Aussie entrepreneur announces shock decision to step back from fashion empire
Brittney Saunders has revealed that she is hitting pause on her fashion brand Fayt, telling fans she doesn't want the business to 'outgrow' her.
The fashion founder, 32, who is now a multimillionaire after starting her size-inclusive fashion label, shared the shock news on her Nova podcast Big Business on Monday.
She assured fans that the brand wasn't going anywhere and would still be open for business as usual, but she wasn't making any big moves for the future.
'In the last three years, we've opened four more stores, right? And that's a lot, especially for a company like Fayte where I'm the one funding it,' she said.
'I don't have a board of directors and a panel of investors or anything.'
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The 'solo-owned' business was an exciting adventure for the content creator, however she was 'mindful of the fact that I never want Fayte to outgrow me.'
Brittney opened up about her fears regarding the company and its future in the fashion landscape.
'I don't want Fayte to grow so big that I end up hating the company or my job,' she said, noting that the more a business grows, the more stress it adds to your life.
'For my own personal sake and my own mental health, it's been great to kind of slow things down,' she shared.
Brittney founded her online business in 2017 after noticing a glaring gap in the fashion sphere when it came to size-inclusive clothing.
However, after starting the label in her early 20s, there were a few things Brittney was oblivious about when diving into the business game, particularly when it came to her taxes.
Speaking on her podcast last year, she said there was a period where she hadn't paid her taxes in over two years, resulting in a staggering $100,000 tax bill.
'I didn't know how it worked, I was so used to working my Monday to Friday full-time job and getting my pay slip every week and seeing the tax being taken out. And then all of a sudden, I'm working for myself at 21 years old, I didn't know how tax worked,' she admitted.
However, after starting the label in her early 20s, there were a few things Brittney was oblivious about when diving into the business game, particularly when it came to her taxes
The YouTube vlogger added she didn't have a 'supportive family network' who knew about self employment.
'No one ever taught me about money, or how to save or tax or anything like that,' she said.
'So, for around two years, when I was an influencer and earning all this money, I just simply didn't pay tax. Because when you own your own business, or you're working for yourself.
'I didn't know how I was meant to pay tax, like, how do you do that? What do you genuinely do? Because when you're getting paid as a self employed person and you've got payments coming in, the money just goes into your account and that's it!
'Then you have to work out how you're going to pay tax on that. You don't pay tax every week the way that employees do. You have to collect [the money] all together, and then have an accountant, process that for you for the end of financial year.'
Brittney said she finally enlisted an accountant after growing concern for her finances and received a phone call from the Australian Taxation Office (ATO) for the outstanding payments, and was told she owed a whopping $100,000.
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