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!

That sounds tough.
Yes I am in a fortunate position.
My revenue is just under the VAT threshhold and I have huge flexibilty. Having no staff releases me from quite a burden.
I also earn more than I need. My mortgage is very low, and I save a lot.
My lovely MIL ( who taught Business Development before retiring is happy to give me advice if I ask.
I have talked to her about expanding my business, I believe the potential is huge
but she urged me to consider if I really want to grow.
And I have been considering the idea for a while.
I have a good life, a pension when I need to take it and have amazing freedoms.
I don't write off eventual growth at some point, but right n6ow I am in a goldilocks spot.

Please please please then stick! We were going great guns until I got a life changing diagnosis late in 2018. We hadn't recovered from the ramifications of that before Covid totalled us.

I either limp or in the hope that someone more able than me buys it or I fold and we loose everything......

My Dad was a business bank manager way way back in the day before bank managers were shizers.

He had a long standing customer who ran a haulage firm. Small outfit but exceptionally profitable. His sons took it over. Expanded it massively. And made less than half the amount of money he did. You're right to be exactly where you are.

Hello, I thought I’d hop back onto say thanks and offer an update. I’ve swapped my low paid high stress job for one that’s the same pay, but much less stress. So far it seems fairly interesting too, it’s in an area I never thought I’d do, but hey!
as a pp said, do Etsy as a side hustle and though Dh isn’t keen I’ve told him it’s my hobby, and unlike golf, may even make extra. So far it’s going great, it’s fun, I do it in the evenings get really nice comments and could sell more, but am not sure I want to over promise, I’ve still got loads of family stuff to do.
I’ve taken 1 1/4k so far which is very exciting! Especially as that’s just from Etsy searches. I’ll advertise maybe tomorrow! I know it’s not that much, but it’s encouraging, and fun. I hope to build on it.
Thanks everyone

Are you looking for collaboration?

I am going to take this advice.

Can I ask what you sell on Etsy? If it's in print and design ie mugs/tshirts type vein get your designs on Redbubble and Merch by Amazon. I do easily 30x the orders on either of those to Etsy, I don't have to produce, hold stock, ship etc, I just do the design bit (which I love). Like you I consider it my hobby which might make something or might not, I have another business which is my income, but I average about £40 a day from print on demand and that's with 63 designs on Amazon and 260 on Redbubble so not a huge number

vikingsanddragons just saw this, thank you that’s a good idea and one I will look into. £40 a day from my own art sounds like riches indeed!
you made me laugh though, ‘63 designs on Amazon and 260 on Redbubble so not a huge number’
! Wondering what a huge number is!
well done!

I've done another 18 since I posted so slowly growing it :D If you follow some of the print on demand channels on youtube you'll see that a lot of them have 5-20,000 designs but they make insane money doing it. I'm not sure I'd have that many ideas!

Making and selling 500 items is just the start.

500 receipts to account for
500 packages to secure, label and post
A percentage will get lost or delayed- need to deal with tracking, chasing, refunds
A percentage will be returned - again refunds to deal with
Paying and accounting for bills
Taxes and accounts

@Moomoola Yes I do and turnover just under vat threshold leaving me with a good salary

@VikingsandDragons
Is Redbubble easy to use? There doesn’t seem to be an ongoing cost to having a presence on there.

I’ve had zero success on etsy (think my niche is saturated on there) so you’re tempting me to have one last try somewhere else!

Redbubble is very very simple. There isn't any cost to be on there, if you sell you get 20% of the sale as standard (you can choose to adjust that up or down) which is about $4.50 for a tshirt, $0.22 for a sticker, but in the last week I've sold 2 backpacks ($8.70 each to me), a couple of greetings cards, a bucket hat etc, so it's a lot less tshirt focussed than etsy. I will say in more than 500 sales I've never sold a mug, which is funny as I used to work in bespoke retail for gift shops and museums and 90% of my orders were mugs so it's definately a different marketplace.

Woh you are an inspiration bits and baubles and vikingsanddragons
I need to get a lot more ‘free’ at designing and posting stuff, I’m still a bit over critical.
id never thought of Amazon or red bubble, just looked at you tube and watched some insanely enthusiastic young person shout at me about making x zillion a day. Not sure if I’m inspired or exhausted!
I did well, I think anyway, over apxmas and took £3K so now I need to up the ante and keep going. Am still gobsmacked at 250 designs, now you are saying 2,000! Better get a bit less picky!
of course I’d love to see what you all do!
well done, for what it’s worth, inspiring!

Yes, DH and I do. Probably £60k a year each take home, we’re not wealthy but it keeps us ticking over.

My dad was also self employed and my mum a SAHM, not mega rich but enough for a nice house, cars, holidays etc

Of course. I’m a business coach and mentor hundreds of women to do just this!

Inagree about mindset.
Keeping myself mentally healthy is very important to the success of my small business.
I count walks in the wood, good sleep and daily yoga part of my work!

My business is creative anyway, so my mind needs to be in a good place to let the juices flow.
You need to be robust and resilient too, there will be daily problems to overcome, or big ones.
Amazon is a ball ache to deal with, constantly making new hoops to jump through, but accounts for a large part of my revenue.
I sell elsewhere too though, I don't want all my eggs in one basket.
I sell on ebay, have a web site, and supply a few shops both in the UK and overseas.
I have an Etsy shop too, but that just trickles along, but I don't have many products listed so far, I am keeping a foot in there in case I need to ramp it up.
I am not looking to increase my sales, I already work seven days a week, probably 50-60 hours, and need my me/family time.

I ran a small business where the turnover was about £25k but profit was about two thirds of that.
although the margin was high, I ultimately (after 4 years) decided it wasn’t worth the stress and teeny income and wasn’t easily scaleable either.

i do and I employ five people too. We were profitable from year 2 and turnover aboht 300k a year with a profit of about 70k. I work three days a week. We are in professional services. It is challenging but for me, it’s less challenging or stressful than being employed, most of the time!

Well done! Can I ask how you mentally got it off the ground? I’d be really keen to know how you got the mindset to start and keep going at the very beginning when presumably you have doubts( because I doubt myself and every day is a fresh load of anxiety and having to talk myself into ‘it’s possible’ )

@Moomoola I just knew I wasn’t cut out for employment! I also had income coming in from freelancing with my old firm for a year, till I was sure I could make it work. Covid etc definitely tough and now I am busy building it back up after I had a very bad car crash, so it almost feels like starting again. Tenacity, good mentors, long term view and have another income source if you can.

Thanks okeydokey aim sorry to hear about the car crash. That is a lot of story in one small sentence . You’ve definitely got tenacity. And generosity of spirit, and empathy!
Like you I have some freelance. I think a mentor sounds good. I think, because I’m creating I all myself ( graphic gifts etc) it’s very easy for me to hit blocks. I worked with a woman who had a team around her, when she hit a block she just said,‘I can’t get my head round that, who can take it on’.
writing this I can see I need to be my own team, and encourage me.
thanks okeydokey and a massive well done.