How long before you could take a wage out of your business?
Me and my family have a vending business that’s been going for just over 2 years. We are only just starting to get a bit of money out of the business as all the money made simply goes back into the business to build it up. We need to use the money we make to buy more vending machines etc to grow the business.
What type of business do you have and how long was it before you started getting a proper living from it?
We are over 2 yrs in and only just starting to take peanuts out of the business.
It’s difficult to say how long it can take. When we ran a business part-time it really didn’t pay its way. Another one took about 6 months to start producing good returns.
If you’re in the UK, it may be worth contacting your local Business Link. They offer a free business review and come up with helpful suggestions for moving your business forward. We did this for one of ours a couple of years ago and it was very helpful.
Good luck with your business!
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my husband started a ’snack delivery’ business just under a year ago
He started taking ‘drawings’ from week one, and now makes almost a full time wage from it
It all takes time, but really depends on how much capital you had to start with,and how much new investment costs
off course some months are better than others as regards sales, so he’s very much still on a learning curve
References :
It’s difficult to say how long it can take. When we ran a business part-time it really didn’t pay its way. Another one took about 6 months to start producing good returns.
If you’re in the UK, it may be worth contacting your local Business Link. They offer a free business review and come up with helpful suggestions for moving your business forward. We did this for one of ours a couple of years ago and it was very helpful.
Good luck with your business!
References :
Business Link – http://www.businesslink.gov.uk
I would sit down with your family, take a look at the whole business plan. Such as:
How many machines do you have?
How many do you want to have?
How much do they cost?
How long until the current machines need replacing?
How much will you have to spend to get to where you want to go?
All of these questions are important. If you are looking to expand you have to consider everything, including how much the new unit costs, and how much you have to pay someone to fill them. When you expand you will need more man power to keep them filled up.
References :
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