£5000 per week?

[JohnnyJones]

ecksjay said:

DaveH23 said:

Whilst I work for a large company we are billed out at £1200 a day for a 6 hours day.

As above a laptop is all we need to do our job. I'd like to think one day I will do this self employed but job security as well as a fantastic pension and other great benefits is what keeps me where I am.

Yeah that's generally how things worked for me. Now i'm on my own my day rate is ranging from £650 per day (for a framework i've signed up to, allows for 1 day a week which basically covers bills), up to in excess of £1500 per day where feasible. I have had it up to £3000 per day on occasions, if i'm able to get in and out and turn around the report on the same day. Need to be flexible to suit client requirements, it does make things much different when all that money is yours though (albeit with the associated tax implications that i'm currently getting my head around).

Same here, we're quite exposed to the whole brexit thing though so I'm not going to make the leap until next year, glad you're doing so well

[ecksjay]

Stig said:

johnwilliams77 said:

ecksjay said:

Not having read the full thread, this is an interesting one.
I've recently started my own business. I have been working in the same industry for around 15years (aged 33), have specialised and refined my skills over the years so that I sit in a niche within a niche, whilst also offering wider services that appeal to general clients. My niche is the thing that brings people to me however, the wider more general work is good churn.

I dont buy anything, make anything or have any overheads other than a laptop and what it costs me to travel to where I need to go. This month I'll be invoicing around £8k per week (at last count, I believe it could be higher but I am going to let some of it drift into next month). I've recently left a well paid salaried job to take the jump / risk of doing my own thing, and to say it's gone better than I expected would be an understatement. I am extremely busy however, so spending time with my family is an issue at the moment (4month old son), but hopefully it will be worth it in the long run. My wife has also been made redundant recently, so this was a stressful period.

I'm sure we wont be invoicing circa £8-10k per week every week, but if we do then... well, that's not a bad thing. It is very much possible, in summary, but it is bloody hard work.

Do tell more, - what is the niche? IT related?

Assassin?

Male gigolo with a focus on pensioners. Probably.

[ecksjay]

JohnnyJones said:

Same here, we're quite exposed to the whole brexit thing though so I'm not going to make the leap until next year, glad you're doing so well

Thanks mate. Yes this was one of my concerns but fortunately it's been pretty boyuant thus far. I work for many big funds/REIT's so they can hold off on major acquisitions which can disrupt things, but seems to be fine at the moment.

[db10]

Bit late for the original poster but partner in big 4 accountant or law firm would give you more than that.

[slipstream 1985]

CzechItOut said:

Sambucket said:

Google says 'about 20% fail in their first year, and about 50% of small businesses fail in their fifth year.'

Not bad odds really. Especially if you keep away from capital intensive ventures.

I would love to know what the definition of "fail" is. I would hazard a guess it means the company is dissolved. Given the number of threads on business forums where someone registers a limited company without realising the consequences and then closes it within the first year, I can understand those figures.

What do you mean by that? Do you mean the first thing they do is register instead off all the research costs etc?

[Frimley111R]

slipstream 1985 said:

CzechItOut said:

Sambucket said:

Google says 'about 20% fail in their first year, and about 50% of small businesses fail in their fifth year.'

Not bad odds really. Especially if you keep away from capital intensive ventures.

I would love to know what the definition of "fail" is. I would hazard a guess it means the company is dissolved. Given the number of threads on business forums where someone registers a limited company without realising the consequences and then closes it within the first year, I can understand those figures.

What do you mean by that? Do you mean the first thing they do is register instead off all the research costs etc?

I guess so. Its shocking how little understanding there is of what running your own business entails. My BiL wanted to become a self employed decorator (he's good but just isn't a self employed type person) and was telling me about setting up a limited company! He had no idea, none at all, of what was involved in running your own business.

IMO too many people get carried away with the dream of being their own boss when they're just not cut out to run a business. Almost daily I see new retail outlets that you can see won't last 10 minutes. I feel like going into them an saying 'WTF are you doing?! This is going cost you a fortune and it'll never work!!' (sorry, slight rant there...)

