For over three years I did not take enough income from my business to sustain my personal lifestyle.
Three freakin’ years.
And I wasn’t a start-up — we had been in business for over 13 years!
My mindset at the time was to plow everything back into the business and to take whatever was “left over”.
I honestly thought “that’s just the way it is” when owning a business.
Then one night after being the last one working — again, I closed the shop and walked home in the dark.
I remember walking up my street and seeing my neighbours through their windows having supper together and I thought to myself:
1. I want that to be me. I want to eat a hot meal with my family. Before 9pm.
2. I had better stop staring before they call the police ????.
After making it home just in time to kiss my young daughters’ good night I sat at my kitchen table and calculated my personal budget for the 100th time.
Only this time with purpose.
This time I wanted to know the number that my business had to pay me to support my financial needs.
I had enough of working to pay everyone else’s bills. It was time to have the business start paying mine.
Once I had my number, I put myself on payroll for that amount and started to get serious about pumping the breaks on my business expenses and hitting the gas on my margin builders (more about that later).
It wasn’t easy and it took some time. But low and behold, I’ve been able to pay myself first ever since.
Last week I was challenged to identify what advice I would give my younger self.
Know your number and pay yourself first, was what came to mind.
I don’t have a time machine to help my younger self, but I can help you.
If you are tired of not getting paid what you are worth from your own company or even if you are taking an income from your business but are wondering if is too little or too much.
These are three ways I can help:
1. Download my Fix Your Money Flow workbook here to figure out your number on your own.
2. Join other like-minded business owners and learn as a group over a 5-week period in my Profit in Practice Program. Together we’ll find your number and I’ll teach you how to update it as your needs change. Learn more about Profit in Practice here. Class starts June 1st!
3. Work with me 1:1. You provide the details and I do the heavy-lifting. Click here to find out how.
Is 2021 the year you put your stake in the ground and pay yourself first?
Yours in good financial health,