Making money from a side project
Discussion
I work full time in the Healthcare IT space and recently had an idea for an application that I'm developing and plan to market under a SaaS type model.
I've already got one prospect who is committing to signing up to the service for £xxx per month. This is great as my initial monthly out of pocket expenses to support and host this is going to be around 25% of this maximum. Obviously this doesn't include my time.
The long term plan would be to build up the subscriptions as much as possible (feedback from other business has been great so far) and I could then hopefully employ someone (like the missus who only works part time) to help push it forward.
My question is, given I am employed full time at the moment and only plan to bring the missus into in the future, what's the best way to start legally selling the service?
Should I register as a Ltd Company or sole trader?
Should I be looking for an umbrella type company to operate under?
Thanks in advance.
M
I've already got one prospect who is committing to signing up to the service for £xxx per month. This is great as my initial monthly out of pocket expenses to support and host this is going to be around 25% of this maximum. Obviously this doesn't include my time.
The long term plan would be to build up the subscriptions as much as possible (feedback from other business has been great so far) and I could then hopefully employ someone (like the missus who only works part time) to help push it forward.
My question is, given I am employed full time at the moment and only plan to bring the missus into in the future, what's the best way to start legally selling the service?
Should I register as a Ltd Company or sole trader?
Should I be looking for an umbrella type company to operate under?
Thanks in advance.
M
Thanks for the input chaps.
As already mentioned by another poster above, I envisage that selling as a Ltd company would be much easier than as a Sole Trader - however, I guess it's still an option.
After thinking this through over the weekend, I don't want the wife to just "front" the business, I actually want her to run it (in particular sales/support activities). I'll just be a developer helping her out (not expecting payment from the Ltd co) and I'd even be happy not to have any official ties to the company if that makes things easier.
My original thought was for a umbrella type company to handle all the business side of things and I just build the product. I presumed something like this existed for SaaS models but it appears not...
As already mentioned by another poster above, I envisage that selling as a Ltd company would be much easier than as a Sole Trader - however, I guess it's still an option.
After thinking this through over the weekend, I don't want the wife to just "front" the business, I actually want her to run it (in particular sales/support activities). I'll just be a developer helping her out (not expecting payment from the Ltd co) and I'd even be happy not to have any official ties to the company if that makes things easier.
My original thought was for a umbrella type company to handle all the business side of things and I just build the product. I presumed something like this existed for SaaS models but it appears not...
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