How to Pay Yourself in Your Small Business
Most small business owners just pay themselves out of the money that is leftover through the month or even worse, they just pull money out as they go. You need to stop and realize that you are making money 1st as a “doer/employee” role then as the owner.
You do this by taking a “fair” wage and include it in your gross margin so you can prepare for the future. Then and only if there is money at the end of the day after expenses, retained earnings and taxes, do you take an owner’s draw.
Let’s take a closer look at how you do this and when. Employee Role First then Owners Draw is Best for Gross Margin Tracking
The Local Small Business Coach Podcast is for Local Small Business Owners who are tired of living job to job and want to get to $100,000 in personal income. Each episode we discuss how to increase your profits, boost your sales, improve your processes and develop stronger teams.
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