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Hello
04-23-2012, 05:14 PM
How much are you guys making in profit?

Encrypted Existence
04-23-2012, 05:15 PM
How much are you guys making in profit?

Good luck with that one.

anglian
04-23-2012, 05:18 PM
how much are you guys making in profit?

27


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Cornerstone Technologies
04-23-2012, 05:20 PM
Whatever my wife lets me have.

Cambridge PC Support
04-23-2012, 05:21 PM
profit?

no-one said we had to make a profit!

I do it for the joy of fixing stuff :)

Hello
04-23-2012, 05:21 PM
we recently opened an actual walk-in store. Just wondering if it's even worth it,

anglian
04-23-2012, 05:22 PM
I do it for the joy of fixing stuff :)

The jobs I had in last week, it feels like I am doing the same.

Hello
04-23-2012, 05:22 PM
I mean, is there anyone here making at least $100k a year?

jdpetrov
04-23-2012, 05:25 PM
I mean, is there anyone here making $50k a month?

$100,000 a year? I'd be happy with $25,000 a year. Thank goodness my wife works.

mraikes
04-23-2012, 05:25 PM
Post deleted. Just saw your corrected question . . .

Hello
04-23-2012, 05:32 PM
Yeah, $50k a month seems outrageous. I wonder what is a reasonable number to look foward to... What's obtainable.

anglian
04-23-2012, 05:47 PM
Yeah, $50k a month seems outrageous. I wonder what is a reasonable number to look foward to... What's obtainable.

Anything is obtainable, Steve Jobs & Bill Gates didn't do too bad.

Set yourself a reasonable target, incorporate it into your business plan with steps to reach that target (3 months, 6 months, 1 year etc) and work your ass off to acheive it.

Hello
04-23-2012, 05:55 PM
Yeah but Gates and Jobs didn't do "computer repair" and "service contracts" for small businesses. lol

Hello
04-23-2012, 06:02 PM
Just wanted to check out the demographics in the computer repair business. I mean, how lucrative is it? Has anyone out there met their goal? I hope their goal isn't $25k a/year either

Cambridge PC Support
04-23-2012, 06:04 PM
Has anyone out there met their goal?

I've met mine for the last year, but it's taken me since 2003 to get there.

SprinterTech-WI
04-23-2012, 07:34 PM
If I didn't constantly reinvest I'd be doing very well... problem is when I get 10 or 15 thousand in the bank I buy more equipment, advertising, add new products etc.... I grossed $180K last year, and about $60K was "Profit" this year gross will be about 2 - 2.5x that

dgiles79
04-23-2012, 07:39 PM
we recently opened an actual walk-in store. Just wondering if it's even worth it,

Shouldn't this be something that you should have looked at before opening the store? or is your store for something else, and you are thinking of adding computer repair?

Hello
04-23-2012, 07:44 PM
If I didn't constantly reinvest I'd be doing very well... problem is when I get 10 or 15 thousand in the bank I buy more equipment, advertising, add new products etc.... I grossed $180K last year, and about $60K was "Profit" this year gross will be about 2 - 2.5x that

Ah, Yes, this is what im talking about.

Few questions, Is this a store you have? Computer repair/residential calls or Do you do small business maintenance contracts as well?

Hello
04-23-2012, 07:53 PM
Shouldn't this be something that you should have looked at before opening the store? or is your store for something else, and you are thinking of adding computer repair?

Well a couple of friends and I have started a computer business long ago and operating for a while now but operating without a store and doing mostly residential work. Now each of us has a nice day job which means resource for a store etc.

so now we are targetting mainly small businesses for cheaper IT solutions vs hiring in-house techs. Our store is located an extremely heavy traffic location. In fact, like 90% people work in downtown and there's only one main road to get there quickly and that is to pass our location so from 6:00am->8:30am and 3:00->6:30pm there's always heavy traffic jam

But before it was only 2 people involved doing residential stuff. Now there's 5 people which everyone is an equal in the company. not sure if it's worth it working all the time now with little payout, might as well withdrawl

SprinterTech-WI
04-23-2012, 08:15 PM
Ah, Yes, this is what im talking about.

Few questions, Is this a store you have? Computer repair/residential calls or Do you do small business maintenance contracts as well?

I own 100% of the company, computer/cellular/network/design/print/tv/printers in store is mostly res. onsite is almost all commercial, we currently only do service contracts as in they buy a block of say 10, 20 or 50hrs.... looking at adding Managed services within the next year.
We provide 24/7 service across a 300 mile radius (WI, MI, MN, IL, IA, with occasional stints in ND, SD, MT, CO, and ID)

RichmondTech
04-23-2012, 09:30 PM
I tell the IRS that I lose money every year so I don't recommend opening a computer repair shop.

