Launch Your Dream by Dale Partridge

Author:Dale Partridge
Language: eng
Format: epub
Publisher: Thomas Nelson
Published: 2017-04-10T16:00:00+00:00

Pay Yourself Well

By this, I don’t mean to write yourself a fat check every month. I mean that you should pay yourself as an employee of the company rather than taking dividends or draws. While some accountants may advise differently, I believe it will simplify your tax preparation, and the automatic deposit feature keeps your income consistent.

A few months ago I was consulting with the founder of a subscription box company who had more than fifteen thousand people paying $20 per month. That’s $300,000 per month in top-line revenue. He had a team of five people and a small office. I asked him how much he was paying himself. His response: zero. He was living on credit cards, racking up personal debt, causing financial arguments between him and his wife, and on edge about the life span of his company.

This poor guy made his successful venture into a financial stress case for no reason. He became the classic entrepreneurial martyr. It’s more common than you assume. If you don’t build in your salary from the very beginning, you’ll end up creating a habit of spending and invest almost all your money in the business. Your employees will be proud, people will commend you for it, and you’ll be broke.

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