Paying yourself is a habit you should form from the beginning of your business adventure.
No matter what, there will always be opportunity for you to reinvest money back into the business. It takes discipline to pay yourself.
Here are tips I give my clients:
Start Small
If you are new to paying yourself, don’t feel like you have to pay as much as you would make if you were an employee, or nothing at all. It isn’t 0 or 100. When I was starting out, I paid myself only $250/month. A MONTH. Then, as my business grew, my personal paycheck grew alongside it. With every client I got, I gave myself a raise.
Keep Your Bank Account Padded
In another blog post, I write about the importance of keeping a certain amount of money in the bank. You want to make sure you have plenty of money to cover expenses. Otherwise, you’ll be paying yourself and then transferring that money right back when the business needs it.
Be Consistent
Set yourself up on a schedule, whether it is monthly, weekly, or every-other week. Plan for your money to come out of the business’s funds just like you would plan for any other expense. Make it a priority, and be consistent with it.
Do you know how much you can afford to pay yourself? Are your books in order so you can clearly see how much you are making, and how much you are spending?
If not…