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58. Paying Yourself 101 [Everything Business Owners Need to Know]

58. Paying Yourself 101 [Everything Business Owners Need to Know]

Episode 58 Published 4 years, 2 months ago
Description

Congratulations: Your Business, LLC has just made a sale! Time to go shopping—right? Hold up! That money actually belongs to your business, not to you. So how do you get paid? And how do you do it in a legally legit way? That’s what we’re going to talk about today. I’m going to share how I paid myself in the beginning, the step-by-step process I recommend for setting yourself a financial cushion, and how to get to a place where you can pay yourself consistently.

In this episode, you’ll hear…

  • 02:58 - How I started my business and handled money early on
  • 07:40 - How I paid myself when I started
  • 10:05 - Making an owner’s draw (actually paying yourself)
  • 15:13 - Paying yourself is not a business expense
  • 18:21 - Being responsible with money
  • 19:24 - Putting yourself on payroll

If you’d like a shoutout (and a chance to win a $20 gift card), just leave a review on Apple Podcasts and send a screenshot of it to me on Instagram via DMs!

Click here to find the full show notes and transcript for this episode.

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