I have a meeting with a potential client tomorrow who has just opened a shop recently offering services with this new fish/feet treatment that seems to be hitting everywhere at the moment (I think it must be the equivalent of the tanning station boom a decade ago). I am just taking a look through possible expenses, etc and most of it would appear to be the same as any other health and beauty salon, ie cash sales presumably, shop utility costs, sole trader proprietor, etc. With a hair salon, the direct costs are normally the dye's, shampoos and other materials that are used produce the sale, so I get the client to take an annual stock take and therefore have a Trading Account.
With the fish, I am unsure as to how to treat these and don't know whether to go down the Income and Expenditure route as the business would appear to work as a service rather than a trade without stocks so to speak. What are your thoughts on this?
My thought is that his fish are an expense. (If he was going to sell them on, they would be stock but this isn't the case here).
By the way, I hope he doesn't intend to eat one or two when he gets peckish - that will raise all sorts of complications about fish for private use etc etc
they seem to be appearing around me like car washes in disused petrol stations.
That you've found one that thinks that they will be around long enough to ever file any accounts seems a minor miracle!
Interesting scenario with the fish. Are they consumables (no pun intended!) or livestock?
I think that pet fish have little protection in law but if they are considered commercial livestock then hypothetically DEFRA could be responsible for ensuring the wellbeing of the fish.
My thoughts on dealing with companies who set up solely to offer this "treatment" is to get your money up front!
kind regards,
Shaun.
P.S. edited when I spotted the unintentional consumables line that I had missed until I read Andy's response.
-- Edited by Shamus on Tuesday 16th of August 2011 01:43:33 PM
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
My thought is that his fish are an expense. (If he was going to sell them on, they would be stock but this isn't the case here).
By the way, I hope he doesn't intend to eat one or two when he gets peckish - that will raise all sorts of complications about fish for private use etc etc
Andy
I know, might take a bit of salt and vinegar down with me just in case
Thanks for the help everyone, and I will be asking for payment up front as these things seem to be a fad then fade away. Zumba is another one at the minute. Everywhere I look there's a Zumba class.
BudgetB, you may be correct. The fish cost £1200 and are supposed to last 6 years. The owner does not expect them to last this long and said he was looking more at the 4 year mark but that they will have to be well looked after.
can't see them living that long Gold fish only last about 2 years, sounds abit of a con to me! I saw this recently at my local shopping centre and I have to say there is no way I'm putting my feet in there especially at the end of the day when everyone else's feet have been in there with their scanky skin fallen off! Yuk!
Dean- Zumba is great been to a few classes myself and looking forward to getting back to it soon (injured at the moment & waiting for an op). I think Zumba will last but the Fish??? Can't see the fish lasting!
BudgetB, you may be correct. The fish cost £1200 and are supposed to last 6 years. The owner does not expect them to last this long and said he was looking more at the 4 year mark but that they will have to be well looked after.
I'd expect to be well looked after if I had to chew peoples feet for 4-6 years as well!!!
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Jenny
Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.
The fish treatment isn't my cup of tea but they seem to have had a few people past the door since Saturday, time will tell I suppose, as will the life span of the fish! I was surprised by the setup of it all, I thought it was just a tank with a load of fish in but they have large filters and special lighting to kill the microbes in the water.
As long as I make a bit cash out of it, then I hope it sticks around for a little while at least
The fish treatment isn't my cup of tea but they seem to have had a few people past the door since Saturday, time will tell I suppose, as will the life span of the fish! I was surprised by the setup of it all, I thought it was just a tank with a load of fish in but they have large filters and special lighting to kill the microbes in the water.
As long as I make a bit cash out of it, then I hope it sticks around for a little while at least
Not sure I agree with this attitude. Perhaps you should be thinking how do I help their business grow/ evolve over its lifespan!
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The fish treatment isn't my cup of tea but they seem to have had a few people past the door since Saturday, time will tell I suppose, as will the life span of the fish! I was surprised by the setup of it all, I thought it was just a tank with a load of fish in but they have large filters and special lighting to kill the microbes in the water.
As long as I make a bit cash out of it, then I hope it sticks around for a little while at least
Not sure I agree with this attitude. Perhaps you should be thinking how do I help their business grow/ evolve over its lifespan!
That's how I look at my clients - their businesses are the roots of mine, if I help them grow and prosper then by default so do I. I don't just provide a service, I put a lot of effort into my clients.
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Jenny
Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.
No I do value my clients and have positive feedback with the support and resources I have offered. The previous post was tongue in cheek in saying I hope there is still going to be a business with respect to the lifetime of the fish.
