To ask Self Employed people

[IdiotsIdiotsEverywhere]

How did your turnover build over the years? What salaries were you able to take each year? We are 2 years into our business with a healthy turnover, curious to compare with older successful businesses.

Depends what line of work, I suppose.

Of course the terms self employed and salaries are mutually exclusive. You can't have a salary if you are self employed. I guess, OP, you are thinking about dividends and salaries as company directors.

I am a self employed interpreter. So all the money I earn for the work I do (after I pay my taxes and NI contributions) is mine. And depending to how many hours I (choose to) work, there could be different amounts every week/month/year.

Our company is construction 18 years running, first few years it was giving us enough to run the household and occasional treats. From then on turnover has increased year on year and and I would say the last 10 years it has increased rapidly to give us a really nice lifestyle.

@bellsbuss

That's the dream! As pointed out above I don't mean salary as such but the income that it gives you. I don't supposed you would share a snapshot of its year on what turnover so I can compare? Obviously with no other identifying income. We turned over £8000 year 1 and £24000 year 2. I don't know if year 2 has been 'luck' or 'growth'! We are looking into partial business funding now to take another big step and hopefully boost turnover again with a view to beging taking staff on - would you say at that point income grows too? I'm optimistic but super nervous with a few failed businesses behind us that we were just playing with.

Mine is sort of self limiting now and I run at about 40% expenses. In the years I can keep that down it’s better but I earn enough to have a decent income. It’s all relative though isn’t it?

You really can't compare meaningfully. I've seen businesses turnover £1 million plus in their first year, yet others who've taken 10 years to get there, others never grew enough to be VAT registered - even in the same type of trade. It all depends on your aspirations, marketing and good old fashioned luck. I always tell people to make their own plans rather than looking over their shoulders to what others are doing.

I know it's not comparable, but it is inspirational

I know it's not comparable, but it is inspirational

I don't know about that. If you have unrealistic aims, you're setting yourself up for disappointment. A lot of high growing businesses have just been very lucky - right place, right time, meeting the right people - etc.