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Setting up a scarf business

(4 Posts)
Bellini12 Mon 06-Oct-14 16:18:16

Ive thought about this idea for a while but really have no idea where to begin.

I love scarves and would love to have a little business selling them (& maybe a few accessories too). I like the idea of doing e.g, Christmas fairs, FB page or my own web site. I'm not a huge saleswoman, I'm happy on a stall but not doing e.g a scarf party at someone's house.

Do I need to take out any liability insurance for this or register a name? Do I just buy from a wholesaler online or visit them for quality control? I've bought plenty of scarves/pashminas from stalls and know the kind of thing I am expecting to buy and the prices.

In all honesty it is just to earn a little bit of money, a little add-on. I'm a SAHM and would like a little something to achieve for myself. I have some capital (and storage space). Does this sound do-able? Any tips?

Pippidoeswhatshewants Mon 06-Oct-14 16:28:53

You can start your business as a sole trader, I would recommend you talk to an accountant.

I would also advise you to do a bit of maths before you throw yourself into it:
How much do you buy the scarves for?
How much does a stall/website/hosting/petrol/postage cost?
How much could you possibly sell the scarves for?
How many scarves would you have to sell to cover your monthly cost?

What would be your USP?

Bellini12 Mon 06-Oct-14 16:56:20

Thank you. Excuse my naivety but wouldn't I have to earn x amount before I started paying tax? Or do you just register as a sole trader anyway?

I have done a bit of research into pricing and the costs of fairs etc. I realise some of them can be quite high so I would have to work out how much I need to sell to break even.

My sister works for a skincare company (sells the products herself) so I have learnt a bit from that.

What is the first step I need to take? I'm not expecting to make a huge amount, just a nice added extra.

Numbers123 Sat 08-Nov-14 14:48:42

Yes, for 2014/15 the personal allowance is £10k (what you can earn before you pay income tax). But if you are starting a business (ie aim is to make profit) and wanted to go down the self employment route, you need to register with HMRC (takes 5 mins to do online) or if you have an accountant they can do this for you

You will also pay Class 2 NI of around £148 a year for being self employed (regardless of making a profit or loss) unless you register for a earnings exception certificate.

Would recommend anyone who is thinking does a short simple business plan - some of the other questions I would add is how much do you need to start up? Is there other established scarf sellers in your area?

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