And I do speak from experience of getting it wrong but getting it right too.

[pingu393]

Frimley111R said:

slipstream 1985 said:

CzechItOut said:

Sambucket said:

Google says 'about 20% fail in their first year, and about 50% of small businesses fail in their fifth year.'

Not bad odds really. Especially if you keep away from capital intensive ventures.

I would love to know what the definition of "fail" is. I would hazard a guess it means the company is dissolved. Given the number of threads on business forums where someone registers a limited company without realising the consequences and then closes it within the first year, I can understand those figures.

What do you mean by that? Do you mean the first thing they do is register instead off all the research costs etc?

I guess so. Its shocking how little understanding there is of what running your own business entails. My BiL wanted to become a self employed decorator (he's good but just isn't a self employed type person) and was telling me about setting up a limited company! He had no idea, none at all, of what was involved in running your own business.

IMO too many people get carried away with the dream of being their own boss when they're just not cut out to run a business. Almost daily I see new retail outlets that you can see won't last 10 minutes. I feel like going into them an saying 'WTF are you doing?! This is going cost you a fortune and it'll never work!!' (sorry, slight rant there...)

And I do speak from experience of getting it wrong but getting it right too.

I work as a self-employed courier, and I'm stunned by how hard some people work for so little reward. I do about 10-20 hours work a week and have more to spend at Aldi than the ones who work 70 hours a week.

I used to try and tell them that they would make more money being a good businessman than being a good courier, but it was like talking to a brick wall.

Never going to make £5k per week, though

[Mr Overheads]

Frimley111R said:

I guess so. Its shocking how little understanding there is of what running your own business entails. My BiL wanted to become a self employed decorator (he's good but just isn't a self employed type person) and was telling me about setting up a limited company! He had no idea, none at all, of what was involved in running your own business.

IMO too many people get carried away with the dream of being their own boss when they're just not cut out to run a business. Almost daily I see new retail outlets that you can see won't last 10 minutes. I feel like going into them an saying 'WTF are you doing?! This is going cost you a fortune and it'll never work!!' (sorry, slight rant there...)

And I do speak from experience of getting it wrong but getting it right too.

The Wicker Basket shop on our suburban shopping parade has not surprisingly closed down after about 6 months in business. Presumably family and friends encouraged them that it was an unexplored brilliant niche idea.

[MWM3]

Frimley111R said:

I guess so. Its shocking how little understanding there is of what running your own business entails. My BiL wanted to become a self employed decorator (he's good but just isn't a self employed type person) and was telling me about setting up a limited company! He had no idea, none at all, of what was involved in running your own business.

IMO too many people get carried away with the dream of being their own boss when they're just not cut out to run a business. Almost daily I see new retail outlets that you can see won't last 10 minutes. I feel like going into them an saying 'WTF are you doing?! This is going cost you a fortune and it'll never work!!' (sorry, slight rant there...)

And I do speak from experience of getting it wrong but getting it right too.

Hit the nail on the head. So many people think business is easy but have no idea.

I know a few people who got into business, had no understanding of VAT. One in particular thought they had a bumper quarter and proceeded to personally take a £25k lump out of the business put it towards an Aston, not realising two months later good old HMRC would be expecting payment. This is business 101 and anyone who doesn't understand this, should be nowhere running a business.

Edited by MWM3 on Monday 24th February 14:50

[bigweb]

DSLiverpool said:

Liverpool city centre its £20 with a shaver and £25 blade and not as good as the Turkish lsds.

Just for thought, how often to you put yourself in a situation where a total stranger can kill you (Uber excepted).

I pay £19 in Crosby for a cut and clipper shave with blade for doing the lines. Shop is always busy, Owner always seems happy :-)

[dartissimus]

The old fashioned way, win it, wed it or inherit it

[ecksjay]

Frimley111R said:

I guess so. Its shocking how little understanding there is of what running your own business entails. My BiL wanted to become a self employed decorator (he's good but just isn't a self employed type person) and was telling me about setting up a limited company! He had no idea, none at all, of what was involved in running your own business.

