How much small business owners should pay themselves

[Mayorla]

Yeah, I believe as the business grows you will need more money in order to finance it and also to stay competitive in the market. As a business person you really need to be very strategical in order to continue maximizing profit.

That is true..
As a business owner, There is room to ensure that you keep on expanding and improving in your business.
As a business owner you can even easily diversify if you don't want to expand on your company any more.

 

[Danny4cash]

You are right, but being hardworking is not enough, you need to have a alot of things before you can actually get the good results you want, having the knowledge is also important.

You are very correct. Hardworking is not all that's needed. To succeed in business, and infact anything, you need to work hard and work smart. There are some job you don't have to do by yourself. You can hire people to do it for you.

 

[Chibson]

Actually if you are paying yourself as a business owner, you shouldn't take a portion more than your income but it should be at least 20% of your total income so that it will not affect the financial status of the business in the future.

Taking at least 20% of your business capital for your personal use is not really advisable in my own opinion. Such kind of business will continue to decline little by little and before you know it progress will not be made.

 

[Immilash1]

You are very correct. Hardworking is not all that's needed. To succeed in business, and infact anything, you need to work hard and work smart. There are some job you don't have to do by yourself. You can hire people to do it for you.

Yes that's the only truth sir, infact if you are hardworking alone you are not going to earn a dime with what you are doing, you need to have a lot of things before you can earn money.

 

[Chibson]

Yes that's the only truth sir, infact if you are hardworking alone you are not going to earn a dime with what you are doing, you need to have a lot of things before you can earn money.

I believe as a business owner in the first six months you shouldn't take a dime from your business capital. this is because you are still in the building stage but on the long run you can start taking some percentage.

 

[Immilash1]

I believe as a business owner in the first six months you shouldn't take a dime from your business capital. this is because you are still in the building stage but on the long run you can start taking some percentage.

That's exactly the point sir, when you're start up a business you are expected to grow the business before any other thing, taking too much from the business might lead to failure.

 

[Syldan]

Actually I can't really tell exactly how much they should be paid, but I believe a considerable amount of money should be made available for them in place of their sacrifice because they can't be paid enough.

 

[Chibson]

That's exactly the point sir, when you're start up a business you are expected to grow the business before any other thing, taking too much from the business might lead to failure.

that is why it is always important to have a very good financial plan before going into a business. The financial plan must be long-term and short-term and it will contain the amount of money you will pay yourself when you reach some certain level.

 

[Immilash1]

that is why it is always important to have a very good financial plan before going into a business. The financial plan must be long-term and short-term and it will contain the amount of money you will pay yourself when you reach some certain level.

Yes exactly, if you are starting up a small business I'll advise you not to be too concerned about what to pay yourself, if you are good at doing that you are only going to end up in disappointment.

 

[Syldan]

Actually starting a business to a level of it success, is not just a sacrifice but it means alot.

Business entrepreneurs are supposed to be paid a huge amount of money for their sacrifice but it will affect the financial strength of the business so a considerable amount of money should be given to them for maintenance not payment for efforts.

 

[Chibson]

Yes exactly, if you are starting up a small business I'll advise you not to be too concerned about what to pay yourself, if you are good at doing that you are only going to end up in disappointment.

Probably, whenever you are running a business you should be more focused in expanding it and maximizing profit and not the amount of money you pay yourself. When the profit starts coming you can determine that.

 

[Good-Person]

Taking at least 20% of your business capital for your personal use is not really advisable in my own opinion. Such kind of business will continue to decline little by little and before you know it progress will not be made.

I think that it depends a lot on how much revenue your business is actually generating. if a person earns $1,000, then I think that withdrawing $200 would not necessarily hurt.

 

[Syldan]

I believe as a business owner in the first six months you shouldn't take a dime from your business capital. this is because you are still in the building stage but on the long run you can start taking some percentage.

Actually taking some income from your business as payment, in a newly established stage, it may be at the risk of the business. So even if there is necessities for that, it shouldn't be something much.

 

[Chibson]

I think that it depends a lot on how much revenue your business is actually generating. if a person earns $1,000, then I think that withdrawing $200 would not necessarily hurt.

That is true to an extent. I think most times it depends on the cost of running the particular business. If I start a new business and ut generates $1000 I wouldn't try to withdraw $200.

 

[Immilash1]

I have said this for countless of time's, if you really want to earn money online you have to remove all those kinds of mindset, because it's going to be a lot of distractions to you.