yourself the minimum to cover your living expenses or what you re worth? i think investors like to see some kind of flexibility here like maybe build in a ratchet up system so that if you meet certain milestones in numbers you pay yourself more. if you are the business is failing then you pay less. so i think that s important also consider your corporate structure, whether you are a c-corporation, llc or sole proprietorship. there are certain tax applications so you need to check that out as well. and you started a few companies. when did you decide to pay yourself? my perspective is pay yourself as soon as possible. there are a couple reasons. the first is you ve got to cover your bills, it s super hard to stay committed to a company if you are not making ends meet. for any business owner you can feel guilty like you shouldn t take it out. if you re working 24/7 you have to. the second reason why this is important it gives you a much more realistic picture of what
pay yourself a salary when you have some traction, you have revenues, you can meet all your other expenses. the real question is here is do you pay yourself the minimum to cover your living expenses or what you re worth. i think investors like to see some kind of flexibility here, like maybe build in a ratchet up system so if you meet certain milestones and numbers you pay yourself more and if the business is flailing, you pay yourself less so i think that s important also, consider your structure, c corps, llc or sole proprietorsh proprietorship, certain tax implications go into drawing a salary. tania, you started a few companies. when did you decide to pay yourself? my perspective, pay yourself as soon as possible. you have to cover your bills, super hard to stay really committed to a company if you re not making ends meet so for any business owner you can feel guilty about it, you shouldn t take it out of the company but
here is do you pay yourself the minimum to cover your living expen expenses, or what you re worth? and i think investors like to see some kind of flexibility here. like maybe build in a ratchet up system so that if you meet certain milestones and numbers, you pay yourself more. if the business is flailing, then you pay yourself less. so i think that s important also. consider your corporate structure, whether you re ccorp, llc, there are certain tax implications that go into drawing a salary. tania, when did you decide to pay yourself? my perspective is pay yourself as soon as possible. and there s a couple of reasons. the first is, you ve got to cover your bills. it s super hard to stay really committed to a company if you re not making ends meet. so for any business owner, you can feel guilty about it, like you shouldn t take it out of the company, but if you re really working 24/7, then you have to do it. the second reason why this is so important, it gives you a much