The day I wet down there I don't think that would of helped! Bloody emits everywhere! And the job was behind the sloop so no parking anywhere near, although walking through the streets with a plunger in my hand made everybody move.
Welcome to the forum. Although you can post in any forum, the USA forum is here in case of local regs or laws
Good turnover for 1st year?
- Thread starter Millsy 82
- Start date
View the thread, titled "Good turnover for 1st year?" which is posted in UK Plumbers Forums on UK Plumbers Forums.
The day I wet down there I don't think that would of helped! Bloody emits everywhere! And the job was behind the sloop so no parking anywhere near, although walking through the streets with a plunger in my hand made everybody move.
Thats ok on small parts, but you won't get much work doubling the price of a boiler !
R
R.Oak
Have you considered things like check a trade or rated builder? I dont use them, and to be honest have heard mixed reviews, but if you are looking for additional work then maybe they can help
I do use rated people against my better judgement which has been ok really. I never go for the big jobs as I'm not paying £30+vat for someone to undercut me by £600 (that was a full system and fit a new shower chasing the pipes in the wall, I priced it up 4 days £200 a day and I got under cut by that so either he gets a brilliant price or working for nothing.
I wouldn't worry about things just yet Millsy.
Ive been trading for about 18 months. We are above the VAT threshold but profit is still below what I would like. Our problem is volume. We have days where there is nothing to do and other weeks where we are on 14-15k jobs.
There is no quick way in unless you pick up large contracts which normally go to larger companies, which have had to go through the same as you are now!
You have to look at the long term goal rather than the pay slip for this month, otherwise you'll drop back into employment and all those important decisions are out of your control. Before you know it your redundant and have to start at the bottom of the pile for a different company again.
I know jobs are few and far between down your way, I've got a guy who gives me a hand to build up his portfolio who comes up from Falmouth whenever he can. Shame as he seems like a good bloke who is switched on. If he was in Plymouth I'd have him full time.
As a thought, I know there are quite a few down your way on low incomes, do you come across them often?
Ive been trading for about 18 months. We are above the VAT threshold but profit is still below what I would like. Our problem is volume. We have days where there is nothing to do and other weeks where we are on 14-15k jobs.
There is no quick way in unless you pick up large contracts which normally go to larger companies, which have had to go through the same as you are now!
You have to look at the long term goal rather than the pay slip for this month, otherwise you'll drop back into employment and all those important decisions are out of your control. Before you know it your redundant and have to start at the bottom of the pile for a different company again.
I know jobs are few and far between down your way, I've got a guy who gives me a hand to build up his portfolio who comes up from Falmouth whenever he can. Shame as he seems like a good bloke who is switched on. If he was in Plymouth I'd have him full time.
As a thought, I know there are quite a few down your way on low incomes, do you come across them often?
My experience of those type of sites are the same. They attract the customers who want the cheapest price rather than quality. I try not to waste my time with them now. Rated people charge to much for leads, maybe ok to charge that in London but not down here.
I don't really come across a lot that are on low income but my thoughts are most of them will either be in housing association or rented accommodation. The only person that pleaded poverty is someone who owns a yard and about 8 horses so she is not really poor.
Jobs do tend to be few and far between but as everybody keeps telling me down here reliability is the biggest thing as so many people get let down (I worked for a person the other day who had been let down by 3 local plumbers, ok it was only a tap washer but I was in the house for 10 minutes including talking and I got £40 for it and I may have a bathroom suite off the back of it in the summer)
Most of my customers have been great 1 or 2 slow payers and 1 builder that I threatened to take to court as he wouldn't pay his £140 bill but generally they have been good and some nice little jobs.
I think half my problem is a slow couple of weeks has driven me nuts and then I started looking at the job sites which then gets me thinking but as you said you go on for a company and you lose all your say so and end up working stupid hours for rubbish money (especially down here apart from the odd job). Then there is the subcontract route but everybody seems to want all or nothing (nears wanted 5 days a week and to go on a call out rota! Surely they should just employ direct then!) so if I did go that route when they dump me I'm back in the same position maybe even worse.
