For Manicurist entrepreneurs getting started

1. Start with the Right Business Structure:
2. Establish a clear separation between personal and business finances by registering as a sole trader, partnership, or limited company.
3. Consult an accountant or business advisor to determine the most tax-efficient structure for your practice.
4. Implement Simple, Scalable Record-Keeping:
5. Use a user-friendly accounting software designed for small service businesses—this can include mobile apps that allow you to track sales, expenses, and appointments on the go.
6. Maintain accurate records for inventory (nail polishes, gels, tools, etc.), supplies, and equipment purchases, ensuring they’re logged for warranty and tax deduction purposes.
7. Monitor Cash Flow Consistently:
8. Keep a regular record of daily income—often hand-collected cash payments or card transactions—and monitor any outstanding invoices.
9. Prepare a basic monthly cash flow statement to anticipate seasonal fluctuations (e.g., times when customers may visit less frequently).
10. Plan for Tax Obligations:
11. Set aside a percentage of your income for tax liabilities and National Insurance (or relevant contributions).
12. Understand allowable business expenses (supplies, insurance, business use of your home/office, continuing education) to optimise your tax return.
13. Schedule quarterly reviews to assess your tax position and prevent any surprises at year-end.
14. Budget and Forecast:
15. Develop a simple budget that outlines monthly operating expenses, expected revenue, and necessary investments in marketing or equipment.
16. Consider using budgeting templates that gradually scale as your business grows, helping you prepare for both busy and slow periods.
17. Seek Professional Guidance:
18. Build a relationship with an accountant early on. Their expertise can simplify financial management, assist with tax planning, and provide advice on maximizing deductions.
19. Stay informed about any changes in tax regulations or new government schemes that might benefit small business owners in the beauty and wellness sector.

x