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How to pay your self and save for your creative business
Creative WONE
English - October 05, 2020 22:00 - 6 minutes - 4.39 MBArts Education Self-Improvement education photography videography visual art creative art filmmaker filmmaking camera Homepage Download Google Podcasts Overcast Castro Pocket Casts RSS feed
On this episode I wanted to speak on the different steps that we all should all take when it comes to managing and, making profits within our creative business. For many, the chance to set your own salary sounds like a dream come true. But small business owners know the reality is a little more complicated.
You should only pay yourself out of your profits – not your revenue. When you see money coming into your business, don’t assume you can pay yourself a big slice of that. Before you take your cut, you also need to take account of things like taxes, payroll, fixed costs and overheads.
You should only pay yourself out of your profits – not your revenue.
*If you're just starting a business you might not turn a profit during your first year. Of course, this doesn’t mean you shouldn’t pay yourself.
INVEST MONEY FOR GROWTHMoney you take out of the company (that doesn’t relate to your business) is money that can't be used for investment and business growth.
If your business is going through a tough time financially, it’s usually not a good idea to take any money out of your business for personal use.
"Ultimately the amount you pay yourself will depend on the success of your business".
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