The Entrepreneur / Business Owner's / Self Employed Lounge - Printable Version
+- Roosh V Forum (https://rooshvforum.network)
+-- Forum: Main (https://rooshvforum.network/forum-1.html)
+--- Forum: Life (https://rooshvforum.network/forum-5.html)
+--- Thread: The Entrepreneur / Business Owner's / Self Employed Lounge (/thread-54749.html)
+- Roosh V Forum (https://rooshvforum.network)
+-- Forum: Main (https://rooshvforum.network/forum-1.html)
+--- Forum: Life (https://rooshvforum.network/forum-5.html)
+--- Thread: The Entrepreneur / Business Owner's / Self Employed Lounge (/thread-54749.html)
The Entrepreneur / Business Owner's / Self Employed Lounge - the1element - 05-16-2017
Quote: (05-15-2017 08:29 PM)Suits Wrote:
Quote: (05-15-2017 08:13 PM)the1element Wrote:
Quote: (05-15-2017 08:12 PM)Suits Wrote:
^^Do you watch Sharktank?
A few times. Why?
Watch it more.
Lessons to be learned:If you can't think of a product, then do the next best thing...build an audience.
- Most ideas suck or are poorly executed.
- The cool factor of an idea might make people excited, but the only thing that real matters are sales.
- Most ideas come to people when they see a problem and decide to solve it.
- There are very few people who just "decided to invent something" and simply do so. Most ideas are happened upon unintentionally.
Start a blog about golfing. Grow readership by providing quality content on a consistent basis (something new every one to three days).
Build that audience and even if you don't have product ideas, you can sell other people's product ideas because you now have something even better....a marketing channel.
That's actually the hardest part of business. Not the creating (which is hard), but rather the marketing. No point in having a million dollar idea if no one knows about it.
If you have 3000 visitors a day, people will be throwing money at you to review their newest golf club innovation.
This guy fucks.
Good advice man...
I would never have thought about how building an audience is next best thing to having a product.
I'm going to keep my eyes and ears open each day and see if anything comes to me.
Also, started watching Sharktank (about four episodes last night) good show shit. You learn a lot just from watching the way the Sharks analyze the products and valuations.
Anyways, I'm going golfing now (got a tournament coming up in the next few weeks).
Edit: I think my big issue is I want to be an entrepreneur I don't have any interest in running freelance and becoming an employee. I don't want to be an employee to clients. I want to build something that's mine, I don't want to become another employee.
The Entrepreneur / Business Owner's / Self Employed Lounge - Corollary - 05-16-2017
Quote: (05-16-2017 09:13 AM)the1element Wrote:
Edit: I think my big issue is I want to be an entrepreneur I don't have any interest in running freelance and becoming an employee. I don't want to be an employee to clients. I want to build something that's mine, I don't want to become another employee.
In the beginning of some businesses, it may help to take on clients for a couple of reasons: to make money faster and to learn what people want so you can eventually build products.
When you're the business owner and have clients, you get to decide the nature of the relationship. If you end up in a situation where you feel like an employee in your own business, that's completely on you.
The Entrepreneur / Business Owner's / Self Employed Lounge - Suits - 05-16-2017
Quote: (05-16-2017 09:13 AM)the1element Wrote:
I would never have thought about how building an audience is next best thing to having a product.
Why you rather own the grocery store or be the entrepreneur begging the store manager to put their unproven product on a shelf?
Of course, this example is imperfect, as owning the grocery store has it's challenges, including razor thin margins on most products and massive staff/property rent costs.
However, it's a more powerful position to be in that the little guy just trying to get his products on shelves somewhere.
The best person to be is the guy who manufactures a product with a well-known brand and a strong following. Then you can get your product stocked at stores no problem. You can sell online. Consumers will go out of their way to come to you.
But since none of us are there yet, having a blog with a high visitor rate is a better option than trying to invent something useful (assuming that you haven't actually had a million dollar idea was low development costs/time requirements).
Even if you event the coolest of gadgets, the challenges aren't over. Before you can sell, you need to manufacture. This may take money you don't have. Sure, you can crowdfund, but this requires getting your idea out there and you might not have the marketing power to do that. Which is why, even in that place, having the blog with 3000+ visitors each day is still preferable. It means that you can take a cut of other people's million dollar ideas without ever having to have one yourself.
