£5000 per week?
Discussion
Mikedknight said:
DSLiverpool said:
One guy owns 7 barbers offering Turkish cuts, shaved etc - 2 / 3 guys in each, open 7 days, cash only - basic cuts £6 I have a weekly shave at a ridiculous £11 !!! I give £15 usually it’s worth it. Anyhoo based on 50% workload anyone want to do the maths?
A million a year.As the old saying goes: “Turnover is vanity, profit is sanity, cashflow is reality”.
Deesee said:
Btw DSliverpool a cut & beard trim (plus hot towel) is 19£ down here in the south east!
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).
DSLiverpool said:
Deesee said:
Btw DSliverpool a cut & beard trim (plus hot towel) is 19£ down here in the south east!
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).
And
cut throat then blinded with a hot towel 
& (edit), my experience with Uber (well In london, it does not work where I live), has been positive so far.. (apart from when a S600 picked us up in Soho one afternoon), we felt like mobsters!
Edited by Deesee on Sunday 2nd February 12:40
There are 50 contract roles within 100 miles of London on JobServe paying over £100/hr (the highest option you can select), which is roughly £800/day.
The highest paid is a CTO role in Milton Keynes offering up to £2k per day - so OP could have six months of the year off.
https://www.jobserve.com/gb/en/search-jobs-in-Milt...
The highest paid is a CTO role in Milton Keynes offering up to £2k per day - so OP could have six months of the year off.
https://www.jobserve.com/gb/en/search-jobs-in-Milt...
smifffymoto said:
That’s me out of the running,I don’t even know what a CTO is or does.
A good CIO (Chief Information Officer) knows which switch to turn on and off when the system goes down. A good CTO (Chief Technology Officer) is someone who builds systems where you don’t need to do that very often, and when you do, it’s easy to find the switch. 
t this thread is. 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.Not bad odds really. Especially if you keep away from capital intensive ventures.
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.
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.
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?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.
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?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.
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.
Great work, well done. 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.
I'm in a broadly similar position having left being an employee with a good salary to effectively take over a business I previously worked in (sandwiched between two stints in different big 4 professional services firms). It's a consultancy business that's been around since the 70's and the other individuals (two fee earners) are nearing the ends of their careers. Whilst I haven't brought the whole business, I did buy about 40% of the issued shares from various parties at a not insignificant amount.
It's plodded along for the last few years with Turnover around £300-£350k. I re-joined last February and we turned over about £550k in 2019. So far this year we're on track to have billed about £150k by the middle of March with no let up on new business and I've recruited one of my former colleagues to help get that up further. To put the turnover figures in context taking out fee earners salaries/ pension/ bonus we have fixed overheads of about £120,000 a year (admin staff/ serviced offices/ data source subscriptions).
Just to echo whats been said before, it's been hard work. Not just for the last year where there has been a lot to sort other than just being able to do 'the job' (i.e. new IT systems, new branding, new website, staff problems) but also the 17 years of work in this industry before that.
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.
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.
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.
A friend of mine is billed out at £10k a day! He's a senior guy in the mining industry and he is often called on to 'officiate' and provide an independent view on disputes worth lots of millions, hence his rate.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.
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).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.
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