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I Don't Need More Business for a Website

by George Flm
3 replies
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The problem is that I don't want to grow my business more because the taxation is stiff (you move up to another tax bracket) + I would have to hire out more staff + eats up hours when I could do something better (like extended vacations).I've been online for 25 years chiseling my reality and I only "work" to sharpen the mind (and senses).

This goes to show how *experience* pays back in spades. I've been here long enough to remind you that the more money people out there make, the more you make as well (isn't always the case). My experience is like an Odyssey in the realms of a digital matrix that spawns income for the initiated.

For me TIME is more valuable than money AT THIS POINT.
#business #review #success #website
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  • Profile picture of the author Jason Kanigan
    A lot of small business owners are in this position. It's the reason a talented and hard working 20-something friend who has built not one but two seven-figure businesses got out of the agency game: he grew to a point where it was painful to grow any larger. In ecommerce for the past several years now.

    Now I ask...

    What if you could build more value, earn more money, and not get taxed so much on it?

    Here's what I would do:

    Clone the business. Get another owner and advise them. Now they pay the taxes not you, and it stays at the low rate. If you want to grow more, you get another owner and clone again. You get a cut as a consultant, and you put that into a trust. Maybe the trust is the actual consultant and you work for the trust. The trust doesn't get taxed as you do. The wealth is built automatically and stays there for use later.

    At the point you've reached... and it took us awhile before we started searching around because we didn't know what we didn't know and therefore didn't know what to call it... a tax strategist attorney could be an incredibly valuable next step.

    The attorney provides the strategy, and the accountant implements the strategy. We found accountants to be useless in the strategy sphere, asking, "So, what do you want to do?" instead of providing ideas. $1000 - $5000 well spent on advisory calls with the attorney.

    A key takeaway--and I understand George you may not be interested in this, but I'm writing for anyone who is--was that this problem has been solved before.

    Every problem has been solved before. Other people are in the situation you're in. Your case is not a special and unique snowflake. What have they done to grow beyond it? You need to find the expert who knows the answer if you want to move beyond this point.
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    • Profile picture of the author tnob
      A key takeaway--and I understand George you may not be interested in this, but I'm writing for anyone who is--was that this problem has been solved before.
      I am interested to see how the new Administration in the U.S. will change the tax laws. From what I am gathering, it will not be very beneficial to small business owners, really any business owners.

      I agree that a lot of problems have been solved before, but some problems evolve that have new nuances to solve. ie 40% taxes on an online business in the U.S.

      I'm starting to look at moving/creating some entities offshore. There are of course advantages and disadvantages to this that I'm trying to wrap my head around.
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  • Profile picture of the author Valentyna K
    Yes, it's quite a problem, which I'm thinking of too. Because I have just started my business and think outside the box to imagine what I will do when my business grows to the highest category. I'm from another country though but this is even worse LOL. Because we have mind-blowing tax laws, especially when working outside the country.
    May I ask what area your business works in? It may help to come up with an idea.
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