Are You Paying Yourself First?

In this episode I want to talk about paying yourself first from your business and also why, how and when to do it. So, the question is, are you paying yourself first? And if so, do you know how to pay yourself first?

If your business is bringing in income and you are doing all the work then it stands to reasons that you need to pay yourself first. It’s a big step for a lot of people to pay themselves before they pay others but you need to know how to pay yourself as a business owner because it will inform you of a number of things. It will give you a taste of what it’s like to pay employees, whether or not the business can withstand wages going out and how profitable the business truly is.

If you want to know how to pay yourself as a sole trader or how to pay yourself as a business owner in Australia then you take a look at the standard salaries and wages going in your industry and pay yourself accordingly. Knowing how to pay yourself and how much should you pay yourself will give you enormous insight into eventually hiring employees to fulfil the technical role you are currently filling.

Connect with me on LinkedIn or visit our website rightsource.com.au

Visit the downloads page to access accounting spreadsheets, templates and budgets.

If you have any questions, are in the process of starting up an NFP, interested in becoming an NFP CoSec, feel free to contact me on LinkedIn.

If it is of interest, join us for the NFP Governance Rendezvous, a free online event for NFP CEOs, Directors and CoSecs, or anyone aspiring to these positions; or just wanting to learn more about governance in the NFP space. Click here to learn more about upcoming Rendezvous.

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