Additionally, making a profit on a manufactured good requires selling huge volume, so no matter how cool it is, it'll need a ton of people to not only think that it is cool, but also buy it. And once they buy it, odds are they never buy it again (unless your smart enough to introduce a product as a subscription service).
The benefit of being a venue (a blog or a grocery store) is that once you build it, you just need to maintain it to keep people coming back for more.
The online equivalent of a grocery store is not a ecommerce webpage. It's a blog. People visit a grocery store because it has something they want....products they need only a 10 minute drive from there house.
An online store doesn't have this, as the market is flooded with online stores. It'll need a strong brand to differentiate itself from the million other ecommerce stores and get a significant number of customers, unlike a grocery store, where it just has to exist.
A blog is similar. It may be a brand, but it's value rests in it's value. Unlike that $50 t-shirts that cost $1 to make in a 3rd world country and only sell for a 500% markup because of the stupid brand on it, people will come to a blog because it offers something they want.
The Entrepreneur / Business Owner's / Self Employed Lounge - the1element - 05-18-2017
Quote: (05-16-2017 09:57 PM)Suits Wrote:
Quote: (05-16-2017 09:13 AM)the1element Wrote:
I would never have thought about how building an audience is next best thing to having a product.
Why you rather own the grocery store or be the entrepreneur begging the store manager to put their unproven product on a shelf?
Of course, this example is imperfect, as owning the grocery store has it's challenges, including razor thin margins on most products and massive staff/property rent costs.
However, it's a more powerful position to be in that the little guy just trying to get his products on shelves somewhere.
The best person to be is the guy who manufactures a product with a well-known brand and a strong following. Then you can get your product stocked at stores no problem. You can sell online. Consumers will go out of their way to come to you.
But since none of us are there yet, having a blog with a high visitor rate is a better option than trying to invent something useful (assuming that you haven't actually had a million dollar idea was low development costs/time requirements).
Even if you event the coolest of gadgets, the challenges aren't over. Before you can sell, you need to manufacture. This may take money you don't have. Sure, you can crowdfund, but this requires getting your idea out there and you might not have the marketing power to do that. Which is why, even in that place, having the blog with 3000+ visitors each day is still preferable. It means that you can take a cut of other people's million dollar ideas without ever having to have one yourself.
Additionally, making a profit on a manufactured good requires selling huge volume, so no matter how cool it is, it'll need a ton of people to not only think that it is cool, but also buy it. And once they buy it, odds are they never buy it again (unless your smart enough to introduce a product as a subscription service).
The benefit of being a venue (a blog or a grocery store) is that once you build it, you just need to maintain it to keep people coming back for more.
The online equivalent of a grocery store is not a ecommerce webpage. It's a blog. People visit a grocery store because it has something they want....products they need only a 10 minute drive from there house.
An online store doesn't have this, as the market is flooded with online stores. It'll need a strong brand to differentiate itself from the million other ecommerce stores and get a significant number of customers, unlike a grocery store, where it just has to exist.
A blog is similar. It may be a brand, but it's value rests in it's value. Unlike that $50 t-shirts that cost $1 to make in a 3rd world country and only sell for a 500% markup because of the stupid brand on it, people will come to a blog because it offers something they want.
This guy fucks...
I've taken your advice and ran with it.
I'm starting a blog dedicated to my own true passion which is golf. It's going to be a golfing blog.
I've gone to Squarespace and grabbed a template, buying a domain tomorrow and I even wrote a post for the blog already (I still need to finalize it though).
It feels weird finally moving forward after much debating like a dumbass.
I also like it because I can go local, interview people in the industry and post the interviews on my site.
Now I need to figure out what niche I want to focus on and what my audience will be.
It feels really good to move forward and to be putting action to my ideas on one hand but on the other I feel scared and almost fearful. I guess that's a good thing.
What do you think?
The Entrepreneur / Business Owner's / Self Employed Lounge - Suits - 05-18-2017
Quote: (05-18-2017 11:36 PM)the1element Wrote:
Quote: (05-16-2017 09:57 PM)Suits Wrote:
Quote: (05-16-2017 09:13 AM)the1element Wrote:
I would never have thought about how building an audience is next best thing to having a product.
Why you rather own the grocery store or be the entrepreneur begging the store manager to put their unproven product on a shelf?
Of course, this example is imperfect, as owning the grocery store has it's challenges, including razor thin margins on most products and massive staff/property rent costs.
