...to ask how much you take home if you run your own business?

[stumblymonkey]

This is really coming from two separate places...

Firstly I've always wanted to run my own business and have plenty of ideas but I don't think they would pay anywhere near as much as I currently earn but I wonder if I'm wrong.

I also wonder about businesses I see around town that seem to have very few customers but are able to support rent of a town centre location (like 'vaping' shops, etc).

I'm also just really nosey.

So...if you (or your DP/DH/DW) run your own business, what do you do and how much do you take home roughly?

You're asking how long is a piece of string.

I'm just nosey and interested....it's no different to asking people's salaries?

I can go first as I currently have a very boring business...I am a self employed project manager/consultant and I turnover about £130k, pretty much all profit as my only costs are commuting.

Depends what you are planning to do. Even the most inauspicious shop on a side street will probably cost £1000 per month to run.

Can't see the vaping shops staying around for years.

Self employed accountants can earn around £100k after a few years, for example. Other time based jobs, like driving instructor, probably end up earning national average wage.

I am a self employed mosaic artist, teaching mosaic making skills to young people and adults and also making commissions for private and public space. I love my work, and I love the freedom and independence of being self employed. We have my elderly MIL living with us who needs some care, and also my partner works a shift pattern. when I worked nine to five Mon to Fri we never saw each other and struggled to care for MIL. I hated being beholden to a boss when I often had better skills and ideas (I worked in a community art studio). Being self employed is much more intense, much less secure or predictable but I like having an edge to life.
In my first year of employment I made a loss covered from my savings, but now, in my second year, I am living from my earnings. It is very satisfying. I work very very hard. Even when I am not technically at work, I am working mentally on ideas. I put in a lot of hours I do not charge for, developing projects or working on mosaics just because I love what I do. Self employment is not an easy option, but I do love it.

Not all businesses depend on a premises. I run a business providing by drama classes and after school clubs..My one class had to be cancelled because of low numbers my other class is now after a year this week become full with a small waiting list. As part of that business I also have a regular freelance contract teaching at the local theatre. I probably work 10 hours a week on admin and 10 Hours actual teaching. I made about 5k last year

My DH runs his own business. It fluctuates but about 2k a week.

Property Maintenance is his business by the way!

Tend to take just under £150k a year from the business.

If you are self employed and turnover £130K, mostly profit, you are already 'running your own business'......why change

I make around £10k a year.

I'm self employed but no business premises.

I wouldn't be running out on a £130k pa job in a hurry!

I'd like to change to something else because I hate my current job and it makes me miserable which is not very good for my bipolar disorder.

To be honest though the fact that I earn so much in my current business keeps me 'trapped' as obviously its impossible not easy to find anything that has a similar earning potential. I have lots of ways of making a few hundred pounds a month but clearly that's not something I can quit my current job for!

Any chance of selling the business? DH was taking home about £60-70k before he sold his business. Now he earns a bit less but much less stress and the sale money has given us some security

Apologies, misread your post!

Sadly I am my business so I can't

How do you get work op? Just wondering :)

You really are asking how long a piece of string is!

Richard Branson runs his own business. Would imagine he's not short of a bob or two.

Sally who promotes herself as an "independent business owner" but in effect has signed up to a multi-level marketing scheme is lucky to clear 50p.

With lots of other levels in between. You have to be more specific - asking "what's the average turnover for an independent bakery" or "what does a self-employed graphic designer earn" is a sensible question, asking such a vague question really isn't.

It depends on time scales, ambition, time and skills. We have our own businesses, we employ around a hundred staff. I'm not entirely sure that's what you're considering though?

I don't like the word staff, I really hate it actually. We employ a hundred people.

If you are that well paid presumably you are quite in demand - can you not just cut your weekly hours or take breaks between contracts if you need to?

What do you do now? Any skills that could be transferred to something similar? Why do you hate your current job? Would cutting your hours and therefore income a bit help you enjoy it more?

It's quite easy to get work in my area....you can either:

(a) Get it through existing contacts
(b) Get it through recruitment agents that specialise in contract work

I suppose I'm mainly interested in retail. My absolute dream would be to open one of those shops that sells gifts, decorative bits, etc.

I'm a project manager/business consultant in financial services industry.

So very organised, can do business cases, good at getting shit done, decent understanding of 'business'.

Things I don't like: long hours and four hour return commute, feels very meaningless, am not interested in the topic/outcome.

I am self employed in a creative business. I work pretty much part time, from home, quite low costs and no commuting costs etc. I earn about €13k a year, woooo big earner :D But I like the creative side of it, even though it can sometimes be very stressful my outgoings are so low due to no commute or costs like parking, work clothes, lunches etc and that we need minimal childcare that I earn relatively well from it. I've been doing this six years and have saved and lived relatively well so far. Obviously I'd prefer to earn more but I don't want a real job (I'm rarely good at them) so I'll take the good with the bad.

I run my own business. I design and have manufactured specialist items for certain vehicles. It's taken me 8 years to get to a place where I earn a good income. All money went back into the business. But for 5 of those years I did not push the business, and it ticked over. Now DD is at school full-time, I work far too many hours.

For the sort of thing you have in mind, take a look at Dalton's Business, they sell existing business and give turnover and stuff. Might be a good place to start.

Location is the key in the business you are looking at. I live in a small but very afluent town which also has quite high tourist traffic. There are several independent shops that offer the kind of thing you are looking at. 2 have been around for years. The others come and go. The 2 that have always been here offer good quality products that are a bit different. The others are quite generic.

They also own the freehold on their shop premises, which makes a huge difference.

Rent for prime location shops is high. If you find a place that has much lower rent.... there is a reason for this and it's usually due to lack of footfall. Our hight street is long and the businesses at the top end get hardly any footfall due to there being no parking at that end of the town. And it's only about a 2 minute walk from the other shops.

You also have to work out exactly how much turnover you need every month, just to cover costs - rent, business rates, utilities (including rubbish collection), staff costs, business insurance...and so on. You will have to keep accounts (or pay someone to do it for you). You may need to register for VAT, and HMRC if you have staff.

I absolutely love small, independent shops, but the reason there aren't that many is that the rents and rates are too high. We have some lovely shops here, but many fall by the way side within a year or two.

Buying an existing, successful place might be better suited for you.

Good luck. There's nothing wrong with following your dream. I did it and wouldn't change it for the world, but it is extremely hard work.