I accidentally started a business at 14 when I was saving for a car – then it ‘blew up’ & I was a millionaire by 28
BUYING a first car is an expense most teenagers can’t afford but Bella Weem was determined to find the cash one way or another.
Now 28, she finds herself running an online company she originally set up with the end goal of earning £1,500.
Speaking to Heidi Somers on her podcast, Bella explained how she “kind of started [the business] by accident” at the age of 14.
The CEO of Origami Owl, a jewellery company, revealed that she had wanted to buy a used car online when her parents set her the challenge of earning the cash herself.
“I saved up £270 of my babysitting money and I asked my parents if they could match me so I could start a business,” she recalled.
With the end goal of buying the used car, neither Bella nor her parents thought the company would still be going 14 years later.
Bella said she feels forever “blessed and grateful” for the start-up capital that soon expanded into a successful business.
The business in question is an online jewellery store, where customers can order custom pieces.
“It just morphed into something that I could have never even imagined,” she said.
“My business kind of blew up, I could use the analogy it was like a bowling ball rolling down a hill and I couldn’t catch it just because things were selling out.”
Despite it’s wide-reaching success, the origin of Origami Owl wasn’t without it’s challenges.
Bella recalled the initial difficulty she had balancing her school work with the snow-balling business.
“Here I am, trying to balance school and a business and all of a sudden there’s just all these eyes on my business,” she said.
“I was just thinking ‘What’s going on?’”
She recalled how her initial base at a mall kiosk generated interest in her local community.
At first, the demand was manageable but a savvy business move saw the company really take off.
“I made the mistake of, at our mall kiosk, every locket that was sold I would put my personal business card in the bag,” she explained.
“So this was around the holiday season so everybody is coming to the mall building lockets for their loved ones and then shipping them all over the country.
Do I need to pay tax on my side hustle income?
MANY people feeling strapped for cash are boosting their bank balance with a side hustle.
The good news is, there are plenty of simple ways to earn some additional income – but you need to know the rules.
When you’re employed the company you work for takes the tax from your earnings and pays HMRC so you don’t have to.
But anyone earning extra cash, for example from selling things online or dog walking, may have to do it themselves.
Stephen Moor, head of employment at law firm Ashfords, said: “Caution should be taken if you’re earning an additional income, as this is likely to be taxable.
“The side hustle could be treated as taxable trading income, which can include providing services or selling products.”
You can make a gross income of up to £1,000 a year tax-free via the trading allowance, but over this and you’ll usually need to pay tax.
Stephen added: “You need to register for a self-assessment at HMRC to ensure you are paying the correct amount of tax.
“The applicable tax bands and the amount of tax you need to pay will depend on your income.”
If you fail to file a tax return you could end up with a surprise bill from HMRC later on asking you to pay the tax you owe – plus extra fees on top.
“And so all of a sudden, I’m in school, I’m sitting there doing my test and my phone is just getting blown up and I’m realising it’s numbers from around the country.”
The calls were coming in from people who had received the lockets for the holidays and wanted to purchase more as their own gifts.
Bella recalled asking to be excused from classes to take business calls in the school bathroom.
“I would answer as if I was a professional business owner because I have a business, I have to be professional,” she said.
She explained that she often had to take orders by writing them on her arm.
“I would get home and I’d be like ‘Mum, [we need] to fill this order’ and I’d just hope it didn’t rub off,” Bella said.
“I remember actually one distinct moment as I was taking a business call in the bathroom someone flushed the toilet and I was like ‘Oh just ignore that, anyway, what can I do for you?’”
She described her original business model as “scrappy” as she tried to spread her business.
“It was like ‘What can I do to just get these lockets everywhere?'” Bella said.
She recalled the time at the beginning of her business as “wild,” saying she “just can’t believe that happened.”
“Another thing I look back on is it doesn’t matter how old or how young you are, you can do anything you set your mind to,” she said.
“I remember a lot of people in the beginning [were skeptical] about a 14-year-old.
“I was just so optimistic, I was like ‘I can start a business, why not?’”
She encouraged podcast listeners to “just do it” now if they have a goal they want to achieve.
“A lot of people wait to go after there dreams but there’s never a bad time to start,” Bella said.
Now married with a one-year-old daughter, she said she looks back gratefully on the “crazy adventure” that led her to her life now.