I hear the real money is in door to door vacuum sales. :D

oldtech
04-24-2012, 12:06 AM
You all missed the obvious answer:

42

jdpetrov
04-24-2012, 01:38 AM
My gross revenue is up year over year, quarter over quarter. Took year 3 to break the 5-figure mark for gross revenue.

My profit margin last year was 56%.

PCX
04-24-2012, 02:24 AM
We reinvest into the business heavily so it's not as high as it could have been last year, but its paying off this year. Last year we were at 34 profit and this year (if we keep doing the same pace and with price increase) we will be around 50.

EDIT: I probably should have clarified that I own a shop.

callthatgirl
04-24-2012, 02:53 AM
I usually don't share actual numbers in open forums, in about two months I will have grossed more than I made in 2007, 2008, 2009 and 2010 combined.

Your first few years will probably suck, but once you figure it out it gets better. Some get lucky though and figure it out early.

Edited to add: Love the reinvesting comment PCX, I do that too. Find what works, learn from it, expand it, change it, etc. Some of my best ideas came from a 10 second thought, some of the big ones I thought would win that took days/weeks to work on, failed in 10 seconds.

Edited to add: I have 3 shops and have more on the plate this year. I also have a large contract in 4 states now that will help me open possibly 8 more locations in 2012.

TechLady
04-24-2012, 03:06 AM
Shouldn't this be something that you should have looked at before opening the store? or is your store for something else, and you are thinking of adding computer repair?

^ Um, yeah, this was my first thought.

Vicenarian
04-24-2012, 03:08 AM
about $50,000,000 a year



















(oh yeah, forgot, in Zimbabwe dollars)

Luis Rodriguez
04-24-2012, 03:22 AM
$100,000 a year? I'd be happy with $25,000 a year. Thank goodness my wife works.

^this, my wife is an RN...she lets me do what i want, so i became a computer tech lol

StableSolutions
04-24-2012, 03:36 AM
^this, my wife is an RN...she lets me do what i want, so i became a computer tech lol

Lol, same here. Wife is an RN and she sent me back to school... So do I make much? Not really. lol

Parkwaytech
04-24-2012, 12:11 PM
I won't share actual numbers here, but we did five figures our first two years and have done six figures (revenue) our last two with profits increasing substantially each year.

A quick question to callthatgirl. I assume you find that retail is still working well for you with three shops and plans to open more? Just wondering since some say it is dying out.

ell
04-24-2012, 01:14 PM
The jobs I had in last week, it feels like I am doing the same.

me too, what a backwards week!:mad:

Hello
04-24-2012, 01:37 PM
I won't share actual numbers here, but we did five figures our first two years and have done six figures (revenue) our last two with profits increasing substantially each year.

A quick question to callthatgirl. I assume you find that retail is still working well for you with three shops and plans to open more? Just wondering since some say it is dying out.

How many employees do you have?

SprinterTech-WI
04-24-2012, 03:19 PM
I won't share actual numbers here, but we did five figures our first two years and have done six figures (revenue) our last two with profits increasing substantially each year.

A quick question to callthatgirl. I assume you find that retail is still working well for you with three shops and plans to open more? Just wondering since some say it is dying out.

I think if you have a shop you HAVE to capitalize on other things than just computers (being cell phones or tv's or printing etc...) anyways for us computer repair is getting bigger as we get better known, but cell phone repair is up and so is TV repair.... board level esp.

MotzTech
04-24-2012, 08:01 PM
Just ran across this quote on linkedin, felt it was appropriate here

Being an entrepreneur is about living a few years of your life like most won't, so that you can live the rest like most can't.

PCX
04-24-2012, 08:17 PM
Just ran across this quote on linkedin, felt it was appropriate here

That is so true. Good quote.

Parkwaytech
04-24-2012, 10:55 PM
How many employees do you have?

I've got just me right now. We had three employees at one point (one part time), but I found I didn't need them after we made a few changes to the business. The fewer people employed the better. If you need, really need, hire. But I learned I could wait a lot longer than I thought before I hire. After fine tuning my business I'm working half the hours I did with double the profit. Now I have time to invest in new ideas and business improvements. If we open up a store again then I'll have to hire at least one person.

callthatgirl
04-24-2012, 11:59 PM
A quick question to callthatgirl. I assume you find that retail is still working well for you with three shops and plans to open more? Just wondering since some say it is dying out.

