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Figuring out your own salary as a business owner can be tough. It can get more confusing when you factor in the legal requirements of different kinds of business entities.
Should it be flat or based on a percentage? Do you pay yourself more when the business is doing well? What about partnerships and sole proprietors? What if there isn’t consistent cash flow? If you’re not willing to make sacrifices, do you just have to accept that growth will be slow?
How do you handle things when you’re running a solo business what changes when you hire employees? Is there ever a time when it’s right to raise the owner’s salary?
We answer these and more questions in today’s episode.
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