How could it be that you’re getting the sloppy seconds after you’ve paid your coach, social media manager, and backend software cost?
You’re the key person in your business if you’re making under $500,000 a year.
You’re doing 90% of the work and you should be paid for your work just as you would and are paying those that support you in your business.
How much to pay yourself can be found in two steps:
- Search your industry and see what they’re paying
- Inside your profit and loss statement, which I shared during the challenge, you’ll learn what your business can afford to pay you without breaking the bank, and where to start at a minimum.
To pay yourself first, it’s going to take you changing your mindset around your money flow from
- Sales – Expenses = Profits -TO- Sales – Profits = Expenses
What’s your numbers? Do you know? Your numbers will tell you the financial fitness of your business, how much your business can afford to pay you and so much more. Those numbers come from your financial statements. They tell the story of your business.
Which leads to your accounting system. You need to get into an accounting system as soon as possible. As you can see everything in your business can be read from your accounting system
- How profitable your products and services
- It’s the hub of the financial fitness of your business
Want to start paying yourself and banking more profits? Here’s where to start and commit:
- Doing your bookkeeping monthly – get into an accounting system
- Run financial statements – analyze them for key information
- Change your thinking to Sales – Profits = Expenses
- Always know your numbers – income, expenses, tax, owners pay
- Start paying yourself today
Finding the missing piece to the life you crave and the business you desire is easy. It’s inside your accounting system.