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How to pay your self and save for your creative business
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On this episode I wanted to speak on the different steps that we all should all take when it comes to managing and, making profits within our creative business. For many, the chance to set your own salary sounds like a dream come true. But small business owners know the reality is a little more complicated.
You should only pay yourself out of your profits – not your revenue. When you see money coming into your business, don’t assume you can pay yourself a big slice of that. Before you take your cut, you also need to take account of things like taxes, payroll, fixed costs and overheads.
- TAKE THE GUESSWORK OUT OF YOUR SALARY
You should only pay yourself out of your profits – not your revenue.
- DON'T UNDERVALUE YOURSELF
*If you're just starting a business you might not turn a profit during your first year. Of course, this doesn’t mean you shouldn’t pay yourself.
- INVEST MONEY FOR GROWTH
Money you take out of the company (that doesn’t relate to your business) is money that can't be used for investment and business growth.
- WHEN NOT TO PAY YOURSELF
If your business is going through a tough time financially, it’s usually not a good idea to take any money out of your business for personal use.
- PAY YOURSELF WHAT YOU DESERVE
"Ultimately the amount you pay yourself will depend on the success of your business".
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