Going self emmployed for a 2nd income...

[Thomps]

Hi all, new to this site so take it easy on me!

I have decided to start up my own business to do domestic electrical work. I have looked at Napit and think i'll opt for their full scope scheme and for ease their insurances (Indemnity and Liability). I have the relevant qualifications for such work, HNC, 17th Ed, 2391 and various others. I also have a Fluke multi-tester and electrical equipment to undertake most tasks. You may think whats the problem?!

The difficulty arises that i already have a full time job as an Electrical Maintainance Engineer in Industry, so work i carryout will be at weekends / Evenings / Days off etc.

Does / has anyone else on here started off like this or currently working like this? I am not looking to leave my current employment, just to make some extra money and hopefully set up a successful small business.

What other items / things should i consider so i can have a good steady start?

Advice needed please...

Cheers guys

 

[sythai]

The difficulty arises that i already have a full time job as an Electrical Maintainance Engineer in Industry, so work i carryout will be at weekends / Evenings / Days off etc.

At least your going about it the right way, probably best to have chat with an accountant to see what tax implications there are with you also being employed.

Would you current employer be ok with this set up if they knew ? you don't want to risk anything. I know years ago when I was on the books you could get the boot for doing any private work!

All the best,

Sy

 

[HandySparks]

Welcome to the forums.

A few things to consider:
Register with HMRC as self employed. Keep records of expenses and invoices. Might be a good idea to open a business bank account, even if only part time. I keep one credit card for business use only.

Publicity?
Get a good quantity of business cards printed (one of the sponsors does this but I've not tried them myself). I give a few to each customer and some get passed on to their friends. Leaflets? Website?

Transport. I guess you'll be using your own car? Sort out tool and material storage so that you can easily carry stuff about without it getting damaged or wet.

Loads more info in past threads on this site.

 

[Thomps]

Sythai - I'm pretty sure my employer wouldn't mind, i don't do any work of this type for them and i certainly wouldn't be taking trade off them either. I agree that financial advice would be a good start as i don't want a letter from the taxman in a few years!

Handysparks - I'm quite happy with word of mouth at the moment as it's a 2nd income i'm not totally dependant at the start, just looking to see how it pans out. I would however be using my own car for the business - are there any implications i should be aware of? I guess i'd have to adjust my insurance accordingly though.

I guess i need a nudge in the right direction, i.e. Is Napit the correct scheme for domestic only work? I need to be reistered to do PIRs for a family member for their rental properties, (peace of mind for them). Is it worth my time? (Not sure about hourly rates in Cumbria). Correct procedure for pricing a job? Do you get discounts from distributors for parts as your not the odd jobber walking in off the pavement?

The list goes on - maybe i'm just thinking too much about it?! lol

 

[telectrix]

I need to be reistered to do PIRs for a family member for their rental properties, (peace of mind for them).

you do not need to be registered to do PIRs, (or EICRs as they are now).

 

[alli]

Off the top of my head I seem to remember when your ?P60 (The end of year tax summary) is sent to you by your employer, there is a section that allows you to declare additional income earned. Could you use this to declare to the tax man and then they would calculate what is owed?

 

[Octopus]

When doing your sums you need to remember that you'll be paying NI and tax on everything you earn, once you've made a profit.

 

[Thomps]

Super, i'll probably see an accountant for the first years worth of finances and from there on i'll tackle it myself. This will show me how to inform the two earnings and how to claim back etc.

you do not need to be registered to do PIRs, (or EICRs as they are now).

I take it this is beacuse no work is being undertaken to rectify any issues found, so a test certificate just goes to the owner. If rememdial work was required and i wished to carry it out myself then i'd need to be registered to a scheme. This way the council would be notified by Napit, for instance. Do the council still want to see the test results or is that something i picked up wrong?

 

[Ashliegh]

Hi just joined here myself so a newbie as well. Have been working for my employer for the last 5 years and took the plunge to set up for myself October 2010 have gone from strength to strength. Still employed with my old company but have decided to leave in the next few months as I have plenty of contracts and can’t seem to cover it all in the evenings and weekends, have also taken on a part timer. So if I was you I would go for and have no regrets. Good luck

 

[florence porter]

Hi all, new to this site so take it easy on me!

I have decided to start up my own business to do domestic electrical work. I have looked at Napit and think i'll opt for their full scope scheme and for ease their insurances (Indemnity and Liability). I have the relevant qualifications for such work, HNC, 17th Ed, 2391 and various others. I also have a Fluke multi-tester and electrical equipment to undertake most tasks. You may think whats the problem?!

The difficulty arises that i already have a full time job as an Electrical Maintainance Engineer in Industry, so work i carryout will be at weekends / Evenings / Days off etc.

Does / has anyone else on here started off like this or currently working like this? I am not looking to leave my current employment, just to make some extra money and hopefully set up a successful small business.

What other items / things should i consider so i can have a good steady start?

Advice needed please...

Cheers guys

If you are starting up on your own to create some extra money, i came across a website called electriciansearcher.co.uk. its is good as it creates an easy website that you can monitor and update for a low cost, it also ranks in google. it could possibly be and easy way to bring in extra business.

Electricians Searcher - search businesses in the Electricians sector

I hope that this helps

 

[HandySparks]

If you are starting up on your own to create some extra money, i came across a website called electriciansearcher.co.uk. its is good as it creates an easy website that you can monitor and update for a low cost, it also ranks in google. it could possibly be and easy way to bring in extra business.

Electricians Searcher - search businesses in the Electricians sector

I hope that this helps

Do you work for this company?

 

[florence porter]

Do you work for this company?

hello, no i work for an electrical alarm company bsearcher Microsite and came across the above when i was doing some research. we used them to create our webpage and we have since received some business through it.