Best of Both Worlds

30 Dec

It can take time for a business to get off the ground and start bringing in enough profit to create a real income.  In the first few months of trading, most of your profits will go back into the business – buying more stock, equipment, or marketing materials.  Therefore many small business owners choose to start up whilst continuing in employment as well.  This provides the reliable income of employment, giving you time to build up your business over time, the way you want to.  Depending on the business you are starting, you may be able to continue working full time, or want to change your hours to part time.  Alternatively, you may be working part time and need or want to supplement your income and hours.

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Jo Abram has worked with disabled people for over ten years, but in 2012 decided to follow her dreams and open Jo Joe’s – her own vintage clothes shop in Bideford, North Devon.  She continues to work part time to subsidise her self employed income.

“I decided to leave my corporate job, move back to Bideford and set up Jo Joe’s at Butchers Row  – they have small retail units which are ideal for a start up business, they are priced at £100 per month and are small enough for you not to feel too overwhlemed! I also work part time helping people with learning difficulties find employment – I think it’s important to say that unless you have lots of savings or a rich husband (who does!!) that it is unlikely that you will earn enough on one of these units to live on, so most of us there work part time elsewhere too.”
“I don’t miss being employed full time but I must admit I do like the balance between running the shop and office work 50/50. I have worked with people with disabilities for 10 years and I am glad to still be involved in this type of work, there may come a time when I go full time in the shop but I actually enjoy the variety of having two jobs at the moment.”

You can find Jo Joe’s at http://www.facebook.com/jojoesretro.co.uk

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Laura Gamble created her own beautiful paper bouquet for her wedding, and after receiving lots of positive feedback, decided to start her own business – A Paper Rose.

“As a classroom assistant I’m sort of spoilt with my hours, I work 8:30 – 3:30 – so can get an hour of work done each day when I get home, before it’s time to make dinner etc. I also have the school holidays to work on the business – which is great. I usually spend an evening or two per week working on A Paper Rose and try and do a few hours on a Saturday. It depends how many orders there are or if a wedding fair is coming up.”

apaperrose.co.uk

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As well as working as an Enterprise Coach for Opportunity Plus South West, Chloe Myers runs her own small business selling baby slings.

“I love that there is no pressure on me to make a full income from my own business, it is something that I can enjoy and put in as much work as I want to, when I want to.”

http://www.go-sling.co.uk

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Many people worry that they will have to pay higher rate tax on a second job (or self employment alongside employment).  In fact, you should not be paying any more tax than if you had the same income from one job.  Everyone has a tax-free personal allowance which they can earn before they start paying tax.  Generally this would have been used in your first job, so you will be paying a higher percentage of your earnings in tax in your second job.

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Thinking of starting your own business?  Why not check out the range of Business Start-up Courses available with Opportunity Plus UK.  They are full of ideas and inspiration for a range of business ideas, as well as all the information you need to get up and running.

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