Hello I'm a bit new to all this forum business so bear with me.
Due to the downturn in commercial work in the south west I'm thinking of branching out on my own as aone man band happy to take on anything that comes along. My main concern is how much can I realistically look to earn, I need to get at least £450 take home a week just to support my family.
There's that "how long is a piece of string" question again.
If you're going to do domestic work, Part P.
Insurance.
Up to date qualifications/competences.
Advertising.
Buying stock/materials/tools.
Vehicle, with commercial insurance.
Telephone.
Register for Tax (Self Employed)
Just a minor list to start with.
Approximate cost from zero, with relevant experience - £5-£10k.
How much you will earn depends entirely on the work you win. How much work you win depends on how hard you advertise, and how many people you convince. And so on.
As a very rough rule of thumb, look to covert one in ten enquiries into a job initially, and work like a bee, you'll get it down to around one in three.
If you're doing the rest of it right, then realistically, you should look to around 25-35% of the job as being nett profit - that is, what you're left with once you've paid for every aspect of that job. That's the bit you get taxed on, less any allowances and expenses allowed.
Sooooo, if you need to earn £450 a week, ballpark, you need to be winning around £1300 worth of business a week. Of course, you've got to pay back the £5-10k too, assuming you borrowed it......
And, despite what all those five week wonder courses tell you, you will NOT earn £450 a week every week right off, unless, maybe you're also subbing.
I'm honestly not trying to put you off - I'm trying to give you a realistic view of things.
It isn't the easy ride peoples think it is - it never is.
Your best bet might be to see what you can get out of advertising your services locally while you still have your current job, doing what work you can evenings and weekends?
Just some thoughts.....again, honest, not meant as harsh.
