Ep. 50: Are You Getting Paid? Recognizing the Importance of Paying Yourself

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Small businesses often run tight budgets so it’s natural for owners to reinvest profits into the business, especially in the early months of operation. When freelancers and other team members are involved you will find yourself doing payroll on a biweekly or monthly basis. But too often entrepreneurs leave themselves out of this process, for far too long. In this episode of Spark Stephanie talks about the importance of paying yourself consistently. If you are thinking, “I can’t afford it!”, relax. This isn’t necessarily about paying yourself a lot, but rather establishing a culture in your business that ensures you get some level of compensation. Once your business is on more solid ground you can increase your compensation over time. Listen up to hear more about: 

  • Why paying yourself regularly is a crucial habit that can impact your overall success
  • When the time is right…
  • How to make the change if you haven’t already done so

Show notes:

⚖️ Why finding a balance between investing in your business and paying yourself is crucial.00:39

🤔 Savings versus compensation. 02:36

💸 Decision time: Should you have a business bank account or a separate bank account for business? 04:12

😇 The deeper meaning behind compensating yourself. 07:08

🙌 Pick a date! 11:39

📈 Doing an annual review of your salary. 13:02

🎯 Why it’s important to think of yourself as a person who should be compensated too. 15:04

About Our Weekly Spark Episodes

Being a vegan business owner can be incredibly exciting, but also scary, overwhelming, and lonely. Now there is a podcast you can turn to when you need inspiration! Spark, hosted by Stephanie Redcross West, will provide you with support to help you on your road to success.

Join us live every Wednesday (1 PM ET): LinkedIn | YouTube | Facebook

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