However, it's a more powerful position to be in that the little guy just trying to get his products on shelves somewhere.
The best person to be is the guy who manufactures a product with a well-known brand and a strong following. Then you can get your product stocked at stores no problem. You can sell online. Consumers will go out of their way to come to you.
But since none of us are there yet, having a blog with a high visitor rate is a better option than trying to invent something useful (assuming that you haven't actually had a million dollar idea was low development costs/time requirements).
Even if you event the coolest of gadgets, the challenges aren't over. Before you can sell, you need to manufacture. This may take money you don't have. Sure, you can crowdfund, but this requires getting your idea out there and you might not have the marketing power to do that. Which is why, even in that place, having the blog with 3000+ visitors each day is still preferable. It means that you can take a cut of other people's million dollar ideas without ever having to have one yourself.
Additionally, making a profit on a manufactured good requires selling huge volume, so no matter how cool it is, it'll need a ton of people to not only think that it is cool, but also buy it. And once they buy it, odds are they never buy it again (unless your smart enough to introduce a product as a subscription service).
The benefit of being a venue (a blog or a grocery store) is that once you build it, you just need to maintain it to keep people coming back for more.
The online equivalent of a grocery store is not a ecommerce webpage. It's a blog. People visit a grocery store because it has something they want....products they need only a 10 minute drive from there house.
An online store doesn't have this, as the market is flooded with online stores. It'll need a strong brand to differentiate itself from the million other ecommerce stores and get a significant number of customers, unlike a grocery store, where it just has to exist.
A blog is similar. It may be a brand, but it's value rests in it's value. Unlike that $50 t-shirts that cost $1 to make in a 3rd world country and only sell for a 500% markup because of the stupid brand on it, people will come to a blog because it offers something they want.
This guy fucks...
Quote: (05-18-2017 11:36 PM)the1element Wrote:
It feels really good to move forward and to be putting action to my ideas on one hand but on the other I feel scared and almost fearful. I guess that's a good thing.
What do you think?
There was some discussion about fear a little earlier on this thread. It's only natural. The problem with creating your own thing is that, unless you've done it before successfully, it's very hard to connect the dots between where you are now and where you want to be in the future.
Sure, you have a plan, but it's hard to convince even yourself that success is assured or even likely.
All you have is belief.
So, there is going to be fear, perhaps that you're wasting your time and energy on something that will never succeed.
Keep this phrase in mind.
"If you create value in an in demand area, you are going to have customers."
The key is "create value." That means you'll be offering something that doesn't exist anywhere else.
Your job now is to determine if there is demand for a golf related blog. The easiest way to do that is to write the blog for six months, engage in some basic marketing and see what type of readership you garner.
The Entrepreneur / Business Owner's / Self Employed Lounge - H1N1 - 05-19-2017
Good advice from Suits.
The other thing to keep in mind is that it often helps to fail a couple of times. That's to say, you can't necessarily learn all that you need to know to make something a success first time round - sometimes the lessons come too thick and fast, and you simply can't absorb them rapidly enough to stay afloat. Or you do things in the wrong order and find yourself in trouble that you couldn't have avoided without picking up the experience first.
If you're really trying to build something, one of the biggest problems you'll have is when to raise money. Until you've got experience, or unless you have a mentor who's done the same thing previously, you'll almost certainly get your timing wrong. Too early and you'll give away too much equity, too late and you'll be running on fumes, looking down a long, slow and thankless path of pitching to investors who will make you jump through every hoop imaginable without the resources and remaining energy to see it through.
The point is that it makes very little sense to be worried about falling flat or failing. This really is the high risk, high reward business, and you're probably going to learn through failure. Best to get on with it, try to fail inexpensively and to do so on the back of a sound process of making sensible decisions based on the best information you have. Overtime, this will lead you to a better chance of success.
The Entrepreneur / Business Owner's / Self Employed Lounge - worldwidetraveler - 05-19-2017
A good article on ClickFunnels SAAS product.
https://www.forbes.com/sites/robertadams...453ed1bed3
Some takeaways...
Russell was a marketer first and foremost. He had built up a list before this product but also built up relationships with others in the biz that had a big list.
That helped him get to 10k customers in the first year. He still grew this product quite a bit year after year. All because he is a marketer.
His Dot Com Secrets book was designed to teach people about sales funnels which then led to his SAAS product. I think the concept of funnels is techy for many people. He eased them using the book. Sending traffic to his sales page without any type of prior education would probably end with lower conversions.
