EPISODE

241

How to Succeed as a Business Owner Instead of as a Job Owner

WITH Evan Van Auken

Overview

Owning a business is a never-ending process. Everything can change in a moment. To stay in it, you have to be constantly growing and adapting.

Key Takeaways

By changing the status of your business from an LLC to an S Corp you’ll immediately start saving 15% of your distributions.

Your goal as a business owner is to make yourself replaceable. When your business can run without you, then you have achieved entrepreneurial freedom.

About Evan Van Auken

Evan is an entrepreneur, inventor, and educator. He helps people start businesses the proper way. For eight years Evan worked both as a firefighter and a CEO for his businesses. Now he runs them full time and teaches others the things he’s learned along the way.

Learn to Keep More of the Money You Earn

When Evan first got into business he quickly realized that he had a lot to learn. He learned that entrepreneurship is a practice. You have to keep working on it to get better. Many aspects of owning and running a business can only be truly learned by doing them.

One of these is getting the best tax rate possible. Evan breaks down some complex tax notions to help us understand how to keep more of the money that we make. He goes through the advantages of being an S Corp versus an LLC and how you can start keeping more of your earnings in your pocket.

Becoming Replaceable in Your Business

Evan also lays out some truths about what it means to be a business owner and not your own employee. You need to have the systems and people in place that make you redundant. When you are replaceable, you’ll have the freedom that you built your business to achieve. 

By making the transition from merely owning your job to owning your business, the business will be able to run with or without you. That’s the goal. That’s what many of us are striving for.

Have you saved on taxes by changing the status of your business? How can you become replaceable in your business? Leave a comment below!

 

In this Episode

  • Addressing the knowledge gap that comes with starting a business [5:20]
  • Building the confidence to strike out on your own path [9:30]
  • Setting up your business to take advantage of the best tax breaks [13:45]
  • Why you should outsource your editing overseas [21:50]
  • Building passive income through partnerships [27:04]
  • What it means to own your job [34:40]

Quotes

8:23“Business and entrepreneurship really is a practice. You start and you keep practicing it and you keep getting better and there are some things you can only learn by doing them.”
15:54“It’s really about how much money you keep, not how much money you make. How much money are you keeping? How much money are you not paying in taxes? It's about how much money you’re keeping in your pocket.”
34:43“You need to learn how to replace yourself. It’s the only way to freedom. It’s the only way to have a business and not a job.”
42:55“If you haven't changed it, you’ve fully accepted it. So make some changes if you don’t like where you’re at.”

Links

Host

Ryan Koral

Ryan Koral is an entrepreneur, producer and business strategist from Tell Studios, a video production agency with a big heart for authentic stories that build brands and inspire action. He’s a husband (mostly happily for like 16+ years), has 3 kiddos, and has an annoying – but infectious – laugh.

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