50. Are You Getting Paid? Recognizing the Importance of Paying Yourself

Small businesses often run tight budgets so it’s natural for owners to reinvest profits into the business, especially in the early months of operation. When freelancers and other team members are involved you will find yourself doing payroll on a biweekly or monthly basis. But too often entrepreneurs leave themselves out of this process, for far too long. In this episode of Spark Stephanie talks about the importance of paying yourself consistently. If you are thinking, “I can't afford it!”, relax. This isn’t necessarily about paying yourself a lot, but rather establishing a culture in your business that ensures you get some level of compensation. Once your business is on more solid ground you can increase your compensation over time. Listen up to hear more about:

Why paying yourself regularly is a crucial habit that can impact your overall success
When the time is right…
How to make the change if you haven’t already done so

Show Notes

It’s important to strike a balance and make sure that you are not only investing in your business, but that you're also investing in yourself. That means making sure that you're paying yourself, even if it's something teeny, tiny, even if it's just a little bit in the beginning. Make sure that you have some level of compensation in your business for yourself as the owner, as the founder, as the leader in the organization.

⚖️  Why finding a balance between investing in your business and paying yourself is crucial.00:39

🤔  Savings versus compensation. 02:36

💸  Decision time: Should you have a business bank account or a separate bank account for business? 04:12

😇  The deeper meaning behind compensating yourself. 07:08

🙌  Pick a date! 11:39

📈  Doing an annual review of your salary. 13:02

🎯  Why it’s important to think of yourself as a person who should be compensated too. 15:04

Thanks for listening to Spark, a podcast that aims to provide a roadmap for the vegan professional. If you are feeling inspired, but wondering how to take some actionable steps to improve your business, I invite you to explore our two premium paid podcasts, Going Solo or Fix It.

What is Spark - A Roadmap For The Vegan Professional?

Being a vegan business owner can be incredibly exciting, but also scary, overwhelming and lonely. Now there is a podcast you can turn to when you need inspiration! Spark, hosted by Stephanie Redcross West, will provide you with support to help you on your road to success.