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When I first started out in Business, I used to take whatever money came in and reinvest it in the Business. Then again, that was pretty easy to do since I was working in the corporate world at the time and had a steady salary coming in to pay all the other bills.
Things have changed quite a bit since then… now, I pay my bills, reinvest in the business and then pay myself whatever is left over (if anything at all). Not sure if it is the best way to do things, but it seems to be working for me at the moment.
I am curious about how other people who own their own business deal with paying themselves. Maybe there is a better way than what I’m doing.
So my question to you is…
Sorry, there are no polls available at the moment.If there is a better way of doing things, I sure would like to know. There isn’t always anything left over for me. That may sound selfish, but I am in business to make a living, not just to have a business for it’s own sake.
You can always leave suggestions in the comments, maybe there is a better way.
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2 Comments
My company is incorporated, so I get a small salary every month. That reminds me, I should ask myself for a raise!
Hey Debra,
Mine is set up as a sole proprietor. Don’t know if it’s any advantage but I never get an answer when I ask for a raise.
I thought about incorporating which wasn’t necessary at the time I started, but it may be a good idea now (since I work mostly online at this point).