Any TSRians thinking of starting a business sometime, instead of being an employee? Watch

Student2806
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#21
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#21
(Original post by wactm)
People overestimate how difficult being self employed is. I'm 18, I work for less than 5 hours a week and earn more than my parents combined.

Take the risk. **** 9-5. **** social norms. Be the best. Work Smart Not Hard.
What do you do, out of interest?
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Victor-PP
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(Original post by wactm)
People overestimate how difficult being self employed is. I'm 18, I work for less than 5 hours a week and earn more than my parents combined.

Take the risk. **** 9-5. **** social norms. Be the best. Work Smart Not Hard.
That's what I think, speaking from someone who doesn't run a business yet.

What is it that you do?
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Instincts_2012
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(Original post by Victor-PP)
Oh, that's great! What is your company about?
A range of things, but specifically on the educational sector.

- I can't go into detail about it right now, since I haven't gotten it officially patented yet, but it soon will be. I never knew the process would take so long

As I progress through the next couple of months I hope to gradually increase to about £150 - £200 per week as a realistic goal, and HOPEFULLY it'll rise significantly higher when I start uni.



Edit: I'm open to any partnership proposals out there - but you have to be in the Uk (strictly in the Uk). I'm already in a partnership but you can have several partnerships alongside one-another for maximum strengths

Edit2: Today's a quite good day so far guys! When I said it's £75 per week, that's just a rough average of it. But today I surprisingly earned £45 already! (Man I sound so nooby )
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skunky x
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My Dad bought out the company he worked for. He, aimilar to M_F_X 's Dad, had 1 O-Level and came from a Council Estate with no real future.

Although, he did it slightly different, he trained to be an accountant, was good at it and quickly shot up the ranks of his first employer, same with the second and third, before getting to his current, which he bought out with two partners. And it's been stress, stress, stress ever since!

I don't know the intricacies of the finance side [I'm not numerical at all!] but they hold big contracts with BT, Scottish and Southern Electricity and British Gas. And he's good at it, so, meh!

Again, I like the concept of having my own business, but I know I don't have a skill, or a talent I could sell, and like I said, I'm not business minded at all, so it would be an unmitigated disaster.
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Victor-PP
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(Original post by Instincts_2012)
A range of things, but specifically on the educational sector.

- I can't go into detail about it right now, since I haven't gotten it officially patented yet, but it soon will be. I never knew the process would take so long

As I progress through the next couple of months I hope to gradually increase to about £150 - £200 per week as a realistic goal, and HOPEFULLY it'll rise significantly higher when I start uni.



Edit: I'm open to any partnership proposals out there - but you have to be in the Uk (strictly in the Uk). I'm already in a partnership but you can have several partnerships alongside one-another for maximum strengths

Edit2: Today's a quite good day so far guys! When I said it's £75 per week, that's just a rough average of it. But today I surprisingly earned £45 already! (Man I sound so nooby )
Oh, I see.

Out of curiosity, who designed your website? And what taxes do you pay? I'm not familiar with the UK tax system for partnerships
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M_E_X
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(Original post by wactm)
People overestimate how difficult being self employed is. I'm 18, I work for less than 5 hours a week and earn more than my parents combined.

Take the risk. **** 9-5. **** social norms. Be the best. Work Smart Not Hard.
That sounds awesome - what do you do, and approximately how much did you make last year? (If you don't mind me asking).

"making more than your parents combined" is very impressive if they are both doctors, but not at all impressive if they are retired, so I apologise if I'm looking for more details


(Original post by skunky x)
My Dad bought out the company he worked for. He, aimilar to M_F_X 's Dad, had 1 O-Level and came from a Council Estate with no real future.

Although, he did it slightly different, he trained to be an accountant, was good at it and quickly shot up the ranks of his first employer, same with the second and third, before getting to his current, which he bought out with two partners. And it's been stress, stress, stress ever since!

I don't know the intricacies of the finance side [I'm not numerical at all!] but they hold big contracts with BT, Scottish and Southern Electricity and British Gas. And he's good at it, so, meh!

Again, I like the concept of having my own business, but I know I don't have a skill, or a talent I could sell, and like I said, I'm not business minded at all, so it would be an unmitigated disaster.
Hehe, I'm sure that's right (the bit in bold). A few people in this thread seem to think that running your own business is easier than being an employee, but I really don't think that's the case at all!
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Instincts_2012
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(Original post by Victor-PP)
Oh, I see.

Out of curiosity, who designed your website? And what taxes do you pay? I'm not familiar with the UK tax system for partnerships
Not able to discuss, sorry
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rei dos reis
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Pretty sure I will. Don't see myself past 30 doing a 9 to 5 job. My primary interest is in shipping and ship breaking. After graduating however I would like to work as a trader in an investment bank for three or so years...
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wactm
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(Original post by M_E_X)
That sounds awesome - what do you do, and approximately how much did you make last year? (If you don't mind me asking).

