How to Pay Yourself

Did you know that some CEOs are not paying themselves a salary?

This is a common challenge that I see amongst women owners.

Some business owners are taught that they should not be paying themselves and that they should be reinvesting everything back in to the company.

The problem with that thinking is that it’s very difficult to sustain yourself if you’re doing that. 

Your business should be generating enough revenue to support the expenses of the business, that includes the ability to pay you a salary. It should be able to provide for you. 

If you’re in a phase of your business where you feel like you aren’t making enough money, then you should start paying yourself.

In this week’s episode, I share the different strategies on how you can start paying yourself. Remember: you don’t expect people to work for you for free, so don’t expect that you should be working for little or no money either. 

Learn …

🔑  How much you should be paying yourself and how often per month;

🔑  What is a profit first percentage and how you can use this strategy in allocating your revenue and have money left over for you to pay yourselfr;

🔑  The importance of considering your tax returns, owners draws, and profit distribution in paying yourself a salary, and more;

Episodes and Resources mentioned:

🔑  Ep 94 | What to do When You’re Being Tested

🔑  Ep 139 | How to Invest in Real Estate and Get Wealthy with Alexis Hart McDowell

🔑  Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz