Business Ideas
Business Ideas
Carpediem Just want to live the dream, earn a nice wage, not aiming for hundereds of thousands )
I am, and just about to start a new "dream" that will facilitate this aim.....
"Life's goal is not to arrive safely at the grave in a well preserved body. But, rather to skid in sideways........
totally worn out and broken, shouting 'Holy ****, WHAT A RIDE!'"
FirebirdPhil
20-05-2018, 05:29 AM #51Carpediem Just want to live the dream, earn a nice wage, not aiming for hundereds of thousands )
I am, and just about to start a new "dream" that will facilitate this aim.....
"Life's goal is not to arrive safely at the grave in a well preserved body. But, rather to skid in sideways........
totally worn out and broken, shouting 'Holy ****, WHAT A RIDE!'"
My main aim right now is to be my own boss and live as i do now money wise, and build up from there,.....
[SIGPIC][/SIGPIC]
Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
Lol im not aiming that high because i want to be realistic,.....if it took off i could quite easily buy further attachments for the gear and do drain cleaning, gutter cleaning, fascet cleaning, even window cleaning if i could be bothered, offer it all at a package rate etc,....theres many avenue i could explore.
My main aim right now is to be my own boss and live as i do now money wise, and build up from there,.....
[SIGPIC][/SIGPIC]
Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
Mikey is200/s13 Also you will need to think about the weather just because it's decent now, will you get enough business in winter ?
That would be where my contigency savings would come in, id put a little aside each week into a savings pot to cover times where weather is rubbis, vehicle and equipment fail etc.
Ive toyed with the idea of offering a driveway snow clearing service also, use the pressure washer to de-ice/snow the drive, then grit and leave the customer with a small bag of grit to top up, would last them a week, charge i dunno £50 all in, could work
[SIGPIC][/SIGPIC]
Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
Mikey is200/s13 Also you will need to think about the weather just because it's decent now, will you get enough business in winter ?
That would be where my contigency savings would come in, id put a little aside each week into a savings pot to cover times where weather is rubbis, vehicle and equipment fail etc.
Ive toyed with the idea of offering a driveway snow clearing service also, use the pressure washer to de-ice/snow the drive, then grit and leave the customer with a small bag of grit to top up, would last them a week, charge i dunno £50 all in, could work
[SIGPIC][/SIGPIC]
Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
[SIGPIC][/SIGPIC]
Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
well after asking 3 or 4 family members who are very profficient in business, they all seem to think its a good idea, just waiting for feedback from the misses old man a she runs a few companies in rugby and will have a good idea if its worth it or not, if he thinks there is something in it ill get him to help me write up a business proposal plan for the banks, then see what happens!
[SIGPIC][/SIGPIC]
Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
Just spoke with a guy in edinburgh that bought the business last Feb and up to April this year (financial year end) he made £26k revenue, and is already on target for £50k revenue this year after doing £6k of work last month alone,
Just got to go have a word with the bank once ive finished my proposal, woop woop
[SIGPIC][/SIGPIC]
Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
Well looks like this is going ahead, Ive found a company that do a "business in a box" concept, where i can get all the pro equipment, 5000 pro advert flyers, a days training on all the kit, and continued support for just shy of £6k, which is half of my original estimate, and it all comes in a self contained box trailer which saves buying a van etc to begin with.
Just spoke with a guy in edinburgh that bought the business last Feb and up to April this year (financial year end) he made £26k revenue, and is already on target for £50k revenue this year after doing £6k of work last month alone,
Just got to go have a word with the bank once ive finished my proposal, woop woop
[SIGPIC][/SIGPIC]
Lexus IS220d - Parrot Bluetooth kit, 1 idiot driver
Assumption 1 - he isn't registered for VAT (the level of revenue is under the "must register" limit of 73k)
Assumption 2 - he has no staff to pay and does it all himself.
50k over 12 months is a touch over 4k a month of gross income. Out of that he pays himself a salary and recoups any personally paid for expenses from the company.
Since he owns the company he's not bound to minimum wage rules so he pays himself the lowest he can and still use up his tax free allowance, say £600 a month.
Personally paid expenses would probably be minimal as the company will be the one billed/paying for equipment etc.
So £4100 of company income is reduced to £3500 after he pays his salary. The company has further expenses, say a couple hundred a month for the accountant, and an indemnity insurance policy is say another £50 a month. There are probably other costs as well for equipment upkeep, vehicle upkeep, sundries and so on - call that little lot a further £500 drain.
Company profit is down to £2750. Of that, he has to put aside 20% for the corporation tax bill at the end of the year (another £550), leaving £2200. This is what the company has as profit to allocate the shareholders (usually just him) as a dividend.
So cash wise, he ends up with around £2800/month from his £50k/year.
Out of that, he has to put aside self assessment tax money which he'll be paying in instalments twice a year (in advance, I might add!) based on the total amount of dividends he receives over the year. Call that £2k a year on average, and that means he has to put aside over £150 a month for that... leaving £2650ish
As you can see, even on the 50k a year, he's not making vast sums. And that's his second year, in his first, he managed half of that, so arbitrarily dividing all them numbers by two he was making £1325 a month for his first year.
Always better to ask someone for their net figures rather than their gross...
