Anyone make six figures a year profit?

[Kaizen]

I was looking at it much simpler. To make $100,000 profit as a sole proprietor you would need about $125,000 in income. This could come from from labor, product sales or reoccurring income like paid av. That is figuring $25,000 for expenses. If you are working from home, that would leave mainly all of the expenses be used for advertising and transportation. Those expenses are just pulled from thin air. If a person worked 5 days/week, that is about $480/working day. That is very doable.

 

[callthatgirl]

Not yet, but getting close.

I was asked this question from my one of my remote support show listeners, it's completely a goal you can reach, but the only way to do it is sell much more than just break/fix work. (unless yeah, you kill yourself and have no life)

I sell prepay tickets, daily monitoring plans and online backup. Those help a lot to make sales goals. I also added on larger ticket items like exchange migrations and Office 365 consulting and now Outlook training (personal, not group).

In my opinion, there are those that like things just the way they are, some want to have the financial successes in addition to "life success" feelings.

It's up you and your life how much you want to earn, 100G a year after taxes is definitely one of my goals and I'm working on it.

 

[Jim]

Go for the recurring income, the monthly plans.. it soon adds up. But you have to automate as much as possible otherwise you'll be wasting your income on manpower which could have been put to better use doing more profitable tasks.

 

[PCX]

All I will say is that it is definitely possible to make 6 figures (profit) on break/fix store front model . . . but man, some days it feels like I am chasing a dollar when I should be going for more profitable ventures . . . Every time I feel that we are close to starting up our MSP, our business makes a huge leap forward and here I am again hiring more people and spending more time in the shop than I would like to admit and dealing with petty complaints from unreasonable customers. Anyways, I know that once we can finally break into the MSP market, we will be making much more. I hope to see figures like YeOldeStoneCat one day.

 

[SetU2]

Six figure salary is certainly possible. I could do that today if I wanted but do not. In fact I only pay myself $1,500 net a month. Now, the question you did not ask is this; can your business be worth 6 figures annually? Mine is thanks to a very good accountant that provides sound advise. I just met with him a couple days ago and asked him roughly what my business "pays" me annually if I were to count every benefit and tax break as salary. It ends up close to 10 times my salary. Better when you consider most of that is not taxed.

 

[brandonkick]

So let's nail down the real question(s) being asked here:

I think the OP was asking if anyone basically earned 100K or more salary either doing break fix or managed service contracts.

I take this as a single person as an employee of a larger company or a sole proprietor.

To tell you the truth, I think that's a lot of dough to be earning unless you either work in a economically well off area or you work for a large firm that does a ton of business and are well established within that firm. I can see it if your a right hand man to a firm that does large numbers each year and you've been there a long time.

I don't see it for the guy running the local computer shop doing hard drive replacements and virus cleanups. 100K of profit is a large, large number.

 

[SetU2]

I went to the original post. There was no mention of a one man business. If you limit yourself, you will, of course, limit your earnings. I saw no good reason to do that and chose to grow my business and thus it's value to both myself and my community.

 

[brandonkick]

I know its kind of a personal question but, does anyone here make 6 or 7 figures "Profit" a year in this line of work? I've just been wondering if this is possible from a personal standpoint. Thanks for any input....

Those were indicators to me that he was talking about how much money someone here earned in one year.

Like me, personally for example. How much money did I earn doing the work that I do. Not the company I work for, but me. And not just earn, but profit. So I'm guessing that means after tax as well.

I could be wrong, maybe the OP can clarify.

 

[acscva]

I have for several years made this kind of income when I had a 4000 sq ft retail showroom with up to 10 employees.

I got tired of all of the stress related to this and now run a one-man home based business along with my wife and 2 part time remote associates.

I will be close to that type of income again within a year or so as I have learned a lot over the last 28 years of what works and what doesn't.

 

[allstarit]

For those of you just starting out keep in mind the first 1-2 years of business can be really tough. Your a new business and your trying to get customers so be prepared to spend more than you earn.

For me i am at year 2 of my part time business. My first year i pretty much broke even and got things setup like tools, advertising, business cards.

2 years on i am still part time but have about 30 clients and have been using GFI. Im not quite at the 6 figures yet but have made a good increase compared to last year.
As mentioned in earlier posts stay busy and work on your business as well as in your business.
I have found myself going places around town and constantly looking at businesses and when talking to people always introducing myself and mentioning my business.

Plant your seeds and wait for them to grow and you will eventually get to your goal.

 

[ComputerPro]

yearly

Yeah the 6 figure mark shouldn't be too hard for any business to hit really. If they are really working it like a real business I mean. There are approx 251 working days in 2014, multiplied by even just $400 per working day is a little over 100k. That's not counting weekends which i'm sure some people are open, at least on Saturday anyway.

Of course profit is factored in. Which for large companies can be a bit confusing with net vs gross and other variables. For example a large firm may make well over a million a year and pay a few top engineers well over 100k salary but only profit 10k for the year. If they put money back into advertising, expansion, new locations, new employees etc then actual profit may be low but yet business couldn't be better for them.

On the other hand if your mainly talking about a one man band who works out of his home office then I would imagine its closer to 50/50. With very little expenses then even making $90k where its all pretty much just your salary could be considered great by some.

What's more entertaining (math wise) are the craigslist techs who when you do the math are working for $4-5 dollars an hour. Makes me wonder why they don't just go to any fast food job and double their income??

 

[jzukerman]

Gross profit or net profit? Either chart, no not me... yet. Once I get my clients signed up on managed services contracts, then this should (and will) be achievable.