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As a service business owner, it’s great to hear this perspective here. Service businesses might not be “the next google” but you can absolutely make 7 figures a

As a service business owner, it’s great to hear this perspective here. Service businesses might not be “the next google” but you can absolutely make 7 figures a year pretty handily if you know what you’re doing. who cares that it doesn’t scale infinitely, and you get to keep all the money unlike VC funded startup!

bitcoinmoney 8y ago
7 figure profit or revenue?
- max76 8y ago
  7 figure personal income for the owners of a services company is not unheard of. The owner might elect to keep money in the business account instead of transferring it to a personal one for tax reasons. If you are fully in control of the business there isn't much difference. For example you can buy a house with company money and lease it to yourself for $100/month. This would not register as profit for you or the business.
  - atwebb 8y ago
    That all sounds widely inaccurate from my experience. It's just pass-through income, it was even addressed in the recent tax overhaul. Additionally, a requirement for rentals (or check at least) is whether it's being rented at the current market rate.
- PopeDotNinja 8y ago
  Depends on your margins & efficiency. I was charging $100/hr & paying $20-$30 (which wasn't a secret to anyone, clients or employees). But it was hard to save because I needed automation I didn't have, and paying for it was not tenable for internal reasons. Eventually I sold my stake for a modest amount and became a software engineer. I decided I wanted to have the option to automate.