Business taking off - Maximising income for a year

YoungBusinessman

That's a good motto to have and similar to mine. Salary pays the bills all extra income is reinvested and saved. Will soon mount up. The only reason I have my contact job through the week is security and continuous income. Once I'v the funds behind me, say 2 years expenses I think il take the plunge and go solo...hopefully live the dream!! Want out of this game by 40 or to at least do less and have a more senior, higher paid job. Time will tell. Need action to go with the plans...£250 net from the start of week will be paid to me tonight, payday tomorrow from job should bring £1200 net. Over the weekend I'm being paid for a few small jobs so bring it on

YoungBusinessman

Well worked out to be £200 net from pay tonight so in running total that i will keep is

All income NET

Salary =

Company =£200

Other =

Total = £200.

Doing it with net figures, the aim is £73k gross which is...£49k net?! Anyone care to correct me?

cazmanian_minx

Depends if you're talking about employed or self employed income there. For employed I think you're right, but for self employed, very basically, turnover minus cost of goods sold or materials used = gross profit, gross profit minus operating expenses (fuel, office supplies, subscriptions, etc.) = operating profit, operating profit minus tax and interest = net profit - so it's difficult for anyone to judge what your net should be on your self-employed work.

YoungBusinessman

I am just taking off a decent percentage of operating profit to get net profit and the surplus is being kept in account that is for paying tax and materials etc.

So i should roughly get the net amounts right, will try to keep the whole figures though.

Got van back with mot today, after spending £1k on clutch and tyres last week...cost £780 to mot:eek:

So thats my first spend this month!! Also went and filled up to the brim of fuel, £93.50!!

SO costs for month are £873.50!

Income is (net)
Company = £200
Salary= £1,514.44 (been paid today :T)

Hopefully get another 2 or 3 pays before my next salary pay, 2 weeks today!

The money for mot and clutch etc needed to be spent, hopefully no problems for the next year! It got a service aswel. Brake pads and discs done and van is brand new again. Was looking at a few things to put in van to "upgrade" it.

What a terrible day, weather wise and money spent
Took it a fair bit so cushioned the blow but still things will improve soon, surely!! :cool:

YoungBusinessman

Today marks a week at the challenge. I make this £2,750 gross pay (or thereabouts?) on £1,714.44 net pay, after a week at this challenge, meaning i am well on course as i have to achieve income of £200 gross per day to complete the challenge and i am at £392. This will slow over the next 9 days but then i get salary in again to boost it £2k at a time.

Next few payments from company should be around £405 gross (£320 net) this should be coming to me around the weekend. Really need to keep going and keep at this challenge. 1 week in i feel its going off to a good start. Had a couple of expensive bills so hopefully thats them out of the way for the rest of the year! Roll on the next £70k to complete the challenge! :money:

£200 gross has been made today, got 2 jobs to price up tonight with a relaxing night as busy day tomorrow should see me smash the £200 target! Trying not to get too fixed on that figure as obviously its simply a case of more is better!

YoungBusinessman

Small income tonight, it all adds up though!! Net payment of £121.39! Gross about £157.80...totals are now at

Company
gross £417.80 net - £321.39

Salary
gross - £ net - £1,514.44

Will edit and update as i go along(as allows me to check payslips etc which can take a few days to arrive after a payday. So online banking tells me net but need payslip to see gross!!

My next payment i recieve....should be Saturday...should see me hit the £2,000 net pay total:money:

Onwards and upwards!

Amara

Hello!
I've got my target now: 30k salary for myself . To acheive that, I need to employ 15 people part-time, 15hours each. Or less people, more hours.Or to increase margin.

YoungBusinessman

If you are getting that with just overseeing staff, good start!!!

YoungBusinessman

Quick update, business is booming!! Set to smash £5k barrier this month, £6k barrier early next month. Looks like i am getting thrown out the house im in just now, long story, parents downgrading!! So i am looking to buy with gf. Place we have found is £110k, deposit of £12k. Who fanices my chances of getting a mortgage on that with salary of £52k and her being newly self employed, taking in £2k a month gross. I have debt of £26k at £800 a month. Net salary of £800 so easy managible...we are going to go for it i think, watch this space....

cazmanian_minx

October turnover £6,500 (ex VAT), just another £143,500 to go in the next 11 months...! Business debt down by £500.