Have you ever struggled with what to pay yourself?
This has been a constant battle for me since I started my business. I had heard all of the stories that most businesses weren't profitable in their first few months or even for a couple of years. So I didn't mind not taking a salary because I felt the tax benefits were LIKE getting paid and I invested every dollar I made into building my company.
HOWEVER, I recently began taking a harder look at what it would take for me to quit teaching and work for myself full-time. There's a lot of early mornings, late nights, and low energy days when it comes to my family and I want to fix that ASAP.
Here's a couple of problems with this approach that I wished I had fixed sooner:
1. My pay should have been included in my expenses. Period.
2. My pricing should include my pay. Period.
There are a couple of books that address this, and one that I recommend is Profit First. But because I sell a variety of items at a variety of price points, it was...