(disclaimer - most numbers have been picked somewhat randomly for expenses costs etc and are not necessarily what you would end up paying)
IS200 Sport - Sold
Mazda 6 MPS - Zoom Zoom!
Modifications
Completed:
Currently 280bhp/295lbft; 3" Meercat custom exhaust; KW Suspension; FMIC; SSP; HPFP; Custom Stainless Steel Dials - for the moment, the only set in the world!! (Till the group buy for MPSOC anyway :lol: )
In Progress:
E-Tuning remap ongoing via Cobb Accessport; Braided brake lines; Stubby aerial; Tinted repeaters and sidelights; 3 Port Boost Control Solenoid; 3" HTP Intake
50k revenue sounds a lot but remember that has to pay for his equipment, upkeep, insurances, taxes, any staff costs, accountancy/filing fees, the list goes on...
Assumption 1 - he isn't registered for VAT (the level of revenue is under the "must register" limit of 73k)
Assumption 2 - he has no staff to pay and does it all himself.
50k over 12 months is a touch over 4k a month of gross income. Out of that he pays himself a salary and recoups any personally paid for expenses from the company.
Since he owns the company he's not bound to minimum wage rules so he pays himself the lowest he can and still use up his tax free allowance, say £600 a month.
Personally paid expenses would probably be minimal as the company will be the one billed/paying for equipment etc.
So £4100 of company income is reduced to £3500 after he pays his salary. The company has further expenses, say a couple hundred a month for the accountant, and an indemnity insurance policy is say another £50 a month. There are probably other costs as well for equipment upkeep, vehicle upkeep, sundries and so on - call that little lot a further £500 drain.
Company profit is down to £2750. Of that, he has to put aside 20% for the corporation tax bill at the end of the year (another £550), leaving £2200. This is what the company has as profit to allocate the shareholders (usually just him) as a dividend.
So cash wise, he ends up with around £2800/month from his £50k/year.
Out of that, he has to put aside self assessment tax money which he'll be paying in instalments twice a year (in advance, I might add!) based on the total amount of dividends he receives over the year. Call that £2k a year on average, and that means he has to put aside over £150 a month for that... leaving £2650ish
As you can see, even on the 50k a year, he's not making vast sums. And that's his second year, in his first, he managed half of that, so arbitrarily dividing all them numbers by two he was making £1325 a month for his first year.
Always better to ask someone for their net figures rather than their gross...
(disclaimer - most numbers have been picked somewhat randomly for expenses costs etc and are not necessarily what you would end up paying)
IS200 Sport - Sold
Mazda 6 MPS - Zoom Zoom!
Modifications
Completed:
Currently 280bhp/295lbft; 3" Meercat custom exhaust; KW Suspension; FMIC; SSP; HPFP; Custom Stainless Steel Dials - for the moment, the only set in the world!! (Till the group buy for MPSOC anyway :lol: )
In Progress:
E-Tuning remap ongoing via Cobb Accessport; Braided brake lines; Stubby aerial; Tinted repeaters and sidelights; 3 Port Boost Control Solenoid; 3" HTP Intake
[SIGPIC][/SIGPIC] [COLOR="DarkOrchid"]That symbol on the side of my door.. Definition by FirebirdPhil 'Translated it means -
"try to overtake - go on give it a go I dare you......." [/COLOR]
I'm not an Outlaw; I'm a Poutlaw! Purple Supras are the bestest! I love purple .. a lot lot lot
purplewitch
24-05-2018, 02:49 AM #58You're also confusing sole trader and company tax in there Dave, sole traders don't pay a salary/wage, they are taxed on pure profit. It is unlikely a company however turning over £50k will give the director any liability for the two self assessment tax payments a year... in both instances Dave is dead right, you have a legal obligation to save for your tax bills, the Revenue are sending out bailiffs like machine guns right now, there is no leeway. As I said previously, listen to everyone who does it, then see a professional and look at the best option for you and then you can plan for realistic figures and timescales. Scrimping at this stage will cost you big later on. Bear in mind as well, £6000 a month, using £125 as your average bill per job means 2-3 a day five days a week, each one taking 1-2 hours and travel time, one side of Rugby to the other isn't a ten minute job.. weren't you looking for an easy life?
[SIGPIC][/SIGPIC] [COLOR="DarkOrchid"]That symbol on the side of my door.. Definition by FirebirdPhil 'Translated it means -
"try to overtake - go on give it a go I dare you......." [/COLOR]
I'm not an Outlaw; I'm a Poutlaw! Purple Supras are the bestest! I love purple .. a lot lot lot
[SIGPIC][/SIGPIC] [COLOR="DarkOrchid"]That symbol on the side of my door.. Definition by FirebirdPhil 'Translated it means -
"try to overtake - go on give it a go I dare you......." [/COLOR]
I'm not an Outlaw; I'm a Poutlaw! Purple Supras are the bestest! I love purple .. a lot lot lot
purplewitch
24-05-2018, 03:05 AM #60lol you need to be an independent Millicano tester Jim :p
[SIGPIC][/SIGPIC] [COLOR="DarkOrchid"]That symbol on the side of my door.. Definition by FirebirdPhil 'Translated it means -
"try to overtake - go on give it a go I dare you......." [/COLOR]
I'm not an Outlaw; I'm a Poutlaw! Purple Supras are the bestest! I love purple .. a lot lot lot
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