Does anyone actually make a living from their own business?

[Moomoola]

I’ve a background in print and design, I’d like to sell my own gifts etc, like everyone else in Britain. Dp is very disparaging, but surely it can be done? I’d ideally like to take home £20 k a year, which seems enormous amounts. It just seems if I’m going to work 37 hrs a week for someone else, for this or less, I could do that for me? Of course I need to perused Dp and myself it’s possible. Obv some people make a mint ( most everyone on you tube it seems ) and some people won’t. So guess I’m asking for reassurance ( or not) and some tips , mainly on mindset as I seem to be too nervous of failing and Dp will be disappointed/ pissed off. Ta!

Oh you sound just the thing hoppinggreen some strategies to overcome the endless fears, and the not knowing where to focu and the….
it seems to me a lot of this is mindset. Mines increasingly not set at all, just being confused.

PM me
I am happy to give you a few (freebie) pointers

For those who are struggling with various aspects of their business, I won a place on the Santander Women Business Leaders mentorship this year and it has been a game changer for me. They usually open up applications after Christmas so keep your eyes peeled and get an application in (women only). Having a business mentor and the networking opportunities has completely changed how I run my business and my life and I haven't paid anyone!
You do need to have already started your business or be ready to start and it's exhausting, but worth it!

It took us two years to get our start up costs back and turn a profit running kids after school classes. We ended up making between £20-40k per year

We do. It’s not a case of if you can. You can in most cases if you don’t give up.

The safe way to do it is a long slow build. Trying to hit the ground running full time means you have to spend a lot and it’s risky. Your haemorrhaging cash on all sides - wages, advertising, production etc. And it all has to be 100% exceptional to even stand a chance of breaking through, and then your still playing catch up to everything you have spent.

The better way- Keeping your day job, doing it on the side, tweaking bits here and there so it does become exceptional and matching what your evolving customer bases buys. Maybe then go part time. Only take a wage when you have retained earnings from the previous year to float it.

Our slow build is 7 years in. We have only just reached full time for two this year.

I strongly advise to market test - fast as you can - what do people buy/ not buy. Why do they buy it. Would they pay more? For what part?
Always look for product or service failure as a way to inform your next steps. Also as a poster has said above if you can get mentored by someone thats superb. There are loads of good programmes out there.

Our business is the same though selling a service not a product (trading for 25+ years).

Massive panic when Covid first hit and no work for 4 months so threw all our time into online marketing.

This year has been our busiest ever and we now have more than twice as many jobs as there are days left in June. I figure by August we'll catch up (or take on more staff).

I love hearing of success stories- WhatHaveIFound well done! Having confidence is key too, women especially often have internal blocks to reaching far.
I have reached a plateau in my business, and at first was frustrated, but my wise MIL ( who taught Business Developement at college level) asked me if I really need to grow my business- is that what I want.
I have far more sales than I need, I literally close down at the start of December because I can't cope with the christmas rush.
My revenue is just below the vat threshhold, and i am already working as much as I care to- I have other family tesponsibilities. I could easily double my sales.
I could take on more staff, but like the VAT situation that comes with complications and responsibilities.
I earn more money than I can spend. I have ideas and dreams of new products, new opportunities, but I am rather comfortabe as I am.
A sole trader with a comfy nest.

Can I ask- WhatHaveIFound when you say "we" is that you and a partner? Staff? How many are partb of your enterprise?

Me & DH own the business and we employ 2 full time staff and use a network of freelancers. Work is throughtout the UK and EU.

Sounds a luxury to be working with your OH.
Working alone has benefits and drawbacks.
I have to make all the decisions myself, problems rest fully on my shoulders, I don't have anyone to discuss things with.
I do have an OH, but he has a full on job, long hours, often away, in a field totally unconnected to mine.

I started a very small side hustle, and over the years it has been great! Lovely to work for myself.

Just start small and build it up you don't need to be all guns blazing.

I started a very small side hustle, and over the years it has been great! Lovely to work for myself.
Just start small and build it up you don't need to be all guns blazing.

This is the point I'm at but I'm realising the reality of the income my side hustle will generate is small and I could do with it being a bit more in relation to being more financially independent (husband provides main income).

I am excited at the prospect of doing my own thing after some of the frankly dismal jobs I've had in the past and I really enjoy what I do. It has been a steep learning curve (and a continual one).

I could do with a bit more support in terms of a network of others doing a similar thing but I have a mentor through a local iniative who appears great at providing practical support but not so great at providing emotional support which is what I could really do with. There are networking opportunities in my county but it is a case of striking lucky with who you meet - the last event I attended brought me into contact with some very interesting people but what they do is totally unrelated to what I do unfortunately.

I'm really enjoying reading this thread and hearing about the journey others have taken.