My way of doing it small jobs only and if your not 1st don't buy it. Then buy it and phone straight away and get in there and done quick before someone else buys it. I have noticed though that once 1 person buys it then no one else will as I watched a few of the others.
I have only not got 2 jobs out of all the ones I bought apart from 1 large job that I said about.
You may lose a bit of money on the job but if I earn £30 for am hours work then I'm happy.
Only reason I mentioned the low income was because ECO 2 is focusing more on off grid. When I worked on warm front we spent a lot of time down your way on oil boiler installs.
Not sure on details yet as it doesn't start until April but if it's any good I may look into the area and would be good to have an installer down there :wazzzup:
We've also done a bit in East pool park for a contractor on the Guinness estate. Mostly wrapped up now though.
Not sure on details yet as it doesn't start until April but if it's any good I may look into the area and would be good to have an installer down there :wazzzup:
We've also done a bit in East pool park for a contractor on the Guinness estate. Mostly wrapped up now though.
Since moving up to Lincoln (Calendar years): -
Y1 - £32,217, £7,800 wage, £3,632 net profit before tax
Y2 - £59,948, £10,917 wage, £13,331 net profit before tax (1 employee taken on at the end of the year)
Y3 - £139,380, £17,847 wage, £52,426 net profit before tax (2 employees, 1 taken on at the end of the year)
Bear in mind that the year 3 figures and the last quarter of year 2 figures I was employing other people. I take next to no wage myself (up to the NI threshold) and pay myself share dividends from profits and buy vans etc to grow the business.
As others have said, if you want to remain a one man band you will reach a ceiling where you physically can't do any more in a week.
Also bear in mind that we built up a reputation in Hampshire for 3 years before moving up here. Not sure how much that has really helped us in Lincoln though as we really had to start all over again. Only difference is we had a good chunk of tools already in our possession.
Biggest difference between Y2 and Y3 - charging a proper markup on everything we supply. It goes straight into the profit line.
Y1 - £32,217, £7,800 wage, £3,632 net profit before tax
Y2 - £59,948, £10,917 wage, £13,331 net profit before tax (1 employee taken on at the end of the year)
Y3 - £139,380, £17,847 wage, £52,426 net profit before tax (2 employees, 1 taken on at the end of the year)
Bear in mind that the year 3 figures and the last quarter of year 2 figures I was employing other people. I take next to no wage myself (up to the NI threshold) and pay myself share dividends from profits and buy vans etc to grow the business.
As others have said, if you want to remain a one man band you will reach a ceiling where you physically can't do any more in a week.
Also bear in mind that we built up a reputation in Hampshire for 3 years before moving up here. Not sure how much that has really helped us in Lincoln though as we really had to start all over again. Only difference is we had a good chunk of tools already in our possession.
Biggest difference between Y2 and Y3 - charging a proper markup on everything we supply. It goes straight into the profit line.
Last edited:
T
tamz
Dug out my 1st years accounts 1997. Me and an apprentice. I was in a partnership before that so had the van and the tools etc.
£142973 turnover, £68935 gross profit £57201 nett.
Went up to over 600k at one time now back to around the same level
£142973 turnover, £68935 gross profit £57201 nett.
Went up to over 600k at one time now back to around the same level
I think that's something else that goes against me is that I moved down in May so I've started completely from scratch if I was to set up where I come from I would of been in a better position also because it was a wealthier area.
T
tamz
Some of the work followed me when i left the partnership so i wasn't scraping around from scratch.
Still don't advertise and nothing on the van. You either know me or you don't. Suits me that way.
Still don't advertise and nothing on the van. You either know me or you don't. Suits me that way.
R
Ray Stafford
Step 1 - decide what your goal is. Do you want to be a self employed tradesman, or are you looking to build a plumbing business? Both are perfectly reasonable life choices, but are utterly different mindsets.
Step 2 - remember that being self employed means having the toughest boss on the planet! Start thinking like the boss, not like the worker.
What do you mean "sat at home waiting for the phone to ring?" That's worker-think, not boss-think!
Your phone is a mobile isn't it? You can still answer it when dropping leaflets, visiting letting agents, building your own website, or otherwise touting for business? Business hours are business hours - and if you are not working IN your business, make sure that you are working ON your business.
