157 | How Do I Pay Myself As A Business Owner with Katie Hunt

Hey friends! Are you making sure to pay yourself for your work? There’s often a big misconception that only new business owners struggle with how to pay themselves for their time, effort and expertise. However, it’s no secret that both new and experienced entrepreneurs run into this problem from time to time.

I wanted to make things a little easier for you so in this episode I shared two simple strategies for how to pay yourself based on where you’re at in your business. You’ll hear why you need to pay yourself, how to choose a format of payment that works for you and why you should get on a payment schedule. I also explored why you should keep it simple (and automate where possible), the importance of revisiting your numbers as things change and of course, why you should seek advice from a CPA or financial planner.

ON TODAY’S EPISODE:

The misconception that only new business owners struggle with paying themselves
How I paid myself at the beginning of my business
My recommendations for paying yourself as an experienced business owner
How you can look at data and analytics as a point of reference in when making decisions about how much to pay yourself
What to look at when deciding how to use your profits

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KEY TAKE AWAYS

“I think there is a misconception out there that “not paying yourself” is a problem that only young businesses face.” - Katie Hunt

“We are running businesses, friends, we are not just doing a fun hobby that pays us every now and then.” - Katie Hunt

“It is very likely that you are building a business to serve your life, your family, and your audience. You deserve to be compensated for that.” - Katie Hunt

“You need to provide an income for you so that you can live, meet your general expenses to live but also live a good, happy life.” - Katie Hunt

“Using a percentage in the early years gave the business flexibility and it worked for my personal financial needs.” - Katie Hunt

“The numbers have changed as the business has grown.” - Katie Hunt

“I’m a big fan of being conservative with your monthly pay.” - Katie Hunt

“You’re running a business and you deserve to be compensated for all the time, effort and expertise that you bring to the business.” Katie Hunt

Connect with Katie Hunt

Katie Hunt is a business strategist, podcaster, mentor and mama to four. She helps product based businesses build profitable, sustainable companies through her conferences, courses and coaching programs.

Website: prooftoproduct.com | Instagram: @prooftoproduct