I don’t really know who else to tell this to, but I just passed the $100,000 mark in my business with a month left to go for the year.
This is crazy to me and I hope this is encouragement to someone out there, If anything at all.
I’m 6 months post graduation and I never wanted to get a job…so I stuck to my guns and continued my business instead.
It’s 95% profit. My profit margins are very good with this business
You gotta pay the person who does the music (you), don’t you?
I imagine it’s the same thing (they pay themselves the 95%), given it’s likely a non-incorporated business with a single owner.
Your question makes more sense where there are multiple owners or whede profits are pushed back into growing the business and the owner works for free, but even then it’s really only an issue if you’re seeking a valuation based on the profit. This is why you hear this question asked so often on Shark Tank.
But it doesn’t really matter how you slice it, profit is profit. If OP can live cheap and reinvest profits, good for them
Pretty neat! Sorry for starting a bit of a heated discussion, I didn’t expect that feedback.
Congrats, specially in the music area, that’s quite a feat. Anything you want to share that works well or is a surprising insight?