I’m wrapping up this powerful 3 part series on PAYING YOURSELF!!! If you haven’t heard it yet, I’m over boutique owners saying they can’t pay themselves because they need to prioritize paying for other things. Most likely, you aren’t managing your margins or expenses appropriately— that’s the first place to check in with yourself. If you go longer than 6 months without paying yourself, most likely, you never will and your boutique will fall flat because you aren’t managing your money correctly.
In this episode I focus on teaching you how to actually start paying yourself:
1. Focus on your NET profit. Keep margins high, watch expenses closely.
2. Find an amazing and supportive accountant who understands you and your goals. They don’t make you feel bad about money or scared of the IRS.
3. If you are a sole proprietor or a single member LLC, simply write yourself a check from the business account, and deposit it into your personal account as the owner’s draw. If you are a corporation, partnership LLC, or have employees you may want to consider using a payroll service to help you manage paying the taxes on payroll to yourself and others.
Here’s the link to my favorite book to help you get in a profit state of mind “Profit First” by Mike Michalowicz: amzn.to/2DmyR1P
Here’s the link to my podcast episode about Debt: itunes.apple.com/us/podcast/019-l…00389273707&mt=2
Here’s the link to Advantage Payroll Services, our contact is Zoe Hornsby: www.advantagepayroll.com/