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Challenge: 1 Million Euro Profit by the End of 2022. How to find the demand with this potential?

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abandance

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Mar 25, 2019
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Hello,

I have to provide value to others, I have to cover the demand, money is just the indicator of how valuable my product or service is. I understand this.

Meanwhile, after many years of work, I've managed to create a online business with almost 1 million Euro in sales. But the turnover is not a profit. The actual profit is very disappointing to me; my employee has earned more than me this year! I Anyway, this introduction is intended to display some business experience.

My new challenge is to make at least 1'000'000 € net profit by the end of 2022. Not turnover but net profit.

My current online business has to grow at least 10 times its current size to achieve this goal. I believe, everything is possible but some things are easier to imagine and create a plan than others. In my current business, I am working on a plan for growing 2 times in a year but not 10 times!

If I earn 1'000'000 € as a freelancer, my tax will be 43,29%. Actually, I have to earn 2'300'000 € to keep 1'017'921 € to my disposal after paying
44,26% taxes. That being said, I am totally open for legal tax optimization like creating a holding structure or buying assets like companies or real estate.

My question to the community is how would you go about creating a plan and finding a niche for creating this wealth that fast?
 
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Jobless

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What is the reason you are seeking a new niche?
 

abandance

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As I wrote in my previous message:
But the turnover is not a profit. The actual profit is very disappointing to me; my employee has earned more than me this year!

I will continue growing my product business, no question about it. But I would like to add freelance services, which are much more profitable and easy to plan, especially if you do it yourself. I'd like to share my knowledge anyway. From my past experience as a freelance consultant I always learnt something more when helping others. My freelance activity will help finance the growth of my business and serve as an additional stream of income.
 

Sayd OG

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I dont know your business or any stats but in business one of the most important data to look at are your margins. Look for ways to improve your margins, that could multiply your earnings.
 
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Guest103804

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Since taking over more of admin side of our business as my admin is off with long term illness I have discovered a multitude of money wasting that was being overlooked as it's not their money look closely it won’t double your money but will help it grow faster
 

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