“Who is paying you?” is one of the first questions I ask when talking to a business owner.
Why do I ask this question?
Simple. Most business owners don’t pay themselves. They hope or know that they can get some money from their profit and because of that, are every month unsure of how much they have for their family.
I don’t know about you, but that does look like a very uncertain way to live.
Having a family, you have to feed your them. Pay for your house. Pay for their schools. You probably have a budget for that.
So how do you do that when the profit is low? How long can you run your business when you don’t have an income. How can you assure yourself to have enough money to pay the bills at home.
Or when you have a successful business and plenty of profit, how do you know how much you need for your business and how much you can take for yourself?
Therefore, I always advice to give yourself an monthly income and see that as a part of your costs.
You have to pay yourself. That way you know exactly what your budget will be for your business.
If you have employers, you pay them a fixed salary too, right?
Baudina
The Business Builder
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Like to know more…Follow the link to reach out and and have a chat.
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