The Entrepreneur / Business Owner's / Self Employed Lounge - Irenicus - 05-21-2017
I have managed to fix the aforementioned issue.
The seller accepted the item back (well...he had to, due to INAD - item not as described), and I got refunded in full (+ return shipping). I gave him a choice. He can:
(1)Fix that damage at his expense, and resell the suit back to me - easier and cheaper for him;
or
(2)Refund my import duties in full (75 GBP).
He chose the first option (99% of people would). I left him a positive, despite everything - primarily because I did a similar mistake back in the day.
TLDR: If you get wronged on Ebay - don't be hesitant to open a complaint, and don't be a dick, unless the situation warrants it.
The Entrepreneur / Business Owner's / Self Employed Lounge - SamuelBRoberts - 05-22-2017
Am I the only person who submits a big invoice, and then instead of thinking about all the fun things I could do with the cash, I start thinking about all the taxes I'm gonna have to pay on it?
That's not just me, right?
Right?
The Entrepreneur / Business Owner's / Self Employed Lounge - CleanSlate - 05-22-2017
Quote: (05-22-2017 02:50 AM)SamuelBRoberts Wrote:
Am I the only person who submits a big invoice, and then instead of thinking about all the fun things I could do with the cash, I start thinking about all the taxes I'm gonna have to pay on it?
That's not just me, right?
Right?
Do you have a third party software that automatically uses a portion of your earnings to pay your taxes? It takes away all the guesswork and whatever you earn minus the tax is yours to do whatever you want.
The Entrepreneur / Business Owner's / Self Employed Lounge - Suits - 05-22-2017
Quote: (05-22-2017 02:50 AM)SamuelBRoberts Wrote:
Am I the only person who submits a big invoice, and then instead of thinking about all the fun things I could do with the cash, I start thinking about all the taxes I'm gonna have to pay on it?
That's not just me, right?
Right?
Canada grants students a tax break of $1 on every dollar they spend on post-secondary tuition, so after competing a degree at an expensive private university in the USA, I walked away with tax free freedom. It's probably going to run out in a year, so I'm looking at legal options to minimize/eliminate my tax burden.
The exact criteria isn't advertised, but if you submit a forum, you could be determined to be a non-resident of Canada and therefore not responsible to pay on any income.
Since I don't pay taxes in China (I would if I could, but they make it just about impossible legally to open a business and declare income as a freelancing individual), I would be paying taxes anywhere then.
I've looked at the Canadian declaration form and it examines ties to Canada. I no longer qualify to vote or for health care (could regain either if I was to return to Canada at any point, but at present, I don't and can't receive either right/benefit).
I maintain a Canadian drivers licenses, as it would be stupid to give it up, and I have a few bank accounts, which I use to make payments on my student debt, but the bank accounts could be eliminated if it made it easier to qualify as a non-resident.
Other than that, aside from occasional and brief visits to see family, I don't have any further ties to Canada. I'm going to look at eliminating my Canadian bank accounts and then submit that form. The tax savings would be massive.
Although it would be easy for someone like me, who is in a cash business that is virtually untraceable, to cheat on his taxes, I have no interest in doing so.
The Entrepreneur / Business Owner's / Self Employed Lounge - kirdiesel - 05-22-2017
I have maxed out my Paypal account for the month and I asked for an increase days ago which was denied with ZERO Reasons as to why even though I have ZERO incidents on my account.
I am about to do a massive inventory refill this weekend and I got customers waiting on me. Paypal has got to be the most difficult companies to deal with ever.
9 days to go until the end of the month too.
Fuck my life.
The Entrepreneur / Business Owner's / Self Employed Lounge - Elster - 05-22-2017
This reminds me, Has Roosh gotten around his paypal stump?
Kirdiesel ,have you tried revolut?
The Entrepreneur / Business Owner's / Self Employed Lounge - Il Bersagliere - 05-22-2017
Quote: (05-22-2017 12:18 PM)kirdiesel Wrote:
I have maxed out my Paypal account for the month and I asked for an increase days ago which was denied with ZERO Reasons as to why even though I have ZERO incidents on my account.
I am about to do a massive inventory refill this weekend and I got customers waiting on me. Paypal has got to be the most difficult companies to deal with ever.
9 days to go until the end of the month too.
