Buisness

RE: Buisness

I don't know about a business plan, but you certainly need to contact the tax office and sort out paying NI contributions. You need to keep records of money earned and your expenses out for the taxman, otherwise they may well catch up with you. You will probably need to open a business account if you are busy. Keepall receipts etc, as you can claim against your earnings for your expenses and therefore not pay so much tax. (Your couch, a percentage of your petrol, the cost of your course, clothing allowance, relevant books, further courses etc )
I do Reiki healing, as part of my practice, and Reiki doesn't protect you from the taxman's interest!
Good luck with your venture,
Sharon.

RE: Buisness

Thanks Sharon,

RE: Buisness

i agree - these things have a habit of biting you on the bum if you're not careful - and once things are in place it should pretty much be a case of keeping receipts and records. There's loads of helpful websites including the inland revenue's which will tell you what you need to do. And I'm sure they'll be more than happy to talk to you in person.

The other side of the business plan is looking at where you want your business to go. i.e. I assume you want to make a living out of it. So what you should be thinking about is where you are now and where you want to be in a year, five years etc. you mentioned flyers and cards - do you have a budget for these? and where will they be placed? Have you thought about your own web page or advertising on the internet - perhaps just listing yourself on some sites?

Do you need insurance if you're going into other peoples homes and practicing a therapy? just a thought.

I know all this sounds like serious business but it stuff that's worth thinking about. But take heart, I think you need to earn over a certain amount before you need to start paying tax. but the tax man will be able to tell you more.

And good luck! it's a very exciting time for you!!

Joanna x

RE: Buisness

Thanks Joanna, yes i have applied for Insurance , hopefully it is in the post, and just started a web site, hope to start practicing next month.

RE: Buisness

Hi Angel Light,

You sound just like I was 3 years ago! Plus, your husband sounds very much like mine lol. I had been 'doing' Reiki to friends and family for a few years and never charged as it was not on a regular basis. After a while though I had friends of friends asking for Reiki and then total strangers ringing up who had been recommended and things started to get busier. As I was doing this from home and had 2 young daughters my husband told me it was time to do this 'properly' ( I insisted I WAS doing it properly!) but he said to take it out of the home because he didn't want strangers in while the girls were young.

I agreed but then he said I had to do things on a more business level which horrified me, as you said "but this is Reiki!". I reluctantly agreed that if there were any start-up courses running in the area I would go on it ( never thinking there would be, just said it to shut him up lol).

Lo and behold, the very next week in the local paper there was an ad for the Local Enterprise Agency re a one day seminar on starting up a business! I booked on it and believe me, I couldn't believe how naieve I had been about starting my Reiki business. The seminar was such an eye-opener that I booked to go on the 6 week course and have never looked back. I have been a member of the Small Business Club since then and it has been a wonderful place to go to when not sure about anything. If you have one in your area or a Business Link office then I would highly recommend you give them a ring.

As for the Tax man you can do everything right and he will still come after you! I have had a letter recently that I may be investigated (even though I know I haven't done any major mistakes and my earnings are under £9,000) so you never know!

Good luck with your venture, don't expect overnight success, just keep plugging away and one day you will realise that things have got more busy and you are on your way!

Love and light

reikiangel

xxx

RE: Buisness

Thankyou Reikiangel, glad it all worked out for you hun, i am being given messages from spirit, to get out there lol and spread the light, so i figure i had better get my act together.
It's a bit daunting but exciting at the same time, 🙂

RE: Buisness

Hi Angel Light

Good advice given but I would leave the bank business account alone as it is an unnecessary expense, if you can find a business start-up course then do go as you will be taught basic accountancy, promotion and tax issues.

Running a business on this level is really straight forward as long as you remember to get and keep your receipts else you end up paying more tax then you should 🙂

RE: Buisness

Thanks Paul. great advice given on here as usual. big hugs everyone.;)

RE: Buisness

Hi again - ref business account being an unnecessary expense - mine's with Abbey National, and costs me nothing, provided I stay out of the red. I suppose it depends on how many cheques you process though as far as your current account provider not minding and not sussing out that you're using it for business. Together with my Pilates classes I process at least 100 cheques every couple of months, so it's essential for me. But thinking about it, a lot of people pay cash for Reiki. But if you do get really busy and need a business account that doesn't charge you (in fact it pays me a laughably tiny interest rate) than I'd recommnend Abbey National.
Sharon

RE: Buisness

Why have a business account??

My sister has practised within the NHS for years and has only had a separate private bank account - with no charges.

Since setting up my own practice I, too, have opened a separate personal bank account for my business. Still no charges.

You get less hassle from the bank.;)

RE: Buisness

ORIGINAL: Joanna
Do you need insurance if you're going into other peoples homes and practicing a therapy? just a thought.

I say: Absolutely! I fanyhting goes wrong, you are still responsible. Two sort of things: a complaint direclty linked to the treatment, or you knocking something with your table.

Artemis

RE: Buisness

Thanks for all your replies,
I have just had some Insurance info come through , but before i send them off the cheque, i would like to know if anyone here has heard of this company please. as i havn't , but found them through doing a search.
Many Thanks.

RE: Buisness

Hi Angel Light

Yes I use them to cover all my therapies 🙂

RE: Buisness

Oh great thanks Paul, 🙂 big hugs.

RE: Buisness

To Paul, why have a business acct? Well I was told I would need one because Banks don't like current accounts to be used as business accounts - if there are a large volume of individual cheques going through then you are obviously operating a business. I suppose it depends on how many cheques. As my business account doesn't charge me anything, just like my current account, there's no disadvantage that I can see. The benefit is I don't have to worry about the bank complaining.. I regularly transfer my earnings into the current account. What do other people do?
Sharon

RE: Buisness

ORIGINAL: Angel Light
Thanks for all your replies,
I have just had some Insurance info come through , but before i send them off the cheque, i would like to know if anyone here has heard of this company please. as i havn't , but found them through doing a search.
Many Thanks.

Hi Angel Light,

I've just gone with SMG for Reiki and EFT. Dez Sellars recommended them as the one he uses and I looked around a bit to find they were about the same cost as the others but at least they provided some good details on their website about what you were covered for, which the others didn't really seem to do.

Love and Reiki Hugs

RE: Buisness

Hi again,
I also use SMG and have no problems.

Love and light

reikiangel

xxx