Are you paying yourself enough? Business owners should make at least THIS much…
Too many small business owners are undervaluing the work they put into their business and are underpaying themselves. The truth is that this hurts the business AND the owner. By underpaying the owner, the business model might not be properly factoring in the cost of managing the business! Don't be that owner! Pay yourself AT LEAST this amount (we talk about it in the video).
Some of you might be concerned that you aren't there yet. Don't worry! Start with a new shift in your mindset and set a goal to start paying yourself this new rate. Make a reasonable plan to do so! If you need help planning for your goals, we've got the Profit Planning workshop that goes over this: https://learn.claracfo.com/profit-planning-workshop-reach-your-goals-in-2022
Since all businesses are different, you may not know what makes sense to pay yourself! How much SHOULD you make as an entrepreneur? The upper-limit is limitless, but the minimum pay is what we talk about in this video.
Let's discuss below... leave me a comment!
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💸Pay vendors any way they want and get paid faster! Accept credit cards without paying merchant fees! Melio is a fantastic payments solution for every small business! https://claracfo.com/melio
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Hannah Smolinski is a #CPA and the Founder of Clara CFO Group. Find out more about Clara CFO Group at https://claracfo.com/
Disclaimer: This video is intended for educational purposes and
should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.