Fuck my life.
You can lift the limit off your Paypal business account with an SSN requirement. Are you using a German or US PayPal?
Quote: (05-22-2017 12:30 PM)El_Gostro Wrote:
This reminds me, Has Roosh gotten around his paypal stump?
Kirdiesel ,have you tried revolut?
Revolut is kickass, but you can't invoice properly with it. It also doesn't integrate well with anything.
The Entrepreneur / Business Owner's / Self Employed Lounge - kirdiesel - 05-22-2017
Quote: (05-22-2017 12:30 PM)El_Gostro Wrote:
This reminds me, Has Roosh gotten around his paypal stump?
Kirdiesel ,have you tried revolut?
I can't switch from Paypal because I do business on eBay and I think customers will freak if they see I dont accept Paypal.
The Entrepreneur / Business Owner's / Self Employed Lounge - Irenicus - 05-22-2017
Quote: (05-22-2017 12:18 PM)kirdiesel Wrote:
I have maxed out my Paypal account for the month and I asked for an increase days ago which was denied with ZERO Reasons as to why even though I have ZERO incidents on my account.
I am about to do a massive inventory refill this weekend and I got customers waiting on me. Paypal has got to be the most difficult companies to deal with ever.
9 days to go until the end of the month too.
Fuck my life.
When I had problems with PayPal a few months ago (due to credit card), I shipped the items to my customers without them paying first.
Thank God, all buyers had a clean record, and were more than happy to pay once I fixed the problem. Hopefully it'll the same with your case.
Yes, it is/was risky and stupid, but I had no other choice.
BTW, does you money go to pending, or straight to available balance on Paypal after you establish some trust? I see a lot of conflicting information on the Net... .
The Entrepreneur / Business Owner's / Self Employed Lounge - PapayaTapper - 05-22-2017
Quote: (05-22-2017 02:50 AM)SamuelBRoberts Wrote:
Am I the only person who submits a big invoice, and then instead of thinking about all the fun things I could do with the cash, I start thinking about all the taxes I'm gonna have to pay on it?
That's not just me, right?
Right?
Are you operating as a sole proprietor or corporate entity? Depending on what industry youre in and where its domiciled that can make a big difference
You have a really good CPA? : This is one of those areas where it's easy to lose sight of the cost vs value analysis.
The Entrepreneur / Business Owner's / Self Employed Lounge - Il Bersagliere - 05-22-2017
Quote: (05-22-2017 02:02 PM)Irenicus Wrote:
Quote: (05-22-2017 12:18 PM)kirdiesel Wrote:BTW, does you money go to pending, or straight to available balance on Paypal after you establish some trust? I see a lot of conflicting information on the Net... .
I have maxed out my Paypal account for the month and I asked for an increase days ago which was denied with ZERO Reasons as to why even though I have ZERO incidents on my account.
I am about to do a massive inventory refill this weekend and I got customers waiting on me. Paypal has got to be the most difficult companies to deal with ever.
9 days to go until the end of the month too.
Fuck my life.
One important distinction is that if you receive money as a gift payment (friends or family), then the money goes straight to your balance. If you get a payment for goods and services, then the money will be held.
Standard is 21-day hold, but paypal uses their discretion a bit, so you can easily call and grease their wheels and either they'll reduce it to a 7-day hold OR just simply release it.
As a side note, it is not wise to be doing large amounts in your first few transactions and if possible, make sure everything is verified from the jump.
The Entrepreneur / Business Owner's / Self Employed Lounge - Kona - 05-22-2017
Quote: (05-22-2017 02:50 AM)SamuelBRoberts Wrote:
Am I the only person who submits a big invoice, and then instead of thinking about all the fun things I could do with the cash, I start thinking about all the taxes I'm gonna have to pay on it?
That's not just me, right?
Right?
Its not just you. I start yelling and whining about potholes and traffic before I even sell a job.
Aloha!
The Entrepreneur / Business Owner's / Self Employed Lounge - kirdiesel - 05-22-2017
Quote: (05-22-2017 02:25 PM)Il Bersagliere Wrote:
Quote: (05-22-2017 02:02 PM)Irenicus Wrote:
Quote: (05-22-2017 12:18 PM)kirdiesel Wrote:BTW, does you money go to pending, or straight to available balance on Paypal after you establish some trust? I see a lot of conflicting information on the Net... .