I must have seen a thousand blokes go self employed, with all the possible range of outcomes - from becoming millionaires, doing OK but not spectacular, through grinding out years of stress, down to bankruptcy, divorce and even suicide.
I reckon there are three key factors: (assuming technical capability is there)
1) Mental attitude. Its hard graft, so graft hard.
2) People skills. Being a good tradesman is not enough if customers don't warm to you
3) Luck. Don't use it as an excuse, but be aware that it can mess you about. But also remember that the harder you work, the luckier you get.
Step 2 - remember that being self employed means having the toughest boss on the planet! Start thinking like the boss, not like the worker.
What do you mean "sat at home waiting for the phone to ring?" That's worker-think, not boss-think!
Your phone is a mobile isn't it? You can still answer it when dropping leaflets, visiting letting agents, building your own website, or otherwise touting for business? Business hours are business hours - and if you are not working IN your business, make sure that you are working ON your business.
I must have seen a thousand blokes go self employed, with all the possible range of outcomes - from becoming millionaires, doing OK but not spectacular, through grinding out years of stress, down to bankruptcy, divorce and even suicide.
I reckon there are three key factors: (assuming technical capability is there)
1) Mental attitude. Its hard graft, so graft hard.
2) People skills. Being a good tradesman is not enough if customers don't warm to you
3) Luck. Don't use it as an excuse, but be aware that it can mess you about. But also remember that the harder you work, the luckier you get.
L
lame plumber
my cousin is very lucky, millionaire several times over, something to do with the fact he never ever stopped working 24/7.
If you're out delivering leaflets between 0800-1200 it'll keep the inlaws off your back and get you work too. Guaranteed. Chances are you'll do afew hours delivering and work the afternoon for people who's seen your leaflet.
Oh and it'll keep you fit or fitter....
Oh and it'll keep you fit or fitter....
R
Ray Stafford
Should be 15% on higher value heating stuff, and 30% on lower value and general plumbing. Very high value bathrooms maybe at heating rates, once the value passes £2k
Post of the year. ! .
mind you it's January !
I must admit that during December I forgot to order my new leaflets as I was quite busy so that didn't help as I had to order them after Christmas and they only came on Tuesday. So starting on Monday I will be out delivering the other 2000.
I've not so much been sat at home I have made sure all my paper work is up together and completely up to date and I chased up payments.
I did the lettings agencies when I first started up and didn't really get anything off it. I think there are people doing llgsc for £35.00 so unless I want to drop my prices I won't get in there. (I am willing to drop my prices slightly for a large number of work I have hopefully got a caravan site from 1 job but it means doing llgsc for £43.00 which as I said to them I am happy to do as long as I get more than 2 a day)
Going on from the caravans I have a pack all ready to go out to a load more caravan sites around me but I'm just waiting on my certificates to come through (I re-sat my course 15/12/14 so they should be through any day)
I've also sorted out more advertising in local advertisers etc and for fairly cheap prices but none of that kicks in until the start of feb at the earliest.
The website, well you have me there I should do something to it as it is a bit pants but when it comes to computers I am shocking! Lol. But I will do it.
Bet he's not in the building trade, more like IT
If Rocky was a plumber and not a boxer, im certain that's what his trainer would have said to him lol.
Great post.
This is the single biggest factor why I do ok, in my opinion. It's not even about being liked, it's about being likeable. Not a meanginless distinction.
I worked for one guy about 4 years ago that was seriously good, extremely capable, but had the personality of a inconvenienced teenager and therefore had had to spend 25 years building a customer base who would book him for his skills alone.
I also worked for a guy who was a natural charmer and salesmen. Not in a con-man kind of way. In a couple of short years trading and with plumbing not being a talent he would lay claim to he had built a business that could have - in theory - employed five people full time. But extenuating circumcisions did a number on him.
I also find I can charge an extra 10% if I work without trousers.
Official Sponsors of Plumbers Talk
Reply to the thread, titled "Good turnover for 1st year?" which is posted in UK Plumbers Forums on Plumbers Forums.
Similar plumbing topics
- Question
We recommend City Plumbing Supplies, BES, and Plumbing Superstore for all plumbing supplies.
