Hey! I’m Ben.
I have a wife, three children and am based in the United Kingdom.
At the moment, I have a career that I’m enjoying, as well as ‘side hustles’. In my day job, I’m an accountant at a Top 30 firm. It doesn’t sound too fun, but I get to play with spreadsheets and automate quite a lot of processes, so the geek in me enjoys it.
I guess I’m what you may call a ‘wantrepeneur’ in that I want to run a business (well, own a business, and have someone run it for me) but also have the stability of a career. My side hustles will only ever be that – side hustles – but if all goes to plan, the income generated from them will exceed that of my day job.
I’ve ran multiple small websites in the past but none with any level of success. Over the past year I stepped away from running these to focus on gaining more experience in other areas. Now, I’m back, and I’m focused.
To be honest, I can’t afford not to be focused. Children are expensive! It's due to this that I've started to sort out my financial future by joining Platinum University.
The purpose of this website
The main purpose of this website is to hold myself accountable and push me to work towards the target income that I’ve set out. The target is set to far higher than I need it to be, so that even if I don’t get there, I can still (hopefully) get to a relatively comfortable position. Even half of would be fantastic. Profits generated from these endeavours are to be used to buy a house and invest in my children’s’ future. Seeing as I have three kids, the future isn’t looking likely to be cheap. Time to start preparing. I’m going to aim for a net profit of £5,000 per month (after business taxes). In the United Kingdom, the Corporation Tax rate is 19%.
Assuming that I run at a 90% profit margin, with the only real cost being advertising of services and a Virtual Assistant, the required monthly figures are broken down below.
Costs: £685.90 (assuming 10% of turnover)
Corporation Tax: £1,172.89 (at 19%)
Profit after tax: £5,000
That’s a decent of money to try and bring in each month.
Breaking this down further…
Per month: £6,859
Per week: £1,578.59
Per day: £225.51
Per hour: £9.40
So, in theory, if I were to build income streams – passive or not – that turnover £9.40 per hour, and I were to spend less than £0.94 per hour, I can hit my goal (or at least get somewhere near it). The target turnover is less than my hourly rate, so I need to find a way of replicating myself to work around the clock.
When it comes to dropshipping, a profit of 90% isn't possible, given that the usual markup will be around 10-15%, so this will be something to consider.