy being my own boss and working the hours that suit me and fit around my DD

MovingForwards

Thanks FP

I'll have a chat with the trainer's again over my next few courses see if either of them have a space I can rent.

I've got my lash in-fill this week too, depending on salon bestie's reaction to me doing my nails I may gently approach a conversation and see if she has any space. Once we've had a chat I'll feel more comfy advertising rather than her potentially seeing an ad out the blue.

I printed my course manuals off and my certificate, ordered folders, account books to log money earned and a couple of tunics; have to look the part!

My chr0n1c fat1gu3 is also playing up at the moment. I'm putting it down to the weather and know I've a few more months to limp through.

We had soup for tea.

savingholmes

Things are sounding positive. I'm sure you are considering all these things but just as a prompt: 

Your income needs to cover your premises, insurance and supplies costs. Some hairdressers might rent you a 'chair' as a complementary business to their own. That could be a good way to test it - perhaps on a Saturday to maximise customers.

When calculating benefits from employment you should consider:

• Value of holidays including bank holidays
• Value of sick pay cover - and cost of trying to replace that with insurance if needed
• Value of pension (if DB use 25 x what it goes up by each year) and related life insurance (particularly if you would struggle to get cover)
• Value of any increments and guaranteed pay rises 

Recent inflation means that my current pension went up (once multiplied by 25) by the equivalent of almost my annual pay the last couple of years which was exceptional but a huge win. In a normal year it's probably closer to 50%. It's a big uplift when you take the long term view. You would continue to get any inflation increases after leaving - but will struggle to find any self-funded pension that offers the same kind of uplift for the amount you are putting in.

I know from what you've said that you feel your income in retirement is already largely covered - as you have low basic costs - particularly if your mortgage was gone - so I'm not intending to act as a brake - but just as a prompt to ensure you've considered everything.

Did you ask the person who was selling all their stuff why? It's definitely worth doing a lot of exploration about what you can realistically earn where you live. A testing the waters plan where you can low risk scope out which parts you enjoy most versus what you find most tiring is also a good plan.

MovingForwards

Thanks SH

To try and cover everything you've raised, which I have considered:

I discussed going mobile across the courses I've completed.
- Nail trainer asked what my long term plans are eg get my own salon etc.
- Facial girls all thought it was good I wanted to go mobile, however the amount of kit I'd be taking out would be a massive struggle for me; had I just stuck with nails they would have supported me all the way and understood why I didn't want to limit my services. 

It's not to say I couldn't do mobile nails with salon everything.

My insurance is under £85py and I have a lot of supplies to keep going without the need for buying any.

I wouldn't willingly give up my day job, which is why I'm planning to ease myself into beauty while getting the mortgage cleared. Don't forget I'm still a temp. 

Re: job 'benefits' I'd be picking my own hours / days, would save pay to cover hols and increase pension payments as I'm only putting a bit away due to having the DB. If somehow I was to stay in my day job there's another 4 increments, under £2k over 4 years, plus whatever the Un1ons argue over. 
- I could potentially earn more than that working beauty PT and expenses/ supplies would be off set against my t-x bill.
- I wouldn't be ticking the pension over like I am now and would sink a lot more into it. I've not had DBs long enough to make a huge impact on retirement.

I did ask why they were selling, OHs venture, their own job, downsizing and having no time to do it; they're in a different county to me. I've got several counties I could cover due to my location and based my prices on the lower end of what people charge. 

All I can do is give it my best go as I'd rather try and it remain as a side gig, than not try at all.

savingholmes

Hi MF - you're right I forgot I have much longer service than you in the DB which therefore means the increases have more effect.

Good you are thinking through your options. 

MovingForwards

Thanks SH

I'll only have a combined 4 years across both my DBs if my contract isn't extended, which is why my plans never focus around them.

The main thing for me is being mortgage free opens up options.

Skint_yet_Again

You sound well organised for your new venture 😊 Wishing you lots of luck 🤞 A “chair” in a salon may mean you can rest a little between clients rather than driving from one to the other. 

Hope you are feeling better x

MovingForwards

Thanks Skinty

Still a bit rough, I'm putting it down to work stress.

Had my lash apt, gently approached the subject of renting a chair. Salon bestie is interested BUT only wants me to do one nail system and not everything I'm qualified in / due to qualify in, said I could do the rest as mobile 😕 
- I'm not booked on a course for this other system as I'm still trying to find a trainer in my county. 

I started verbally promoting my venture after the above and looking for a space to rent.

Popped to a trade beauty shop, got my first trade card 🤭 picked up a few things; more expensive than when I'm buying direct from the manufacturer for most things however, I've got my facial items 😁
- I also picked up hair colour, that was so cheap!

One of my tunics arrived and there's space for me to have a long sleeve top under it; deliberately ordered bigger for that reason. I'll order a few more the weekend and smaller sizes for summer; they're only £7.99 each and nice quality. I'll be wearing a tunic, leggings and pumps to look smart, while allowing ease of movement.

Tomorrow I'll be organising, practicing and doing my course prep.