Hi,
This my first post as a prospective driver! Over the past few weeks I have been researching joining the trade (I've had just about enough of my constrictive job and desire the flexibility that being self employed can have doing something I love)
I've been crunching numbers and just can't seem to work out if the following is realistic?
In order to achieve a liveable earning and pay for all associated costs my private hire cab will need to turnover £45000 per year?!? This would break down...
£45000 GROSS EARNINGS PER ANNUM
-£5200 TO BE ON THE FIRMS BOOKS
-£10400 DIESEL/MAINTAINANCE COSTS
-£7000 INSURANCE 
-£2040 CAR FINANCE
LEAVING ME AN ANNUAL EARNING OF AROUND £20500 (BEFORE TAX!)...
First of all, is £45000 achievable as a minicab driver working 60 hours per week in Milton Keynes? I've worked this down to taking £15 per hour in fares!
Secondly does anybody have any idea of a good (cheap) insurer who is going to insure a 21 yr old with a brand new badge, two claims but no convictions for less than £7000!
I've got a funny feeling that its not going to work out, can anyone offer any help or advice?
Matt |