Need some help with growing my business

[Muffiee]

Hi guys,

Could really use some advise from the pros who started off similar to me.

So basically this is the situation, about a year ago I setup my part time home based eBay business with a mere £1,000 whilst still working full time, as time went on it grew significantly, I reinvested profits into stock then 6 months down the line opened my own ecommerce shop which does very well too,

A year later after hard work, much sweat I am raking in around £10k net profit per month just on my own, I employ noone, I work 7am-4pm for a company full time day job then work 6pm - 11pm each weekday on my business packing etc. I have taken no holidays and really feel it's time to start delegating the mundane stuff (picking, packing etc) to someone else as I need more time to plan & grow my business,

Id like to hear from someone who started their own homebased business and grew it into a real business and how they suggest others do the same,
With warehouse rental costs + employee costs how did you guys manager to make that changeover?

Would really welcome advise,

 

[deniser]

Well done. If I were making £10K net profit a month I wouldn't still be in my day job though.

 

[TheMD]

Well done. If I were making £10K net profit a month I wouldn't still be in my day job though.

I'll second that

 

[peebles]

Hi,

What I would suggest you do is find some prices. You need to know how much the warehouse will costy (including business rates electricity, and EVERY single cost - put EVERY in capital letters as some are misled into thinking 'oh the rent is x so that's fine' they miss out insurance and all sorts of necessary costs)

You then need to work out costs of labour - again, including insurance, national insurance, would you have to pay someone to maintain the payroll for you? (You can usually get someone to do this for even an hour a week/month, if you can't do it yourself).

Right, now go back over the last 6 months and work out your turnover, cost of sales, and 'pretend' that in the last 6 months you had your warehouse and member of staff by including these costs into the equation. Now you can see whether it is financially viable. Don't lump all of the figures into a full 6 month period, break them down by month. For example you may have been slow in January, but you would have still had to fork out for the overheads. It's not a problem if you made lots of money over Christmas but of course this prepares you for the real thing when you should retain some of your profit for that period.

You can gain a really clear picture from all of this analysis and decide the right thing to do.

If you need me to do it for you then just PM me and I'll be happy to.

Kind regards, Peebles

 

[deniser]

Hi,

Right, now go back over the last 6 months and work out your turnover, cost of sales, and 'pretend' that in the last 6 months you had your warehouse and member of staff by including these costs into the equation. Now you can see whether it is financially viable.

Now that is really good advice.