Right now I have 15 on payroll and have 3 contractors and 1 interns. I need a operations manager and a personal assistant. Goals for 3rd quarter.

I don't think we are considered "retail" as we don't sell anything, we just have a store front location for the drop offs. All calls we take are interviewed first for remote support, then we do onsite and drop off as needed.

WOW
Being an entrepreneur is about living a few years of your life like most won't, so that you can live the rest like most can't.

This rings so true for me. I feel beat up daily. I know the payoff is coming, just not sure when. I chuckled writing that because I know I have more years of this to go through before the living gets better.

Parkwaytech
04-25-2012, 12:44 AM
Thanks for the reply, callthatgirl! I guess I really need to get your book. :D

Hello
04-25-2012, 05:38 PM
Would you say would you have an easier time if you had the resource(funding) to invest for whatever the business needs?

I just heard about a guy who runs 6 computer repair shops and he takes home $250k a year. That seems a bit absurd to me

PCX
04-25-2012, 05:41 PM
Would you say would you have an easier time if you had the resource(funding) to invest for whatever the business needs?

I just heard about a guy who runs 6 computer repair shops and he takes home $250k a year. That seems a bit absurd to me

How does that sound absurd? We will probably profit 40-50k this year on our one shop alone . . . why could you not make 250K on 6 in 6 different locations.

Hello
04-25-2012, 05:49 PM
How does that sound absurd? We will probably profit 40-50k this year on our one shop alone . . . why could you not make 250K on 6 in 6 different locations.

the profit margin doesn't seem good enough

PCX
04-25-2012, 05:51 PM
the profit margin doesn't seem good enough

Ah, yeah I understand. It really depends on where you live and the cost of living. The cost of living here is dirt cheap compared to many other areas in the US. Your doing very well if you are making 50K or more.

Hello
04-25-2012, 05:59 PM
Ah yeah, Like in NYC, $100k for a family is not enough. Well it's enough it's just middle-class.

callthatgirl
04-25-2012, 06:37 PM
Would you say would you have an easier time if you had the resource(funding) to invest for whatever the business needs?

No, the easier way is to not even start a business.

PCX
04-25-2012, 06:40 PM
Would you say would you have an easier time if you had the resource(funding) to invest for whatever the business needs?

No, the easier way is to not even start a business.

lol, no doubt.

I personally started my business with $50 and no debt. I have boot strapped the whole way with no loans. If you can do it that way, then do it. One thing that stuck with me was when a business owner told me "If you get a 10k loan to start your business and you fail, you still have a 10k loan to pay off"

As far as investors go, I would rather not have other peoples hand in my business.

Hello
04-25-2012, 11:38 PM
lol, no doubt.

I personally started my business with $50 and no debt. I have boot strapped the whole way with no loans. If you can do it that way, then do it. One thing that stuck with me was when a business owner told me "If you get a 10k loan to start your business and you fail, you still have a 10k loan to pay off"

As far as investors go, I would rather not have other peoples hand in my business.

nice. What would happen if that business owner never told you that? Lol


It was just a question, hopefully we will reach our goal sooner as we have ongoing resource to invest

PCX
04-25-2012, 11:43 PM
nice. What would happen if that business owner never told you that? Lol


It was just a question, hopefully we will reach our goal sooner as we have ongoing resource to invest

You know what, I am not sure . . . I am not a fan of debt, so regardless of him saying that, I would have avoided it if at all possible. That said, what he told me has always played in the back of my mind every time I did think about getting a loan. Now that I am here (in the present), I am glad that I did not get one, at least not when I first started out. Now that I am more established, I can justify a loan if I needed to, but I still prefer not too if I can help it.

16k_zx81
04-25-2012, 11:50 PM
How much are you guys making in profit?

Enough to scrape by


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Rosco
04-26-2012, 01:34 AM
nowhere near what i want to make but steadily growing! starting a business is hard, but I am right were i hoped to be by now. I don't have a exact salary i am looking for but i do look for at least 20% gross profit increase. Last year(2011) i increased business by 40%. A lot of the cedit i have to give to all the great ideas i found on here. Technibble is by far my most valued resource! Especially for the business end. I mean you cant call a competitor and ask how they do it!

callthatgirl
04-26-2012, 01:52 AM
More answers then....if you want a million dollar business in a few years, get an investor and have others to help you build, learn and grow. If you want a million dollar business in 5-8 years, do it yourself.

colonydata
04-26-2012, 02:39 AM
Would you say would you have an easier time if you had the resource(funding) to invest for whatever the business needs?
.

easier maybe, but bootstrapping it myself, i learned alot about setting priorities, and doing more with less than i would have if i had alot more funding.