Proof to Product 157 | How Do I Pay Myself As A Business Owner with Katie Hunt
Hey friends! Are you making sure to pay yourself for your work? There’s often a big misconception that only new business owners struggle with how to pay themselves for their time, effort and expertise. However, it’s no secret that both new and experienced entrepreneurs run into this problem from time to time.
I wanted to make things a little easier for you so in this episode I shared two simple strategies for how to pay yourself based on where you’re at in your business. You’ll hear why you need to pay yourself, how to choose a format of payment that works for you and why you should get on a payment schedule. I also explored why you should keep it simple (and automate where possible), the importance of revisiting your numbers as things change and of course, why you should seek advice from a CPA or financial planner.
ON TODAY’S EPISODE:
- The misconception that only new business owners struggle with paying themselves
- How I paid myself at the beginning of my business
- My recommendations for paying yourself as an experienced business owner
- How you can look at data and analytics as a point of reference in when making decisions about how much to pay yourself
- What to look at when deciding how to use your profits
For full show notes and resources, head to: bit.ly/PTPEp157
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ABOUT PROOF TO PRODUCT:
Proof to Product is hosted by Katie Hunt. Since 2011, Proof to Product has worked with thousands of product based businesses to help them up level, scale, and build profitable sustainable companies. You can find our show notes and additional resources at ProofToProduct.com. If you like what you heard today, please head over to Apple Podcast to leave a five star review and subscribe. Thanks so much for listening. We'll be back next week with a new episode!