Trttttttttttttttttttttttttttttt

I agree with this.
I too started small, just a way of earning a little extra for treats when the kids were small. As they grew, so did my business, I had more time to spare. My Oh was the main wage earner, my money paid for the fun stuff.
What started as a small part time endeavour continued to grow- I now earn twice what my OH does- so it has become a serious part of our family income.
I started with very little investment, literally £30 pounds, I didn't need capital, so no loan, no business plan.
I have been learning on the hoof!

There was an initiative round here a few years ago called Pop up Business School. It was free to attend and quite a few people I know have gone on to have successful small businesses from it. Memory Bears, Street food, crafts etc.
If you can find one, it's worth a look. Was a morning a week in a local community centre and it had links to local markets and social selling groups And the support from the group itself was life changing for some people! (and MLM was banned!)

Yes, the money I earn as self employed is the only income that has come into my household in the last ten years, throughout the DCs young years. There is no backup income. It’s a lot of work. I’m proud, and tired.

Hi Op, I run a service based business with a couple of employees, I've been in business for 8 years now. We all work part time and it's been great. I earn a good salary (above average) and would never ever dream of doing anything else however it's been a lot of graft to get to this stage.

The one thing I would say is that throughout the entire time, it was the support of my OH that has gotten me through the times when things weren't going well. Without his support, it would have been a lot harder. You need someone cheering you on.

When you say "someone cheering you on" what does tat mean in practical terms?
Does your OH get involved in business decicions? Or carries other loads when you are busy or stressed?
I don't have anyone at the coal face to help, but my OH is great at stepping in to look after my share of housework, cooking, shopping etc when things are challenging or busy for me.
He will take time off his own job in the final weeks before I break for christmas- my busiest time, I don't have to think about anything other than work, does all the domestic stuff, and he is on hand to run to the post office, buy printer ink etc.
My DD is my biggest motivational support, again she doesnt help in my actual business, but when I am feeling despondant about things or worried about new competition, will take me off into the forest for long walks and set me straight!

I have to keep my business secret from some family and my mother's friends, hide stuff sometimes when they arrive, ( my mother lives with me) my sister would hit the roof if she found out, and my mother's friends would distance themselves.
That's quite another aspect!!

why don't you work out the numbers v roughly.
I paint for a hobby.
I could possibly complete a painting a day (pushing it)
Cost of canvas board 12 pounds,
cost of paint, cleaner, brushes, varnish, fast dryer etc I'd guess, if one pic a day, 15 pounds a week so 2.50 a day.
Frame - if made 65 pounds
If cheap from The Range 15 pounds
Wrapping 2
Delivery 8
? petrol to go to buy things, take to post office, averages 4 pounds daily (would keep receipts for tax man)
Extra heating - none as I'm home anyway
Ebay costs a day 50p (guessing)

Total costs per day 44 for cheap frame and 94 for good one

I could sell for 80 the ones in cheap frame or 250 for good frame (am amateur artist so won't try for mega bucks initially)

Say I do 3 in cheap frames and 2 in dear frames a week - that would make me once sold possibly 320 week in costs. Possibly 740 in sales (3x80 +2x250).
Profit 420 a week if all pictures sold.

If I sold the pictures for 250 (cheap frames) and 2,000 properly framed I'd make 4,750 in sales, of which 4,430 would be profit. So 4,430 a week, about 17,720 a month.

Hmmmmm. Now I see why the prices of art are so high. You're unlikely to sell all your pics and you need a good profit on each one you do sell.

You haven't factored in the cost to sell the painting. If you manage to sell on eBay they take 12.8%, but it isn't really the place to sell art. If you sold through a gallery then much more, some up to 50%. Now you really see why prices are so high for art! Or you could sell prints, which is how most artists earn their bread and butter.

@Moomoola have you looked into digital prints and selling those if you have those skills?

I sell digital art and other digital products on Etsy and made circa 20k this last year (I only started last year). I experimented for quite a while and had a few shops that didn't work out, perhaps not the right market/didn't research SEO enough; didn't know really what I was doing, but after a lot of learning (YouTube videos mainly, also some trial and error) I learnt how to do it properly and make my shops and products seen.

I run my own business and make good money, but I don't have to worry about stock or unsold products as I'm a dog walker - so my outgoings are basically just my car (which I had anyway), fuel, business insurance (only £10 a month), poo bags and dog treats.

I make around £400 a week working about 25-30 hours.

That sounds amazing- well done.
And a decent hourly rate.
Even better if your own dogs are being walked too.
Great if you like dogs and the outdoors.

Thanks @speakout it's a fab job and I bring my dog to work everyday ☺️ he absolutely loves it.

It's taken a good couple of years to build up a steady base of regular customers but it's been worth the effort!

I also do equestrian care and care for small animals too which is handy for extra money.