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How Much to Pay Yourself as a Business Owner
Manage episode 432755625 series 3551022
Innhold levert av Laura Smith. Alt podcastinnhold, inkludert episoder, grafikk og podcastbeskrivelser, lastes opp og leveres direkte av Laura Smith eller deres podcastplattformpartner. Hvis du tror at noen bruker det opphavsrettsbeskyttede verket ditt uten din tillatelse, kan du følge prosessen skissert her https://no.player.fm/legal.
Laura dives into a listener's question about how to pay yourself as a business owner, as well as increasing that amount as the business grows. She discusses why she reinvested 100% of her profits in the early years to then eventually paying herself a salary and taking owner's draws. She also shares her own experiences and gives advice on separating business and personal finances, maintaining a conservative approach to reinvestment, and the gradual increase of her salary over the years. Tune in for an unfiltered, behind-the-scenes look at the financial decisions she’s made throughout her entrepreneurial journey! Plus, Laura touches on the book 'Profit First' and why she doesn't follow its advice to a tee.
Key Topics:
- (02:00) Initial startup cost; reinvesting 100% of profits
- (04:40) The first business investments made
- (08:20) Transitioning to an S Corp and making salary decisions
- (13:35) Laura’s decision to pay off her home mortgage
- (16:10) Laura’s salary as a CEO; putting financial strategies in place
- (18:10) Following the Profit First model for financial management
- (26:40) The importance of paying yourself for your hard work
Listen to Episode 08: Top 5 Financial Mistakes Entrepreneurs Make
Listen to Episode 09: Business Finances 101: Money Topics Every Entrepreneur Should Understand
Connect with Laura:
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