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It's easier to give a simple size example to show a potential view on difference, well at least one of mine.
If you're a stable, established, full time, 1 person, 1 van operation, not growing, the business earnings cover all expenses including replacing the equipment and van and your salary etc, then you are making a living. Indeed, some will make a better living than others.
If your trying to aggressively grow a business, then it (a) needs to earn everyone involved a living, including yourself, plus (b) it needs investment to grow. That investment comes from either cash savings/initial investment (does not last forever), or extra earnings, profit. The profit is either sufficient to fund the growth directly, or can be used to fund loans. In the long term, profit feeds a business and enables it to grow.
If you are a sole trader or partnership there is no there is no difference between profit and making a living. The difference is barely scraping by and making a living.
If you are a ltd company then yes you earn a living and the business makes a profit.
So i think i have said the same as Green Girl Garden Care and Dan has the same outlook as me on it.
Hmm, I think Andy is spot on. It depends what you choose to do with the profit, take it to make a living, or something else. It also depends on whether you need to make more than a living in order to meet your aspirations
Some struggle with moving into self-employment, forgetting they've crossed over a 'fence'.
They've become business owners and now have all the responsibilities, expectations and the need to deliver that they used to fight against or never appreciate when they were employees.
In past discussions, it's been interesting to see some even view 'profit' as a dirty word.
Whether self employed as ST or Ltd Co. and/or employing people, you are now a business person (that means foremost a "sales" person - along with all the other hats ).
Your goal has to be to make sufficient money to support your 'lifestyle'.
If that means you look to make enough to just cover that lifestyle, then you are 'making a living'.
If you continually strive to generate work and maximise profits to either live an enhanced lifestyle and/or invest into growing a business then I would say you are "making a profit'