"making more than your parents combined" is very impressive if they are both doctors, but not at all impressive if they are retired, so I apologise if I'm looking for more details
3 people have quoted and asked already. stalk through my previous posts. I do porn affiliate sales with a bit of PPC advertising.

And last year, I nearly hit the 6 figure mark, this year its about half that but I'm just lazy. My mums a civil servant and my dads an MD of an IT company that supply servers to governments/universities and the US army.


edit: protip for tax, put everything in an older brothers name, I still get full grants/loans for uni
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Victor-PP
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(Original post by wactm)
3 people have quoted and asked already. stalk through my previous posts. I do porn affiliate sales with a bit of PPC advertising.

And last year, I nearly hit the 6 figure mark, this year its about half that but I'm just lazy. My mums a civil servant and my dads an MD of an IT company that supply servers to governments/universities and the US army.


edit: protip for tax, put everything in an older brothers name, I still get full grants/loans for uni

Are your parents aware of that?
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markrush
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Most doable. I work for the banking/government securities and have my own company. Tough but fun.
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viksta1000
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I started my business at 14....im 18 now and its still going strong!
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M_E_X
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(Original post by wactm)
3 people have quoted and asked already. stalk through my previous posts. I do porn affiliate sales with a bit of PPC advertising.

And last year, I nearly hit the 6 figure mark, this year its about half that but I'm just lazy. My mums a civil servant and my dads an MD of an IT company that supply servers to governments/universities and the US army.


edit: protip for tax, put everything in an older brothers name, I still get full grants/loans for uni
I found this post from you, from a week ago:
http://www.thestudentroom.co.uk/show...5&postcount=16


(Original post by wactm)
Ill discuss what used to be my main source of online income. I've now switched to building websites for local business (tons of money if you spin it right, £500 per month contraact for an hour or two of work, thanks very much, the hard bit is getting clients)

Porn, specifically my niche (keywords) is 'emo porn' and 'emo sluts'. I pull a few grand a month and dont do anything any more. Just a blog with tons of affiliate stuff and traffic exchanges. Ranked first page in the US for a **** ton of keywords. I normally get one or 2 sales a day (ranging from $20-40 comissions) and I also earn another $30-100 per day with CPM (cost per thousand) banner ads.

Last year when I put time and effort in I peaked at $10k in a month. Unfortunately due to college and laziness I just can not be arsed to keep doing blackhat SEO. Also I cant remember how to use scrapebox (stupid me).

Anyway, whoever said sex sells is completely wrong. The online porn industry might look huge but there is nowhere near as much money as there used to be. I wish I picked a better more sustainable niche but oh well.

If you start making money register as self employed. Also, everything you need to learn can be found via Google. Search for terms like 'make money with online affiliate programs' and join some forums. Most of the mainstream ones are ****e. I suggest you avoid DigitalPoint, no one there can speak english. Warrior Forum is ok if you can sift through all the crap of people trying to sell stuff to you there is gold in there. The best public one is Blackhat World imo. Lots of simple stuff to get you started and give you an understanding of how it all works.

A year or two down the line youll get talking to people and if your like me you will be invited to several very private forums, they have some real good stuff, right now I'm active in SSMC, DGB, DS and a few irc rooms.

Also protip, go whitehat for a more sustainable income. Blackhat doesnt last. Never buy an ebook about making money!!!!!!! Torrent it or download it from the blackhatworld forums.
There you claim that you have stopped doing this and instead build websites for local businesses (something I can believe and is feasible). What do you mean by the 6 figure mark? £100,000? Can you give us a few more details?

Do you really only work 5 hours per week and make approx £50,000 per year? That is an amazing 'hourly rate' if so.


I've been very open with my family/background and I'd appreciate the same from you, if possible

e: Looking through your posts a bit more, this one...
http://www.thestudentroom.co.uk/show...8&postcount=44

(Original post by wactm)
Im 17, run a few online businesses. Porn is dead nowadays unfortunately wah. Last years campaign stats





Used to do ~10k$ a month, which is like £6k. However got taxed in america before hand so a lot less.

Right now I'm on less than 1k a month. fml. Switching up to ppc + cb products and investigating lead generation/selling.
Says you earn less than 1k per month now. So that's a lot less than 'half the six figures' you said in this thread, right? Can you see why I'm a bit confused about all of this?
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zjs
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It's something I'd like to go after going into the business environment for a while as an employee.

