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When should I register a business?

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  • 10-03-2015 9:59pm
    #1
    Hellodub
    Registered Users Posts: 6 ✭


    Hi all, I have been teaching languages for years for private colleges and would finally like to teach independently on my own and thus open my own school or more to say a school where I am the only teacher. Thus I am not really sure should I register as a business or am I as such a sole trader and should I register as that somewhere. As of now, I am nowhere in the state as that I could support myself from it ...I make about 80€ on private lessons at the moment per month, but would like to offer classes. I just started 2 weeks ago.

    I think until I actually get profitable it will be a long way and a lot of investment into finding a classroom to rent, buying a new laptop (mine is broke at the moment & I only have a tablet which makes it hard to work properly) to produce class material, advertising costs etc. But I really want to risk it and feel that I have to get a grip on this now or never.., as such I am living and paying of savings at the moment.


    How much tax and USC and all that would I have to pay if I registered? I just feel like from the 80€ that I get right now &then even pay tax on that, I'm just not sure if this whole idea could ever work for me then? I don't think I can apply for any scheme as it seems there is support provided for people that have been unemployed for the last 2 years..


    Any advice would be lovely thanks xx


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    #2
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    will not work and suggest you instead consider teaching a stream of consciousness writing course because it does not,


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    #3
    Trojan
    Registered Users Posts: 16,413 ✭✭✭✭Trojan


    Look up or ask around for accountants who specialise in startup/small business. Almost every accountant in the country will do an initial consultation with you for no charge, so go chat with one or two about your project, they'll help point you in the right direction.

    Also check out Start Your Own Business courses running in your region, you'll see them being run by the Local Enterprise Offices and privately too, definitely worth doing if you're thinking of going down this path.

    🎙️ The Recognized Authority Podcast



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    #4
    Hellodub
    Registered Users Posts: 6 ✭Hellodub


    Thanks a mill Trojan I just found a Start your own business course close to me. Didn't know they existed!


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