What’s your labour rate?

[Newbeeneil]

I spent yesterday sorting my 23-24 tax return and thought I would try to work out what my labour rate was based on my income versus expenditure and a guesstimate of the hours I work on my hobby.
Obviously my rate is not strictly based on honey sales as I also manage bees for clients but I was pleasantly surprised to find I could pay myself £12.50/h for my hobby

 

[Garry R]

About minimum wage then.

 

[Penninetrader]

I spent yesterday sorting my 23-24 tax return and thought I would try to work out what my labour rate was based on my income versus expenditure and a guesstimate of the hours I work on my hobby.
Obviously my rate is not strictly based on honey sales as I also manage bees for clients but I was pleasantly surprised to find I could pay myself £12.50/h for my hobby

That is amazing, probably not typical

 

[Newbeeneil]

That is amazing, probably not typical

As I said, I have the advantage of being paid to look after hives for clients. I should think my rate would be close to £3-4 if I just put my honey receipts in

 

[Newbeeneil]

About minimum wage then.

I certainly would work for that but being retired it’s a lovely way to get a bit of pin money

 

[BeeKeyPlayer]

Getting a decent hourly rate is not just about covering your expenses but also being efficient and getting a lot done in an hour. I've kept tabs on income and expenditure and am only now in the black. I haven't kept a note of time spent. Having a lot of colonies forces you to get more out of time put in, but even so, I'm pleased that my retirement activity pays for itself. I doubt it will ever pay for me.

 

[Jules59]

My wife likes my beekeeping ; its the only hobby Ive had that has ever turned a profit - all be it a small one.

 

[Swampie]

I basically work for tea.

 

[madasafish]

I spent yesterday sorting my 23-24 tax return and thought I would try to work out what my labour rate was based on my income versus expenditure and a guesstimate of the hours I work on my hobby.
Obviously my rate is not strictly based on honey sales as I also manage bees for clients but I was pleasantly surprised to find I could pay myself £12.50/h for my hobby

£0.01 per hour...slave labour rates.

 

[Amari]

My wife likes my beekeeping ; its the only hobby Ive had that has ever turned a profit - all be it a small one.

My wife too is keen that I continue beekeeping: if I say that I'm popping up to the apiary for 10 minutes then it's usually at least an hour of peace she can enjoy.........

 

[Erichalfbee]

10 minutes

Yes
Reminded me of when I was working. There’s no such thing as a quick xray… even though I said it countless times.

 

[Amari]

Yes
Reminded me of when I was working. There’s no such thing as a quick xray… even though I said it countless times.

Yes, a word with many meanings eg. 'Just time for a quicky.......'

 

[Erichalfbee]

Yes, a word with many meanings eg. 'Just time for a quicky.......'

Less than ten minutes, then

 

[Moobee]

My wife likes my beekeeping ; its the only hobby Ive had that has ever turned a profit - all be it a small one.

In my first year of beekeeping, I worled out I would have to sell my honey for £48.50 a jar to break even!!

 

[The Poot]

Yes
Reminded me of when I was working. There’s no such thing as a quick xray… even though I said it countless times.

Well I suppose you could argue the X-ray itself was very quick….

 

[Hedgerow Honey]

It seems that I work to pay the staff !!!!!!!!.

 

[Jules59]

In my first year of beekeeping, I worled out I would have to sell my honey for £48.50 a jar to break even!!

yeah - its taken 6 years to recoup my costs and thats without paying any wages

 

[mbc]

It seems that I work to pay the staff !!!!!!!!.

This, I think most beefarmers are asset rich and cash poor, if I payed myself the value of my work in comparison to what I pay the staff then it would be totally unsustainable. Add to that the fact that the bulk of the valuable assets (the bees themselves) can drop dramatically to virtually worthless if the bees die off, then its a high risk game with uncertain financial rewards.
We probably all do it as a labour of love to a certain extent.

 

[pargyle]

This, I think most beefarmers are asset rich and cash poor, if I payed myself the value of my work in comparison to what I pay the staff then it would be totally unsustainable. Add to that the fact that the bulk of the valuable assets (the bees themselves) can drop dramatically to virtually worthless if the bees die off, then its a high risk game with uncertain financial rewards.
We probably all do it as a labour of love to a certain extent.

Having owned and run a small business (35 staff £3.5m turnover) I think this is the reality of a lot of small businesses. The owner takes all the risk, is probably the last one to get paid when times are tough and the one who carries the can if anything goes wrong ... these are the businesses the HMRC and banks find are easy prey - owe them £50k and you have a problem - owe them £50m and they have the problem. I lived through three recessions in business, survived two and lost in the last one, the 2008 banking crash. The one thing any small business owner needs is a crystal ball and the ability to use it to predict the future !