Starting a business for the job I already work at??

[toastface_grillah]

The run down...

I help manage a smoke shop, and (3) 7-elevens. You can consider the owner as "silent" so I'm doing a lot of work (love it) I have an almost 9 year relationship with the owner.
I make roughly $75,000 before taxes as a single woman w no dependants.
I live in WA STATE, I am taxed to death. (hate it)
I aspire to provide for myself and achieve great things, including owning my own businesses and investing in real estate, and I think a great first step to increasing my financial value would be to lower my taxes.

My question is..

Can I open up a business as a sort of.... Business.... assistant?
I have a credible ability to improve retail businesses in a very short amount of time. I'm incredibly adaptive, and love to help businesses, but my way.

Would it help me?

I can write off milage between all stores, open a business credit card to keep track of any product or materials needed for the job (he pays for some of those for me)

And actually create a sort of structure even, I love working in retail and C stores, organzing, cleaning, analyzing margins and creating more profits!!! I could work by contract, give me a month and when you see x % of growth then I get paid x etc etc I haven't gone too far into that because I'm not sure if it's even beneficial.

Let me know your thoughts!!!

 

[nothinges]

@toastface_grillah No one has given you the magic answer which makes me BIG SAD. Yes, this is what you do. You go to your local temp agency and start looking for a job (this is a fallback to give you hella leverage during future negotiations, stay with me). Once you've established repore with the employment or temp agency so that you KNOW you could get another job in the next 2 - 3 weeks, you approach your boss. You tell him this EXACTLY, "as an entrepreneur I know that you work hard to navigate the tax system appropriately so that you maximize the businesses profitability and minimize your losses. With that said, I, according to various professionals I have consulted with, am acting as a business management consultant in a capacity that does not align with W9 employment. So, I have created my own consulting agency to help businesses such as yours do exactly what I have been doing for you and I already have 2 other clients. If you want to keep me on to consult on the on-going management of this company then I will need for HR to shift my status to a W2 and I want to be paid as a consultant going forward. If you don't want that, that's okay, I already have 2 clients lined up and there will be no hard feelings. I'll need an answer by XX/XX/XXXX as that will be the day I put in my 2 weeks notice or HR shifts me to W9.". THEN, you go to WyomingAgents.com as your registered agent and then you set yourself up an LLC in the state of Wyoming. The state of Wyoming is Anonymous, meaning that no one will ever be able to know who owns your business if they look you up. THEN, you're going to start charging this man up front every month the entire value of your salary + a 10% increase. You are going to take 20% of that payment every month OUT OF YOUR ACCOUNT IMMEDIATELY and put it into another account that will be used to pay your taxes. WHEN YOU REACH $60,000 IN REVENUE you are going to go to my favorite company (www.collective.com) and you are going to pay them to help you transition to an S-Corp status to help alleviate your taxes. (Most likely YEar 1 will be a heavy tax check you have to write to the IRS, but if you follow my instructions then Yr2 will be nothing short of magical). Throughout this time you are going to take advantage of ALL the things you can as a business owner (including business lines of credit...etc). BUT you are also going to sink money into a LEAD GENERATION SERVICE. My preferred company is https://kennected.io/ (I've vetted and used them and vouch for them). You're going to pick a niche of business owner like (gas station franchise owner who wants to be hands off in XYZ city (closest to you). Then you're going to find the nearest temp employment agency to that zip code. You're going to call them and say that you are looking for 2 -3 individuals who can do general retail management. You're going to set aside some money from client #1 (former boss) and you're going to pay these people a stipend for their training time. Then, Once you get a check from a 2nd franchise (1st real client) you're going to have them hire employee #1 (that you don't have to pay for) but they pay you to oversee. Copy paste, rinse and repeat. The key to success here depends on if you can get current boss to see your value enough that when he sees you'll walk away he'll see dollar signs walk out of the door. And then the lead gen service is CRUCIAL to getting you new clients. Don't skimp on that I promise you the overhead will be worth it!!

 

[24601]

@toastface_grillah OP, you’re earning less than $19k per store!

I live in WA too. My hubs is self employed…we own/mortgage our home and it’s his business mailing address…

Heat, lights, the new well, home improvements, lawn care…all lower our income for taxes. He takes the govt allowance for gas mileage.

And yes…WA is a shitty state to be self employed in.

You want to invest in real estate? Go to your county’s website and look up home liens/home bankruptcy….buy one or two…a DBA under your business…pay off what they owe and become a landlord…

 

[zkybyrd]

@toastface_grillah I’d recommend going the independent consultant route. Sounds like you’re mostly interested in some of the benefits self-employment can offer, but not sure if you’re really interested in starting a business. Entrepreneurship is a long road which requires way more skills than just the ones that are required to sell a service.
Set up your LLC, become an independent business consultant, sell your consulting for a premium. As a business owner I prefer working with consultants as we also save on taxes and get high performing talent. If it goes well and you want to expand down the line then you can consider expanding and bringing on more people to help. For now I think this route will provide you a lot of what you’re looking for!