When & How Much to Pay Yourself in Your Business
A problem that Rob is frequently noticing with other businesses founders is that they don’t pay themselves until their business reaches a certain amount of profit. In this episode Rob explains how this can be a bad way to grow your business and how you can change your strategy so that you can sustain yourself and grow your business in a more efficient way.
KEY TAKEAWAYS
You should reinvest a lot of your profit back into your business to continually grow your business. You don’t need to wait a long time until you pay yourself using your business; I believe you should start drawing money very very quickly. Teach your business and yourself that there’s reward for hard work and effort. A company would pay you less for your business if it wasn’t paying you a market salary. Work out a percentage of the profit that you would withdraw from your business and keep withdrawing that amount, reinvest the rest. If you keep paying yourself the same percentage every month, you’re teaching your business to be able to sustain you without any major shock.BEST MOMENTS
‘A business isn’t a true business unless it can properly pay its true founders.’
‘You should teach yourself and the business to pay you frequently.’
‘Pay yourself first. The purpose of business is profit.’
‘Take risks for the outcome of making profit.’
‘You’re allowed to make money.’
VALUABLE RESOURCES
ABOUT THE HOST
Rob Moore is the host of the UK’s no. 1 business podcast “The Disruptive Entrepreneur,” as well as an entrepreneur, property investor, property educator, and a holder of 3 world records for public speaking. He is also the author of 9 business books, 5 UK bestsellers, and the global bestseller, Life Leverage.
“If you don't risk anything, you risk everything.”
CONTACT METHOD
Rob’s official website: https://robmoore.com/ Facebook: https://www.facebook.com/robmooreprogressive/?ref=br_rs LinkedIn: https://uk.linkedin.com/in/robmoore1979