Have you ever heard the quote “Hair today, gone tomorrow”? Very temporary, right? We can help so that your new business can last well beyond tomorrow. Read on to learn more....
South Carolina Business One Stop (SCBOS) recently visited the Southeastern Health and Wellness Institute to talk cosmetology business startups with a group of enthusiastic students looking to one day be their own boss.
Below are some of the basic compliance and regulations that you need to be aware of before you host that BLOWOUT of a grand opening:
Professional Board Certifications and Licensing:
- The South Carolina Department of Labor, Licensing and Regulations (SCDLLR) oversees all cosmetology board exams and licensing. Before you can start dreaming of being your boss you need to make sure that you have the correct licensing.
Business Registrations and Local Licenses:
- It is recommended to apply for an EIN with the IRS as part of your startup process. Think of it as the social security number for your business. This process is free and easy to apply for on the IRS site.
- You will need to apply locally for your business license through the county and/or municipality in which your business is located. (There is no statewide business license.) Check with the Municipal Association to make sure you are fully licensed for your location.
Tax Requirements:
- If you are self-employed, you still have income tax requirements, and it is your responsibility to report your income to the South Carolina Department of Revenue.
- Self-employed individuals may be required to pay quarterly estimated taxes depending on the amount of revenue they are making. For more information on income tax and self-employment taxes, visit Income Tax.
BOS Tip: If you are renting a booth or space at a salon, be sure to check your contract to see if the business will be taking out withholding tax on your behalf. If not, you will be responsible for reporting your income.
Hiring Employees: Is your business ready for a GLOW UP and start hiring employees? Be sure to review our information on hiring employees to learn about the requirements you will have as an employer.
SCBOS is here to help you reach your business goals. So, YOUR success story will be “Hair Today, GROWTH Tomorrow”.
Have additional questions? Visit our website www.scbos.sc.gov where you can chat with us or send us an email at scboshelp@dor.sc.gov.