The self-employed nature of the job doesn't bother me, given my current career considerations: becoming a barrister (final year law student) or freelance journalism. That said, I think I need time to read up on how best to start a business, raise the start-up costs or prepare an application for a loan from a bank etc.

Then there's the final issue: I don't have any solid idea of what the business idea would actually be yet!
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wactm
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(Original post by M_E_X)
I found this post from you, from a week ago:
http://www.thestudentroom.co.uk/show...5&postcount=16




There you claim that you have stopped doing this and instead build websites for local businesses (something I can believe and is feasible). What do you mean by the 6 figure mark? £100,000? Can you give us a few more details?

Do you really only work 5 hours per week and make approx £50,000 per year? That is an amazing 'hourly rate' if so.


I've been very open with my family/background and I'd appreciate the same from you, if possible

e: Looking through your posts a bit more, this one...
http://www.thestudentroom.co.uk/show...8&postcount=44



Says you earn less than 1k per month now. So that's a lot less than 'half the six figures' you said in this thread, right? Can you see why I'm a bit confused about all of this?
Last year I earnt loads. This year I'm not earning as much from any of my sites, however I'm still going to earn a decent amount because I'm selling all my sites in September so I have liquid for Uni, they all have an incredible track record when work is actually put in, so they will be worth a decent amount. The emo porn site alone is a potential 20+ if not more. And I would say I work less than 5 hours most week to be honest. The point of my online income is that once its all setup its pretty much passive. I work hard maybe 2 weeks a year.

Also I said at the moment I earn less than 1k. Thats only a 5k drop since my peak month and its already increased through lead generation sites to 2k, I fully expect to hit £30k this year. Also I really did earn nearly 6 figures (in dollars, the problem with pretty much every affiliate site is they are based in the US, so it was roughly £55k aka around $90ish, after tax its even less)

I'm never going to divulge specifics but as you can see, everything I've stated makes sense. My earnings can fluctuate thousands a month depending on a number of factors, quality of traffic, how kind google is treating me and most importantly how much work I put in. For example I had a spike 2 weeks ago, my porn blog got featured somwhere and I got a **** ton of traffic over the course of 48 hours and generated $500 in that time.

I'm lazy and the work I do is sloppy but it works.
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kat2pult
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It's been my ambition to start my own business for the past 5 years or so. At least by being my own boss I'd be highly employable :yy:
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Victor-PP
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(Original post by arabcnesbit)
Great thread.

I'm really looking forward to this summer, after I get the exams out the way, because I am going to start my own business.

Problem is I have loads of ideas and it's just a case of applying my efforts on one and concentrating on the execution.

On a slight tangent, if any of your businesses took off, would you consider dropping out, or is that completely out of the question?
I don't know, that's a good question. If the business took off, I guess you could hire someone to help you and still keep the business growing and increasing its brand image. Then once you graduate, you could devote all your time to it.

I'm also definitely going to look into starting a business this summer with exams out of the way. What kind of business sector(broadly speaking) are you willing to get into?
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M_E_X
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(Original post by wactm)
x
I still think your initial post was a little misleading, you said you work less than 5 hours a week and earn more than your parents combined.

But really you earn less than £1,000 per month, which I doubt is less than your parents combined.

And when you did earn more than them (£55k less tax - approximately than the average income for two people - if he is a big MD or something he could potentially earn more than average wage?) you worked a lot harder and a lot more than 5 hours per week, by your own admission.

Anyway - you've done amazing to earn so much money, well done. The only reason I wanted to 'call you out' on this was because in your initial post you made it seem like it's very easy to earn a lot of money as an entrepreneur, which I think we both know isn't true.


e: Just as another little anecdote, my dad (who built the UKs largest most profitable turf farm, 1000 acres) started out mowing the lawns of local people, grew that in to a little landscaping business, and went from there. Sitting around saying "oh maybe I'll do something..." or "oh I want to do something but I'm not sure what..." is totally the wrong attitude to have! It's 99% perspiration
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Rascacielos
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(Original post by IceWater)
There's something very attractive about entrepreneurship. You don't have to be an employee slave, no 9-5, you're your own boss. If you're really successful, then you're sorted, hell most of the world's richest men are businessmen. Of course there are also major risks, like it failing or wasting a lot of time.

I really want to start my own business one day. Maybe after university or after experience in the corporate world. My uncle owns a successful computer security business and a family friend is making hundreds of thousands in a mobile phone fixing business.

Any TSRians hoping to start a business one day? What are your plans and ambitions?
That's everyone's dream isn't it? If I become a barrister, I'll be self-employed anyway so that's more or less having my own business.
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Victor-PP
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(Original post by viksta1000)
I started my business at 14....im 18 now and its still going strong!
What business sector, if you don't mind me asking?
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