Hi mate its great to see how you are calculating your costs and so helpful seeing how others do things. I do my calculations slightly different. I have my fixed costs (Insurance, cx, accounts, mobile phone, cost of vehicle and depreciation etc which for me equates to around £150 per week over 48 working weeks per year. I then have what I call variable costs (cost of sales) which fluctuate with miles driven (fuel, maintenance, servicing, adblue, bulbs etc). For me I work on £23 per 100 miles for these costs, although this might well increase this week 😦 I notice you mention that your CX was 1500. Mine was only about 850 as a single driver. Maybe I am not getting the full benefits. Ill have to look into it. Thanks again for your help and advice. Dave
Hi Dave, I like the variable cost of sales model, probably more accurate, my CX was called starter pro and came with the live radar map, which I do find useful. I think it was £1250 plus vat. Cheers Neil
I like the explanation and something that too many CX youtubers hate to explain as saying they make £200/day sounds soo much better. Just wondering how you can find a cheaper insurance? £2000 already sounds cheap and that price is usually decided by outside companies and computer algorithms. The rest, like wages are bang on. The only 2 areas i think you've forgotten are tax and rainy day funds, as theres no sick pay, you should also save upto 6 months worth of lifestyle costs, though this is optional (and at your own risk). And with repairs and maintenance, yes you can go cheap, but again its a big risk to just have £1000 for that as regular servicing and MOT will eat most of that and tyres going or turbo going or a belt going is not fun when you haven't budgeted for it.
Yea I agree as I am going along the real world throws curve balls. I have found that if I keep my wages as low as possible the business cash surplus is building, (rainy day fund as you say) Rome was not built in a day.
Nice one mate. As for tax, as mentioned by Allenway below. I think after all costs etc you would be around the tax threshold, could be wrong on that. And there is not much accounting to be done, that can be done yourself. Postage that's one you can't get away from although more and ore companies are going paperless. That will save on nay postage, Yep you still have to add stationery but that's not a lot. Again well done, that gives any newbie a very good idea as to costs
Don’t forget tax Account fees Postage Stationary etc Mobile phone It all adds up Go on comparison sites for insurance you can save a fortune I’ve always found keep you outgoings as low as you can then if things are quite or you have to take time of you are not as hard hit Thank you for the video
Hi Jim, the cx need to update there website, as a single owner driver they have it as 99.99 a month payed annually, thanks for the info Neil, very informative
A great example of how if you want to earn £80 per day it's much easier to just get a just above minimum wage job. And you'll get paid at the end of each week without investing thousands. Why wasn't this a no brainer for us? 😂