I have maxed out my Paypal account for the month and I asked for an increase days ago which was denied with ZERO Reasons as to why even though I have ZERO incidents on my account.
I am about to do a massive inventory refill this weekend and I got customers waiting on me. Paypal has got to be the most difficult companies to deal with ever.
9 days to go until the end of the month too.
Fuck my life.
One important distinction is that if you receive money as a gift payment (friends or family), then the money goes straight to your balance. If you get a payment for goods and services, then the money will be held.
Standard is 21-day hold, but paypal uses their discretion a bit, so you can easily call and grease their wheels and either they'll reduce it to a 7-day hold OR just simply release it.
As a side note, it is not wise to be doing large amounts in your first few transactions and if possible, make sure everything is verified from the jump.
Yeah you gotta stay on top of them and speak to a supervisor cause the peons on the hotline seem to barely know how to work the computer system. I call them out on things in 30 seconds. They aren't well trained at all.
Worse off if you get a Shaniqua on the phone too.
The Entrepreneur / Business Owner's / Self Employed Lounge - SamuelBRoberts - 05-22-2017
Quote: (05-22-2017 02:18 PM)PapayaTapper Wrote:
Quote: (05-22-2017 02:50 AM)SamuelBRoberts Wrote:
Am I the only person who submits a big invoice, and then instead of thinking about all the fun things I could do with the cash, I start thinking about all the taxes I'm gonna have to pay on it?
That's not just me, right?
Right?
Are you operating as a sole proprietor or corporate entity? Depending on what industry youre in and where its domiciled that can make a big difference
You have a really good CPA? : This is one of those areas where it's easy to lose sight of the cost vs value analysis.
Sole proprietor. My issue tax-wise (Though this isn't really a problem, per-say) is that my expenses are always extremely low, so I don't have any good way to deduct anything. So I end up paying out the ass every year.
The Entrepreneur / Business Owner's / Self Employed Lounge - Ski pro - 05-23-2017
Morning gents
Great thread, I've been noting all the pearls of wisdom contained within.
I'm currently in the process of starting business number 6. My family have always run their own business and growing up in that kind of environment makes it easier for one to take risks.
The latest one that I am very exited about is starting my own ski school. I see a niche in the market and plan to exploit that and our own good reputation.
I note the comments on previous pages about how working with a partner is bad. I have always worked with partners for various reasons and have only good experiences so far.
For the school, I am going in with the same business partner as my other business here but i need my partner to be certified with certain qualifications that he doesn't have yet in order for him to become useful to the school.
I am going to have a written agreement somehow that unless he gets these quals within 2 years he is out.
Often he doesn't seem as motivated as me about having our own school but he isn't as intense about it as me and often that laid back approach pays off.
Thoughts on this?
The Entrepreneur / Business Owner's / Self Employed Lounge - edlefou - 05-23-2017
Quote: (05-22-2017 04:42 AM)Suits Wrote:I did something like that, but in Europe and I finally used up my tuition tax credits last year (I finished the program over 10 years ago).
Canada grants students a tax break of $1 on every dollar they spend on post-secondary tuition, so after competing a degree at an expensive private university in the USA, I walked away with tax free freedom. It's probably going to run out in a year, so I'm looking at legal options to minimize/eliminate my tax burden.
Quote: (05-22-2017 04:42 AM)Suits Wrote:I went through the same thing and paid my taxes to the foreign country for my foreign income and paid my taxes to Canada on my Canadian income, even though I was a deemed resident of the foreign country. The slightly shitty thing that happened to me (probably doesn't apply to you) is that when you become a deemed resident of another country your RESP and RRSP repayments are due immediately (instead of over 10 years), so I had to take a tax hit and also lost the contribution room. Also, your tax residency is separate from, and has nothing to do with, your citizenship, immigration status, etc.
The exact criteria isn't advertised, but if you submit a forum, you could be determined to be a non-resident of Canada and therefore not responsible to pay on any income.
Since I don't pay taxes in China (I would if I could, but they make it just about impossible legally to open a business and declare income as a freelancing individual), I would be paying taxes anywhere then.
I've looked at the Canadian declaration form and it examines ties to Canada. I no longer qualify to vote or for health care (could regain either if I was to return to Canada at any point, but at present, I don't and can't receive either right/benefit).
I maintain a Canadian drivers licenses, as it would be stupid to give it up, and I have a few bank accounts, which I use to make payments on my student debt, but the bank accounts could be eliminated if it made it easier to qualify as a non-resident.
