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#1 03-08-04 10:07:07

Briano
Guest

Money, money, money...

Hi all

I have been reading posts on this forum for the past couple of days and found it extremely useful!
I really want to become a driving instructor, I love driving and think I'm really good generally with communicating with people.

However, I do have 3 questions on the usual topic of money. I am 28 and currently in a full time job earning about £15000 pa, I want to earn more and develop a career but get sick of sitting at a desk all day every day and dealing with the usual office politics!

1) I don't have much capital, would this stop me becoming an ADI? I figure I can do something like take out a 6 months 0% credit card to pay for the training/exam fees and pay it of slowly?   roll

2) This also means I can't really drop less than £15k pa due to existing commitments (house etc), would you say this makes becoming an ADI quite risky from my position?  :?

3) I would be very happy earning £15k-£25k pa over the next 5-10 years doing this, however is it likely I would be able to use the experience gained in this time to follow some sort of career earning £30k+ pa afterwards?  wink

Having read other threads on this forum I think the main factor making me unsure of this career is the possible drop below £15k pa between finishing my current job and becoming succesful as an ADI.
(Just as an afterthought, all the amounts mentioned above would have to be take home pay after franchise/tax/car etc etc)

Thanks in advance!!  big_smile

Briano

03-08-04 10:07:07

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Re: Money, money, money...




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#2 06-08-04 00:25:57

Approved Instructor
Verified Member
From: Blackburn, Preston, Lancashire
Registered: 16-03-04
Posts: 884
Website

Re: Money, money, money...

Hi Briano

1) I don't have much capital, would this stop me becoming an ADI? I figure I can do something like take out a 6 months 0% credit card to pay for the training/exam fees and pay it of slowly?

It doesn't have to stop you, You would be best with a loan maybe ?
Or you could 'Pay As You Go'
Not forgetting you would need some money to pay your bills and other things like a car/insurance/duals/etc whilst your building up your driving school, And this could take some time.

2) This also means I can't really drop less than £15k pa due to existing commitments (house etc), would you say this makes becoming an ADI quite risky from my position?

Yes would be a quick and honest answer


3) I would be very happy earning £15k-£25k pa over the next 5-10 years doing this, however is it likely I would be able to use the experience gained in this time to follow some sort of career earning £30k+ pa afterwards?

You could do it but there is a lot of factors to take in account, And it wont be easy.

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#3 06-08-04 07:08:44

Ozzie
Guest

Re: Money, money, money...

Sorry, I disagree with Approved Instructor.

You currently earn, £15k, pay tax on that, and take home probably £12,500. Then you buy and pay for a car, fuel, phone bills, household bills etc. They alone probably take care of £100 a week, so you are now down to £7,000 left for food holidays, clothes and life in general.

As an ADI you would probably charge around £20 per hour, if you worked 30 hours a week, you would turnover £600, around £30000 a year. Then you pay for your car, lease purchase, franchise or whatever. Add your fuel £50-60 per week, phone bills, a percentage of your household bills, and my bet is that although you are left with £15k to pay tax on, a load of bills are paid before you get to that, so now you have £12500 to spend on food, holidays etc.

So don't be too set on earning over £15,000, look at the bottom line, not the top one.

Regarding future earnings, I have 5 instructors working for me and all 4 full time instructors earn well over £30k, but again bear in mind that its not all profit. If you are looking for £30k profit you will need to turnover around £50k, and thats going some, but possible.

Ozzie


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#4 06-08-04 08:27:36

Hilary Hughes
Verified Member
From: Stockport, Manchester
Registered: 25-06-04
Posts: 1,232
Website

Re: Money, money, money...

I think Briano is a little optimistic here too.

Don't forget, though, we do come off better against income tax. Being self employed allows you to claim a lot more than you would otherwise.

I would recommend going on a business course. Our local Training & Enterprise organisation did them years ago for free. The beauty was that you could go in your own time and not give up the day job until you'd analysed your great little idea a bit more.

I couldn't have set up properly without it.

The AA are currently doing a recruitment drive around the country. I went to one of their talks this week and although I'm better off staying on my own, I thought it would be pretty good for someone setting up now due to some of the good start up offers.

You could phone around and speak to different franchisors. Get as much info as you can and then make a decision you can stick and live with.

Always remember, the most important thing about this job is that you must want to be there. The money's important but when things get a bit rough ( and you're on your own ) it's only the dedication to the job that keeps you going.

Hilary.


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#5 06-08-04 08:33:54

Briano
Guest

Re: Money, money, money...

Hi again

Just wanna say 1st thanks very much to all of you above who have replied to this query. I know they're not easy questions to answer!

You've all given me a lot to think about, my next step will be 2 have a couple of interviews I think and see how I go from there really.

Thanks very much again

Briano

#6 12-08-04 14:48:37

Beef
Guest

Re: Money, money, money...

I'm in exactly the same position, taking home £1000/pm AFTER tax. Fed up with my desk job, love driving - and my current job has given me the patience of a saint, and I have trained others in the past.  I'd want to start out working for someone else with some sort of guaranteed income for the first year or so.

What I'd like to know, is if I did an average week of say 30 lessons, what would be my revenue, and estimated profit after fuel, expenses etc (i.e. take home pay)?

I'd run a diesel training car.

#7 12-08-04 15:21:37

alys
Member
From: Preston
Registered: 02-08-04
Posts: 100
Website

Re: Money, money, money...

Hi Beef,

I am similar to you - I take home £1600 pcm and I am the only earner in the house.  However, I have decided to go for this as long as I will have enough left to cover the bills as my quality of life at the moment is naff - I have chosen driving instruction as an alternative as it will give me job satisfaction as well as sufficient money for myself and my family to live on - provided I work hard!

Everyone has their own priorities.

The other thing I did was to work out what I had left after paying tax, NI, pension payments and a car - about £350/week.  So I would need to be able to end up with the same after paying all that out of the fees.  However, that is merely my target - I doubt I will be there in week 1, month 1, quarter 1 or maybe even year 1!!!!!

Good luck and let us know what you decide.

Alys


Alys smile
_______________________________________
Driving Instructor in Preston, Lancashire

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