IMO too many people get carried away with the dream of being their own boss when they're just not cut out to run a business. Almost daily I see new retail outlets that you can see won't last 10 minutes. I feel like going into them an saying 'WTF are you doing?! This is going cost you a fortune and it'll never work!!' (sorry, slight rant there...)

And I do speak from experience of getting it wrong but getting it right too.

See I actually found it all fairly straight forward. I did some reading, interviewed a few accountants, went with the ones that gave me good feelings and could answer my questions best, then quizzed them on things i found within the tax rules to make sure i had it straight in my head. I went VAT straight away as i had some subby invoices to pay and they were already registered, so made sense as i would have had to fund this out of my own pocket otherwise.

The rest of it has been pretty simple, at lease i have found it given the research and planning i've done. I haven't got a business plan or anything of that nature, have just gone on with what i know and filled in the gaps where needed on the accounting side. Lots of it is over my head, but i make sure to keep the accountants on their toes and if they did ever balls anything up then rest assured i would bring someone in who can handle it.

I guess if you just dive in and bury your head in the sand then it probably can get a bit daunting / out of control, i just dont see how you could get it 'that' wrong so quickly.

[67Dino]

This chap makes nearly £5k a week trading Forex online...

https://www.bbc.co.uk/bbcthree/article/2b3f3f67-23...

Mind you, he thinks his i8 is still worth £115k so clearly not that expert on price movements.

[berlintaxi]

Can't be a real trader, only one screen and no shopping bags.

[snorkel sucker]

67Dino said:

This chap makes nearly £5k a week trading Forex online...

https://www.bbc.co.uk/bbcthree/article/2b3f3f67-23...

Mind you, he thinks his i8 is still worth £115k so clearly not that expert on price movements.

He's doing it all wrong anyway if he takes 2hrs a day.

I've got a tried tested and working strategy that will do £5k per week and takes less than 5 minutes per day of time to manage.

Trouble is, for that £5k/week, it would need a starting balance of about £600k!

[Hoofy]

He even talks about scammers.

[p_k_n]

snorkel sucker said:

He's doing it all wrong anyway if he takes 2hrs a day.

I've got a tried tested and working strategy that will do £5k per week and takes less than 5 minutes per day of time to manage.

Trouble is, for that £5k/week, it would need a starting balance of about £600k!

Is the strategy scalable - if you were to start with £100k would that get you £800 a week? Please PM me if so and I'll give you 10% of the profit :-)

[snorkel sucker]

p_k_n said:

snorkel sucker said:

He's doing it all wrong anyway if he takes 2hrs a day.

I've got a tried tested and working strategy that will do £5k per week and takes less than 5 minutes per day of time to manage.

Trouble is, for that £5k/week, it would need a starting balance of about £600k!

Is the strategy scalable - if you were to start with £100k would that get you £800 a week? Please PM me if so and I'll give you 10% of the profit :-)

Any decent Forex strategy is scalable I would say.

I've no intention of selling mine though!

[ElectricSoup]

snorkel sucker said:

67Dino said:

This chap makes nearly £5k a week trading Forex online...

https://www.bbc.co.uk/bbcthree/article/2b3f3f67-23...

Mind you, he thinks his i8 is still worth £115k so clearly not that expert on price movements.

He's doing it all wrong anyway if he takes 2hrs a day.

I've got a tried tested and working strategy that will do £5k per week and takes less than 5 minutes per day of time to manage.

Trouble is, for that £5k/week, it would need a starting balance of about £600k!

How much would you sell knowledge of your strategy for?

[67Dino]

ElectricSoup said:

snorkel sucker said:

67Dino said:

This chap makes nearly £5k a week trading Forex online...

https://www.bbc.co.uk/bbcthree/article/2b3f3f67-23...

Mind you, he thinks his i8 is still worth £115k so clearly not that expert on price movements.

He's doing it all wrong anyway if he takes 2hrs a day.

I've got a tried tested and working strategy that will do £5k per week and takes less than 5 minutes per day of time to manage.

Trouble is, for that £5k/week, it would need a starting balance of about £600k!

How much would you sell knowledge of your strategy for?

£5k/week