On Your Terms® 58. Paying Yourself 101 [Everything Business Owners Need to Know]
Congratulations: Your Business, LLC has just made a sale! Time to go shopping—right? Hold up! That money actually belongs to your business, not to you. So how do you get paid? And how do you do it in a legally legit way? That’s what we’re going to talk about today. I’m going to share how I paid myself in the beginning, the step-by-step process I recommend for setting yourself a financial cushion, and how to get to a place where you can pay yourself consistently.
In this episode, you’ll hear…
- 02:58 - How I started my business and handled money early on
- 07:40 - How I paid myself when I started
- 10:05 - Making an owner’s draw (actually paying yourself)
- 15:13 - Paying yourself is not a business expense
- 18:21 - Being responsible with money
- 19:24 - Putting yourself on payroll
If you’d like a shoutout (and a chance to win a $20 gift card), just leave a review on Apple Podcasts and send a screenshot of it to me on Instagram via DMs!
Click here to find the full show notes and transcript for this episode.
RESOURCES:
- Megan Naasz
- Little Fish Accounting
- Visit ADP for payroll support (affiliate link)
- Episode 53. The Millionaire Myth in Online Business
- Episode 7. The First 3 Steps to Legally Protect Your Business (Where to Start!)
- YouTube Video: This Will Save You Money on Your Taxes
- Click here to watch the free workshop so you can get legally protected right now!
LEARN:
- Read Sam's Blog for the latest legal tips, podcast episodes & behind the scenes of building her seven-figure business.
- Listen to our customer stories to see how getting legally legit has helped 1,000s of entrepreneurs grow their own businesses.
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FAV TOOLS:
- Kajabi // use Kajabi to sell your course, program, or even build your entire website. Get a 30-day free trial with my link.
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DISCLAIMER: Although Sam is an attorney she doesn’t practice law and can’t give you legal advice. All episodes of On Your Terms® are educational and informational only. The information discussed here isn’t legal advice and isn’t intended to be. The info you hear here isn’t a substitute for seeking legal advice from your own attorney.
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Mentioned in this episode:
Legal Workshop
Do you feel lost thinking about how to legally protect your online business? Head to mylegalworkshop.com to sign-up for immediate access to my free 1-hour legal workshop, 5 Steps to Legally Protect & Grow your Online Business.