What have I done..

[AllThisBatshitteryAndMore]

I gave up my office job, and tried to start my own business. Ive just done my books and the past 6 months have generated £44 after taking out all my supplies and mileage etc. I am so embarassed after all my talk of working for myself, I have absolutely stuffed it. I am living off savings and another PT job, but wow, I feel so stupid. So what do I do now? Admit to everyone its awful and throw in the towel or suck it up?

Ok. Realistically, is it likely to improve? The supplies, do you need more or was that set up costs for a year so going forward you’ll make more profit per “thing”? Are you able to up your prices to improve your margins?

Basically, is there a way this stacks up as a business model or would carrying on be throwing good money after bad?

Sounds like you need to increase your prices.

I think its because I now dont want to do it as a job anymore..

What sort of business is it - do you provide a service, make things to sell, or buy items in to sell on?

I get £20 an hour

But you don't if you've only made £44 in profit.

I think the OP means she charges her customers £20 an hour for whatever it is she does.

So, do you pay yourself £20 per hour as your wage? And is the £44 the net profit of the business. Or was your take home only £44. It is a bit confusing.
Did you have a fair amount of customers? Or struggling to find?
If your take home is only £44, you may need to check your suppliers/ time management/ prices or just leave it and go back to work as an employee.

I know, but that's clearly not enough if her profit is £44.

Op we need more info. In some new businesses making anything in the 1st 6 months is good.
After your initial outgoings will it now start to make more money?
And are you also saying you hate it and don't want to do it whether it makes money or not?

I know that too, and since I've spent the last 20 years or so doing the accounts for small businesses and advising them on what they're doing wrong, I'm hoping the OP will come back with some more information.

It would help if you told us what your business was, op, so we can give informed advice x

I took that to mean that she pays herself a salary @ £20 an hour and after doing that it meant just £44 profit in the business.

but. @AllThisBatshitteryAndMore do you usually change your mind and struggle to stick with things…it just seems odd to give up a job for something and then after 1 year decide you don’t want to do it anymore. Surely to give up the structure of a paid position you would need to either a) KNOW it would be profitable (eg a tradesman) or b) LOVE the work you’ve gone into, in which case how are you done with it already.

Cant give you any advice op because a big chunk of info is missing.
I dont really understand it.

@3beesinmybonnet you've posted on the wrong thread

Would it help you if you looked for work as an employee once again if you are not making much working for yourself.

Sorry, I have my stepchild for tea!!
I'm a children's entertainer. I have to buy lots of stuff to entertain with

As a children's entertainer charging £20 per hour you're charging too little! I googled children's entertainers near me for a 5 yos birthday party a few weeks ago and the cheapest came in at £295 for a 2 hour party consisting of mini disco, party games and face painting. Most expensive was £550 and that was for a 30 mins deluxe magic show, 30 mins children's disco, 30 mins party games and party bags for up to 25 kids!!

Your prices are way way too low. £20 an hour is nothing, OP.

You prices are too low and you probably need to work pt while you get established.

If you check how much others charge you will find out you have got to charge far more.

It is €250 for 90 minutes here, that’s about £220 including the face paints etc. they are booked out!

Surely if you have all the stuff now, you are set up and won’t have as much to spend form now on. Businesses rarely make money the first year. Keep going if you like it and are good at it x

I think I just hate the work. I'm reluctant to take jobs on. I find it too hot

Not a business person here but I thought that it was quite normal for many new businesses not to make a profit in the first year or so.

Recently attended a birthday party for my nephew where apparently the entertainer was paid £150 total including set up and pack up, I think that must have been three hours work in total. She did bring some craft supplies etc included in that but they were inexpensive. So I agree that you should charge more.

But if you hate the work yes better to just walk away now before you invest any further time or money in it.