Pay Yourself First!
“Pay yourself. There’s significance to the money you make.”
Debbie Page, Cash Flow Expert
The right time to start paying yourself is now. You don’t need to reach a certain revenue threshold before taking a paycheck. You do need to train yourself to be profitable.
One of the ways you do that is by allocating money twice a month, and taking a paycheck, however small, from the beginning.
Bootstrapping business owners often think reinvesting all the profits back into the business is the best use of money, but they forget there’s significance in getting paid. Not only that, but learning to allocate money on a regular basis, instead of just rolling it back into the business, is necessary for growth.
The initial impact might not feel significant, but it’s a lot like going to the gym. You won’t see results in the first week. Don’t get discouraged. Stick with it. Develop the habit and the results will take care of themselves.
Paying yourself changes your relationship with money and it’s a good business decision. The ah-ha moment you’re waiting for is right now.
I specialize in helping women business owners keep more of the money they make. If you’re looking for ways to grow your business and your profits you might be interest in a complimentary Taste of Success Mentoring session to determine if coaching together is right for you.