Starting up your own bridal makeup business can seem daunting but it is actually quite straightforward. Just remember being your own boss and working for yourself is fantastic. Owning your business allows you more freedom than a conventional 9-5. You can work as hard or as little as you feel. Set your own hours and fees.
Listed below are some considerations that you will need to be aware of when setting up your own business.
Sole Trader or Limited Company
Setting up as a sole trader is relatively straightforward and easy to do. You will need to inform the HMRC that you are trading by completing a self-assessment tax return form every year. You declare your earnings upon which you will pay tax on the profits as well as National Insurance Contributions. A business owner can hire an accountant to do this for you. It is quite easy to do yourself and there are many apps now available that can help you do this. In the United States of America, you would need to inform the IRS.
To begin with, it may be better for you to be a sole trader but if your company expands dramatically, you may well want to become a limited company. Setting up as a limited company is a little more complicated as you’ll need to register your company with Companies House after which, you will receive a Certificate of Incorporation detailing when your company was formed and its number. This can be done online, as can set up as a sole trader. There is in-depth guidance on how to do this on their website.
Keep clear and accurate records of your earnings and expenditure. Meaning that all receipts must be kept for any spending in relation to your business and invoices should be raised for each makeup job that you are employed to do. A bridal makeup business owner can easily find invoice templates online and a simple spreadsheet is useful to record your income and outgoings. You will find it much easier to complete your self-assessment tax returns by being methodical in your record keeping.
Bridal Makeup Business Insurance
As a sole trader, you will need Public Liability Insurance but this is not too expensive. Public Liability Insurance protects you from claims if a client has an allergic reaction to the makeup you use. The Insurance helps if you damage a bride's dress or someone tripped over a hairdryer cord or your makeup kit and damaged themselves.
It all sounds rather formal but it paves the way for a successful bridal makeup business and thriving career if it’s set up correctly from the start!