Right... so how are you supposed to make a living

[MrManual]

As the title says, how do you make a decent living these days?

-Buy to let, the government doesn't want private landlords, introducing all sorts of tax laws and deposit laws and stress testing

-E-commerce been done to death, tried it and as expected someone from China started selling it for a lot less

-Retail businesses such as corner shops, restaurants and even chemists are closing, really shocked at the last one but after speaking to a close friend that used to own one he said it was expected

-Franchises like subway are not doing well, actually had one close down near me. Costa requires £250k, McDonald's double that

Pensions are ****
Savings accounts are ****

I've got a bit of money (£50-£60k) saved and I'm genuinely scratching my head on knowing what to put it in. Everyone I speak to tells me not to go down that path. The only one that said yes was a chippie.

Maybe I'm missing something?

[s1962a]

Do you have the skills to get a PAYE job? Not taking the mickey here but plenty of people do perfectly well working for a company as an employee.

[MrManual]

s1962a said:

Do you have the skills to get a PAYE job? Not taking the mickey here but plenty of people do perfectly well working for a company as an employee.

Yeah that's what I'm doing, earning close to £50k but it just isn't fulfilling for me. Eventually want to work for myself just don't know what

Edited by MrManual on Tuesday 26th November 21:11

[droopsnoot]

I have a similar issue in trying to think of things to do. I guess if it was easy, everyone would be doing it. All I can come up with is stuff that's very much tied to the time I put into it.

MrManual said:

The only one that said yes was a chippie.

Just out of interest, as in "Fish and Chip Shop" or as in "Carpenter"?

[StevieBee]

What is it that you do?

Whatever it is, expand your thinking. Opportunities can seldom be pigeon-holed. Diversify!

I started out as a graphic designer and via some years in marketing management, I've ended up being paid to develop behaviour change strategies for national governments.

Friend of mine was a wedding videographer and did a bit of commercial stuff on the side, principally for the rail industry which ended up with him making some training videos which he's since developed into a mobile learning app that's currently being used around the world.

My business partner who spent his career building up a Marketing Communications empire acquired a share in a small executive transport company which he built into a successful business serving the likes of Ethiad, JP Morgan and the like - recently sold it for a handsome amount.

£60k in the bank is good wedge. Unless you're in your 20s or possibly 30s, don't ignore the PAYE. Good money is paid to good people in most sectors and comes without the risk and aggravation that goes with running a business.

And what do you want out of life?

[Equus]

s1962a said:

Do you have the skills to get a PAYE job?

This.

I know it's a bit radical, but you could try actually working for a living?

[MrManual]

droopsnoot said:

Just out of interest, as in "Fish and Chip Shop" or as in "Carpenter"?

Fish and chips

[MrManual]

StevieBee said:

What is it that you do?

Whatever it is, expand your thinking. Opportunities can seldom be pigeon-holed. Diversify!

I started out as a graphic designer and via some years in marketing management, I've ended up being paid to develop behaviour change strategies for national governments.

Friend of mine was a wedding videographer and did a bit of commercial stuff on the side, principally for the rail industry which ended up with him making some training videos which he's since developed into a mobile learning app that's currently being used around the world.

My business partner who spent his career building up a Marketing Communications empire acquired a share in a small executive transport company which he built into a successful business serving the likes of Ethiad, JP Morgan and the like - recently sold it for a handsome amount.

£60k in the bank is good wedge. Unless you're in your 20s or possibly 30s, don't ignore the PAYE. Good money is paid to good people in most sectors and comes without the risk and aggravation that goes with running a business.

And what do you want out of life?

Thanks for the detailed post, nice to hear people's paths to business

[MrManual]

Equus said:

This.

I know it's a bit radical, but you could try actually working for a living?

Thanks for the sarcastic comment, just to let you know I'm employed earning almost £50k a year, just don't want to work for someone else for the rest of my life

[V8 WUU]

MrManual said:

Thanks for the sarcastic comment, just to let you know I'm employed earning almost £50k a year, just don't want to work for someone else for the rest of my life

Having just gone from self-employed back to a PAYE job, I can confirm the grass is not always greener self-employed.

I much prefer employed life.

[MitchT]

Set up an estate agency with two key ingredients...

1: Not being bone idle.
2: Doing viewings on evenings and weekends.

You'll clean up.

[singlecoil]

Sambucket said:

...Find your advantage - These days it's hard to compete with China etc. So use what stands you apart...

This.

The capital you have is not enough on its own. You need to combine some or maybe all of it with something that you can do better than the average person.

[Equus]

MrManual said:

Thanks for the sarcastic comment, just to let you know I'm employed earning almost £50k a year, just don't want to work for someone else for the rest of my life

Then you need to find something that you're good enough at to make a successful business. Don't expect to be able to just bung a few quid in to BTL, or a franchise, or whatever, then sit back and watch the money roll in, while the Government pats you on the back with tax breaks.

Just to let you know, I was in a similar situation to yourself, until a few years ago (albeit earning about twice as much in my employed position).

I have been running my own business for the last 4 years, but I'm still earning less than I was in my last PAYE position, and it's still bloody hard work, at times.

