Becoming Self Employed
Not sure if I am in the right section here so please move the topic if it is.
Long story short I finished year 11 in July last year and I started studying a BTEC Level 3 in I.T. until Christmas. At which point a local school opened withan apprenticeship oppertunity working as an I.T. Support Technician. I left the Sixthform course to take up this position, and I have loved every minute so far.
My only problem is that I only earn minimum apprenticeship wage (£2.65 an hour) so I don't really have much left after paying my board, my transport to / from work and for food etc.
I had an idea, while still at school last year to start doing some work outside of school as a self employed technician but I wasn't taken seriously as a 15 year old so didn't get any work other than friends and family. I tend to have a lot of spare time after work and on weekends since I don't have many hobbies and my friends are all studying for sixthform and college. As such weekends and after work could be easily spent earning money from being self employed, and in my area, there really isn't much in the way of PC repairs.
If anyone has any experience in setting up this sort of thing in terms of tools needed like recovery tools or actual maintenance tools then it would be a great help to post it below. Good ways of advertising would also be much appreciated. (I'm on a limited budget in terms of advertisements so I can't really afford to be putting add's in popular newspapers or anything like that.)
I don't know much about the HMRC either, other than if I earn less than 7.2k per year then I don't need to pay any tax, so any help on that front would be much appreciated.
Thanks in advance guys,
As I'm in a rush here are a few (brief) things to consider:
Tax: Whatever your company earns will be liable for tax. Don't confuse personal income for company income as you will have to pay corporation tax on any profit you make as a business. Get an accountant they really can help a lot more than trying to do it yourself.
Insurance: If you are providing a service to others such as repairs etc. you will need liability insurance to protect yourself from claims of bad work or injury from your actions (perceived or otherwise).
Getting registered as a data keeper: If you have to keep customer details you may have to become registered as a data keeper with the Information Commissionaire's Office (ICO). Try this self assessment test here: Registration Self-Assessment - Data Protection Act - ICO
I'm sure others will have more to add. When 'they' talk about businesses in the UK drowning under red tape they have a point at times!
Fo advertising use social media, FB, twitter etc and you can build a site with Wordpress etc.
You will need to get hold of decent tools, XP CDs, Vista, Win 7 OS and then other stuff like MS security essentials, Linux or similar.
A laptop to take with you would be useful.
I don't do personal stuff, it takes time and you need transport to get about that covers you for using it for work. (Or you try your luck)
Start with small stuff and then more on to more tricky stuff.
I just grabbed all of the ISO's we have on the work PC's (Service packs, Security stuff etc.). But thanks for the replies so far guys.
Originally Posted by rad
Dont forget to record what you earn and spend. Keep all receipts and also I like to give the customer a receipt with branding on it so that they can contact you again.
Also dont go dressed in anything. try to look presentable and be polite. You will get more work with that customer and they will pass your details onto friends.
I was self employed for 3 years and limited for 3, I would highly recommend a friendly good accountant, they will handle all the issues you have. Don't forget to buy into insurance as well. always useful if you move to larger company support.