Starting Laser Company? How what where why?

[norty303]

As its relevant to your situation, you might like to reflect on this...

I've been a hobbyist for a number of years, but declared myself as self employed from last year, as I had the possibility of making a reasonable amount of money this year due to a regular number of nights at a premium venue (that subsequently fell through.. some on the forum may be aware of the circumstances...)

In the UK, we can claim reasonable startup costs up to 7 years, and for last year my company 'made' in the region of a £13k loss. A good chunk of this can be claimed back as Annual Investment Allowance on equipment/tools/etc, and Mr Taxman will gladly refund some tax to me, because of the effective overpayment I've made on my day job earnings.

For this year to date, I'm looking at a net loss of about £3k, not counting the negative balance I carry forward with me.


What has this shown me? That its ok to do the odd gig as a hobbyist, for the odd 100 quid here or there, but when you actually come to want to run a business, its another matter entirely. Luckily I have a day job to support this, and ultimately I can see a point where this will start to work for me, for a few extra quid each year, and the enjoyment of doing it.
However, until I started to keep sensible records (I had all receipts and invoices, but I'd never maintained a spreadsheet, profit and loss, balance sheets, etc) it was invisible to me just how much money I had spent and earned.

Could i earn a main living off it? Not a chance - at this level at least.

My advice to you would be to start keeping records of expenditure, income, etc and 'run' your company virtually to see if it is a goer. In the UK at least, you don't need to register with the taxman until you start to make a profit (e.g. he wants his slice of your action). Just because you are taking money in payment, doesn't mean you are making money (I suspect you aren't, and won't be for a bit)


Also, on the insurance issue - shooting someone's eye out is probably one of the least likely situations that will result in a claim. Someone triping over a cable, or having something fall on them, or slipping on spilt fog fluid, etc, etc are all faaaar more likely. It is for those reasons, not blinding, that you require liability insurance.

[borgqueenx]

thanks norty and sorry to hear about your experiences

[norty303]

Hey its no problem, I'd already spent most of the money (apart from a nice expensive Kvant 637 that was bought in anticipation...)

[vIQleS]

I've just got into lasers (see my other threads about first show/buying etc...)

I'm going to start doing this on the side to see if i can turn it into a money maker... (The main thing will be working with my mate who doing pyro on a regular basis)

The idea is to buy a laser and do some small shows with that, and then build up a collection (and experience) until I can do some bigger stuff.

I was thinking that a small show with one laser would be worth about NZ$1k. (~ US$700 / GP$480)

I know there's people out there charging tens of thousands etc for the big show, but I don't think there's much in the way of small-scale shows... Hopefully I can find a niche. :-D