[Chamon_Lee]

V8 WUU said:

MrManual said:

Thanks for the sarcastic comment, just to let you know I'm employed earning almost £50k a year, just don't want to work for someone else for the rest of my life

Having just gone from self-employed back to a PAYE job, I can confirm the grass is not always greener self-employed.

I much prefer employed life.

Have to agree with this. I was employed for 12 years and then self employed for 7. I am now looking to get back into PAYE.

There is something to be said for not having to worry about where the money is coming from with the added perks and security it also provides.

OP same as you I still look for other things as long term investments or things that will supplement my income when I do eventually go back to PAYE. 50-60k isn't a lot: I have more set aside than that and I am still struggling to do something worthwhile with it even though I have a long term BTL plan.

I would genuinely set aside 10k to do business with: eCommerce or something and see how you feel about it

[DSLiverpool]

In 1997 I was a sales chap in the alarm game, I bought a refurbished cordless dect phone from a computer fair and span a phone business up to £1m before I packed in my job to work within it.
Sold out in 2015 as it was too hard and span up the current web agency with a £30k slush pot now repaid.

I would spin up a online business whilst your working, it’s competitive these days but I always say two words. Specialise and Bundle.

[Canute]

Have a look through this website https://www.springwise.com/search?type=innovation

You might find some ideas/inspiration for something there that could work locally to you.

[anonymous-user]

MrManual said:

As the title says, how do you make a decent living these days?

-Buy to let, the government doesn't want private landlords, introducing all sorts of tax laws and deposit laws and stress testing

-E-commerce been done to death, tried it and as expected someone from China started selling it for a lot less

-Retail businesses such as corner shops, restaurants and even chemists are closing, really shocked at the last one but after speaking to a close friend that used to own one he said it was expected

-Franchises like subway are not doing well, actually had one close down near me. Costa requires £250k, McDonald's double that

<snip>

Maybe I'm missing something?

You are looking too superficially which is why you aren't seeing any opportunities.

The fact is lots of people are making very good money from BTL's. Many are making millions from e-commerce. And there are also still very good profits to be made from retail shops...if you do it right.

In any sector there will be people who don't have a good process/concept and who therefore lose money. And there will always be difficulties in terms of risks, regulations etc to be managed.

If you are serious, I'd find something you are passionate about. Put aside the desire to make money initially. Analyse the profitability of the companies you would be competing against to figure out who has a good model. Then aim to copy it as best you can.

There is a profit to be made in pretty much every niche you can think of - generally speaking, the most important aspects you need to get right are the marketing and your sales process. If you can get that part right, you will be very much on the right track.

[227bhp]

MitchT said:

Set up an estate agency with two key ingredients...

1: Not being bone idle.
2: Doing viewings on evenings and weekends.

You'll clean up.

And have no life.

These are pretty austere times we're living in, just get on with it and stop moaning would be my advice.

[cholo]

Mainly the service industry these days really.

[bucksmanuk]

EddieSteadyGo said:

MrManual said:

As the title says, how do you make a decent living these days?

-Buy to let, the government doesn't want private landlords, introducing all sorts of tax laws and deposit laws and stress testing

-E-commerce been done to death, tried it and as expected someone from China started selling it for a lot less

-Retail businesses such as corner shops, restaurants and even chemists are closing, really shocked at the last one but after speaking to a close friend that used to own one he said it was expected

-Franchises like subway are not doing well, actually had one close down near me. Costa requires £250k, McDonald's double that

<snip>

Maybe I'm missing something?

You are looking too superficially which is why you aren't seeing any opportunities.

The fact is lots of people are making very good money from BTL's. Many are making millions from e-commerce. And there are also still very good profits to be made from retail shops...if you do it right.

In any sector there will be people who don't have a good process/concept and who therefore lose money. And there will always be difficulties in terms of risks, regulations etc to be managed.

If you are serious, I'd find something you are passionate about. Put aside the desire to make money initially. Analyse the profitability of the companies you would be competing against to figure out who has a good model. Then aim to copy it as best you can.

There is a profit to be made in pretty much every niche you can think of - generally speaking, the most important aspects you need to get right are the marketing and your sales process. If you can get that part right, you will be very much on the right track.

The above from Eddie is excellent stuff….
I’m just about to kick off with a minor business in March 2020. I’m currently doing my marketing homework to confirm if the market that I think is there, really is there, so far - so good. I’m talking to anyone in business that will listen/spend time on chatting about it. Discussions start next week on the ecommerce web site.
I’m seeing it as a secondary income, and then I’ll see how it goes. If it doesn’t do anything, then I’ll retire gracefully from it and think of something else.
If it goes somewhere, then I have to decide as to whether I want to give up a full-time job to do it.
IMHO- If you see each opportunity as “I won’t make enough money to give up my job doing THAT”, I’m of the opinion that its highly likely you will never even get started. If you see it as another income stream, then you are in with a shot. Although it’s also highly likely you will become time poor for the foreseeable. As above, serious, passionate and willing to let it grow ticks a lot of boxes.
The marketing and sales part for me is the most difficult part as I know nothing about it, but I know people who do.
I think we are seeing societal/retail changes at a speed that we haven’t seen ever before. Those fleet of foot will clean up. AI is going to be a massive game changer for many roles in the workplace.