Other than that, aside from occasional and brief visits to see family, I don't have any further ties to Canada. I'm going to look at eliminating my Canadian bank accounts and then submit that form. The tax savings would be massive.
Although it would be easy for someone like me, who is in a cash business that is virtually untraceable, to cheat on his taxes, I have no interest in doing so.
I don't know your exact situation, but it sounds like you don't have a place to live in Canada, so therefore you'd be a deemed resident of China because that's where you live (even though you're also a resident of Canada). Therefore, you'd pay China tax for Chinese income and Canada tax for Canadian income. You don't have to get rid of your Canadian license, bank accounts, etc. and you don't have to pay tax in Canada on your Chinese business income.
I'm not a tax expert, so get some advice on this, but when I read what you wrote about paying massive Canadian taxes, I wanted to point out you don't have to unless the income is Canadian.
Also, for your tuition credits: you can transfer them to your parents or grandparents and get them to pay you the extra cash they get from their tax refund (if you can't claim the credits yourself).
The Entrepreneur / Business Owner's / Self Employed Lounge - PapayaTapper - 05-23-2017
Quote: (05-22-2017 10:19 PM)SamuelBRoberts Wrote:
Quote: (05-22-2017 02:18 PM)PapayaTapper Wrote:
Quote: (05-22-2017 02:50 AM)SamuelBRoberts Wrote:
Am I the only person who submits a big invoice, and then instead of thinking about all the fun things I could do with the cash, I start thinking about all the taxes I'm gonna have to pay on it?
That's not just me, right?
Right?
Are you operating as a sole proprietor or corporate entity? Depending on what industry youre in and where its domiciled that can make a big difference
You have a really good CPA? : This is one of those areas where it's easy to lose sight of the cost vs value analysis.
Sole proprietor. My issue tax-wise (Though this isn't really a problem, per-say) is that my expenses are always extremely low, so I don't have any good way to deduct anything. So I end up paying out the ass every year.
Let's leave liability issues aside for the moment and strictly focus on tax issues
If youre a SP with no other employees yet then an S Corp might be the most beneficial structure ( As always consult your tax professional...PM me if you want a referral)
S Corps and Tax Concerns
The primary reason business owners form S corporations is because of the tax benefits. First, an S corporation is a pass-through entity—income and losses pass through the corporation to the owner’s personal tax return. The income taxes you’ll pay on your business income, and the business deductions you’ll be allowed to take, differ little from being a sole proprietor (though I personally believe it's easier to be more aggressive in those deductions)
Where S corporations shine is in the realm of Social Security and Medicare taxes. When you’re a sole proprietor, all the profit you earn from your business is subject to these taxes. However, this is not necessarily the case if your business is organized as an S corporation.
S corporation tax treatment can provide a way to take some money out of your corporation without paying Social Security and Medicare taxes. This is because you do not have to pay this tax on distributions (dividends) from your S corporation—that is, on earnings and profits that pass through the corporation to you as a shareholder. The larger your distribution, the less Social Security and Medicare tax you’ll pay. The S corporation is the only business form that makes it possible for its owners to save on Social Security and Medicare taxes. This is the main reason S corporations have been, and remain, popular with small business owners.
However, not all the money you get from your S corporation can be in the form of a corporate distribution. An S corporation shareholder who performs more than minor services for the corporation will be its employee for tax purposes, as well as a shareholder. A shareholder-employee must be compensated for his or her services with a reasonable salary (vague though) and any other employee compensation the corporation wants to provide. This salary will be subject to the same amount of Social Security and Medicare tax as the profit earned by a sole proprietor from his or her business.
Example: Mr Chesty McBuff, a consultant, forms an S corporation in which he is the sole shareholder and employee. In one year the corporations has profits of $70,000. It pays Chesty $35,000 as employee salary and $35,000 as a corporate distribution. The salary is subject to Social Security and Medicare taxes, but the distribution is not. As a result, he pays $5,355 less than he would have had Mr McBuff been a sole proprietor and the entire $70,000 subject to these taxes.
I think its worth at least a discussion with your CPA and some investigation on your part
The Entrepreneur / Business Owner's / Self Employed Lounge - Off The Reservation - 05-27-2017
Here is my goal reaching method, I made a new thread for it:
thread-62961...pid1579423