Self-employed – how much can you earn 16 Jul 2020

Self-employed people will never make a fortune because their income is limited by the number of hours they can work.

Based on a 40-hour week, there are, say 2000 hours in a year, allowing for holidays.

Not all of this can be used for work. There is inevitable administration, including quoting for work you won’t always get.

If you could earn 30 hours a week at, say, $70 an hour, you would get a gross income of $105,000. After running a vehicle and other administrative costs, you might finish with an income of $75,000 before tax. For many self-employed that would be a good result.

You can make a bigger income, of course, by employing people. If you do, the key to your success is going to be your ability to manage them. Otherwise, they will not stay long and sometimes they will make you poorer.

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