This is NOT a hobby
Feb 25, 2020
When was the last time you paid yourself from your business? Think about it for a minute or look it up. Do you pay yourself regularly? And if you do, is that a proper salary or just a bare minimum to get by?
Hard as it is to hear, if you are not paying yourself, your business is just a very expensive hobby. And if it’s a hobby, you aren’t making the money you need to live the life you want. And you feel like you are working really hard, doing all the things, and not getting anywhere. I think other people close to you can play into it as well, not taking it seriously as a business and expecting you to take on more at home or be the one to take time off when the kids are sick.
Sit down and work out what you need to take out of your business on a monthly basis. What is the minimum and what is the nice to have. What bills do you need to pay?
Then look at what your business is doing each month/year. What are you spending money on? Can you cut anything out? Make sure you are spending for the business you have, not the business you want in the future. It’s easy to look ahead and say you want to have this system or that mastermind, but make sure you truly can afford it – there is always a challenge between making your business grow and needing help with that and so on, but paying yourself must come first.
Be careful too of “investing” in your business, as this can be a dangerous route to getting into debt. Set an amount you are prepared to invest in your business in the early days, and stick to it.
Finally, look at your income and see how you can make this work for you better. Can you get people on retainers, do you need more clients or can you create a passive income product?
As CEO of your business, you need to run a tight ship, and it is your business. Treat the money as your own, not belonging to “the business” and keep control of what you spend.
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