EP 213: How To Pay Yourself As a New Business Owner
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When starting your new business or taking your side hustle to a full-time gig, how do you know when the right time to start paying yourself is?

You certainly don’t want to start withdrawing money from your business too soon.

However, it costs money to live. So, you WILL need some money coming in for bills, food, housing, etc.

So, the question is…

Should you pay yourself first?

Should you wait until you’re making “X” amount of dollars?

Or…

Should you wait until you’re consistently making a profit first?

Unfortunately, there is no cookie-cutter answer to this question, as your current situation is very likely different from other business owners.

However, there are several ways you can speed up the time to start paying yourself and know exactly when the time is right.

The ugly truth is that before you can start paying yourself you will need to:

1. Practice a frugal living.
2. Know how to save regularly.
3. Learn to budget your money properly.
4. Separate your needs vs your wants.
5. Start investing.

Many new business owners and entrepreneurs don’t realize the length of time it may take to start paying yourself a salary.

However, if done correctly, then this could be an incredibly lucrative opportunity for you and your future.

In this show, Chris goes over five steps for you which could minimize the amount of time it takes until you can start paying yourself as a business owner.

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