How much do you earn?

[Gene]

Hey, I was just wondering as I am in my second year of college and plan to study Computer Science at Lancaster University in a couple of years, if you don't mind sharing... how much money would you say you earn on average from your business yearly?

I always thought after uni I would want to be employed. But promoting my small business into something bigger would be great! What do you think?

Thanks!

 

[NickCat11]

6 million, plus or minus a few hundred thousand

In all seriousness I don't think you're going to have people sharing specifics to this question...

 

[e2346437]

Hey, I was just wondering as I am in my second year of college and plan to study Computer Science at Lancaster University in a couple of years, if you don't mind sharing... how much money would you say you earn on average from your business yearly?

I always thought after uni I would want to be employed. But promoting my small business into something bigger would be great! What do you think?

Thanks!

I'd be happy to share specifics but I work for someone else, not myself, so it's all speculation at this point. When I looked at opening my own business, my CPA said that I'd be able to keep $0.25 for every $1 that I brought in.

I believe this is very accurate for a well-run business with all the proper insurances, paying the proper taxes, that isn't being run into the ground.

Eric

 

[NickCat11]

I'd be happy to share specifics but I work for someone else, not myself, so it's all speculation at this point. When I looked at opening my own business, my CPA said that I'd be able to keep $0.25 for every $1 that I brought in.

I believe this is very accurate for a well-run business with all the proper insurances, paying the proper taxes, that isn't being run into the ground.

Eric

Just a word to the wise... It's not a very good idea to share your financial information with others about your business, especially on a public forum.

 

[jj2000]

i really dont think this is the sort of question you should be asking,as i do not think anyone would give you the answer to that question.

 

[cmonova]

I was actually going to throw an actual figure you there but reading some of the other post I guess maybe not..

I'll put it this way, depending on your business model, and your location I do not see a reason you can't do $75k-$100K or so

 

[Kenhelms]

The amount that a business brings in will vary so much region to region. A small town in the east might bring in 150k and make a awesome living where as one in say new york, etc may bring in close to a million, etc. It all comes down to a number of variables, and overhead is a huge contributor.

your best bet is to use manta.com to search local business' that are around you. It is tied into dunn and bradstreet(which most respectable business' are a part of) and is usually fairly accurate.

 

[SPTech]

I make good money.... but its not easy money.

 

[JosephLeo]

Is money really all that important to you? As long as you are living a happy life with enough money to live well, isn't that enough as it is? I don't think you can expect to become a multi-millionaire in this business unless you have multiple locations and an abundance of customers. I believe Geek Squad was only making a couple million dollars per year before Best Buy bought them out and they have a multitude of locations.

Anyway, before I quit my job as a scrap dealer (yeah, unrelated industry) I was making a six-figure income before taxes, charity and expenditures. At one point when metal prices were really high I actually made a very, very shiny penny. But this business was poison because now I'm poor again, looking to setup my computer repair business and helping my father with scrapping on the side instead of doing it full time.

 

[ProTech Support]

Is money really all that important to you? As long as you are living a happy life with enough money to live well, isn't that enough as it is? I don't think you can expect to become a multi-millionaire in this business unless you have multiple locations and an abundance of customers. I believe Geek Squad was only making a couple million dollars per year before Best Buy bought them out and they have a multitude of locations.

Anyway, before I quit my job as a scrap dealer (yeah, unrelated industry) I was making a six-figure income before taxes, charity and expenditures. At one point when metal prices were really high I actually made a very, very shiny penny. But this business was poison because now I'm poor again, looking to setup my computer repair business and helping my father with scrapping on the side instead of doing it full time.

I don't think anybody said that they wanted to be a multi-millionaire, think Gene was just looking for a rough number of what he can expect to make. Owning any small business, that is going to be hard to find. There are so many factors that play in it is almost impossible to pin point it. Through my experience and numbers I have heard I think you can expect to be somewhere in-between the range of 25k-200k. Yes, that's a big range, but like I said it depends on your specific situation - how much time you put in, marketing, customer base, geographical location, size of your area, etc, etc, etc...

 

[basic]

Hey, I was just wondering as I am in my second year of college and plan to study Computer Science at Lancaster University in a couple of years, if you don't mind sharing... how much money would you say you earn on average from your business yearly?

I always thought after uni I would want to be employed. But promoting my small business into something bigger would be great! What do you think?

Thanks!

Just wondering, is there a specific reason why you are majoring in computer science if you want to run a repair business?

 

[nibblesandbits]

Hey, I was just wondering as I am in my second year of college and plan to study Computer Science at Lancaster University in a couple of years, if you don't mind sharing... how much money would you say you earn on average from your business yearly?

I always thought after uni I would want to be employed. But promoting my small business into something bigger would be great! What do you think?

Thanks!

I'm with cmonova... I'll share:

$3,000 net my first year (only 6 months in business).
$10,000 gross - so far for this year.

But keep in mind, my seed capital was zero dollars and 13 years of experience in the field. Otherwise you could probably put me in the "loss" column if I had to spend a bunch of money on college and all that good stuff.

 

[gunslinger]

Well, I'll let you do the math. I charge $35 per hour and have fixed amounts set for things like data backup and reinstalls. 10-15 calls per week and average 2 hours each. I get $1 per mile anything over 10 from the shop. My advertising cost is 0, factor out all other expenses.


I make a decent living although I'll never be wealthy doing this. I have made over $8,000 in a month, I have also made $600 in a month ( very sick )

 

[noah]

We are grossing in the high 5 figures. I have been in computers for a decade and a consultant/business owner for 5 years.

If you want to own your own business then my advice to you is this. Finish college and pickup a job through one of the many technology staffing agencies to get experience. Some places you work may be crappy but you'll learn what NOT to do at those. While doing that I would work on your personal business part-time to get the feel of it and build up a customer base.

Like nibblesandbits I started with 0 capital and cash flowed my business. Slow and steady wins and weathers recessions.

 

[BostonGeek1]

there's no reason you can't make 100k charging 75-100/hour billing 4-6 hours/day. Do the math.

 

[hondablaster]

I get excited just thinking about doing this for any money at all. I tinkerd with these so much growing up that to do it and get paid seems almost dream like. The kind of numbers you guys are talking, almost seem unreal to me. (unreal meant as in WOW, not in a lying sort of way) I keep saying to myself... People really get paid for this???!!!!

I almost got my A+ 601-602 As I get closer to my goal this sense of relief comes over me, I'm going to eventually work doing something I like, instead of breaking my back doing something I strongly dislike.

You guys are really motivating me.

 

[NickCat11]

there's no reason you can't make 100k charging 75-100/hour billing 4-6 hours/day. Do the math.

Charging $75-$100/hour is the easy part. Getting 6 hours of billable time a day is the real challenge...

 

[Bullfighter]

+1 Exactly, by the time I do my invoicing, deposits, meeting new clients, meeting with contractors, reading technibble , marketing, driving, etc etc.. how many billable hours are left, assuming I can fill up each of those hours.

The only solution I've come to is to go bigger, hire employees and cut out the risk of being a one man operation. Delegate, delegate, delegate...

 

[SCR12]

I am from the UK as well, i charge £35 ph for onsite work which i do very rarely, most of my work is done at the workshop, my bedroom, most prices are fixed between £35-£85. i have been in business for 7 months and want to make it to the first year and then.i will raise my prices, the point i am trying to make is just be glad you have a business and work on it, the money will come in time you just have to work at your business.

 

[BostonGeek1]

Well you're supposed to bill 4, work 10, but who can say no to money, so bill 6-8 work 12-16 haha .