To add to the debate about income expectations, and even profitability, it would be nice to able sit back and just assume work will roll in, and achieve the target of income/turnover you set for yourself in your business plan projections.
The reality of being self-employed, in a maker's market, is, it's feast and famine, with a high level of uncertainty, I see it more so in recent times, with people being hesitant to entertain projects generally and definitely any of financial significance.
Ikea just opened a branch in Norwich, they make my pricing look extortionate, I lost out on making a fitted wardrobe job, as I couldn’t even buy the raw materials at their prices (but I did get to make the doors, so a semi win)
I also have to consider my existing commitments, timescales and lead times, I had a couple of recent enquiries for work that they wanted done by Xmas, why do people wait all year and contact me in November! thank you, but I just can’t physically do it in the time, so no was the simple answer, I lose out again.
Furthermore, I also recently, priced up 4 joinery projects, from £5 to £12K, I have converted one, one is waiting for planning permission, so may or may not happen, the other two I’ve not heard back from, which is no surprise as people don’t bother to tell you they’ve either gone elsewhere or not going to proceed, I will caveat that with the fact, as I outlined before, I am truthful about delivery schedules, so that can put them off, but I do outline that before I offer to quote, but it would be good to get some feedback.
Something else that has an impact on my earnings, is, I don’t charge anything for providing quotes or drafting project proposals, I can easily spend a day or so, and in some cases a lot more, per quote, but if you don’t offer a quote, you won’t be in with a chance to get the work, you can factor the cost of it in the quote to some extent, but that may well price you out of the job, so it becomes a bit of a vicious circle, and my hoped for, projected annualised earnings, are pressurised before I even start.
In conclusion, my work, consequentially, is more of a life style, rather than a business in that sense, I do make money, enough to live on, but not to the extent I can afford many luxuries, I had toyed with replacing my 18 year old van, but as it is currently, I'm not going to, unless it fails catastrophically and I'm forced to, in which case I will probably have a complete review of the way or If I continue to work as well.
So, therefore, on the basis of expected earnings in a year to be £60K, thankyou
@Windows, the people I’ll be working for on Monday are going to get a big surprise when they get their bill.