Comments on: Don’t Forget to Pay Yourself When You Start a New Business http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/ Startups, entrepreneurship, business and social media Thu, 09 Feb 2012 07:58:00 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Tanya http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/comment-page-1/#comment-113336 Tanya Tue, 30 Sep 2008 07:26:27 +0000 http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/#comment-113336 Very nice report and yes would be nice to pay onesself, but what do you do when the financial backing that was promised went missing and you can not even pay the employees this pay period. i do not pay myself because this company is brand new, started with no money at all, but with the promise of support form a financial aid friend. I got the business off the gorund on my own and then hired 5 employees, i knew that the first month things would be hard but after that they would be very easy. actually things are going better than i expected, projected income is already in the 10's of thousands with just one full week open, problem is, thats projected and future and i need cash now for the employees or not only will the business fail but...i am sure that i will be in some form of trouble as well. help if you can! <a href="mailto:unicorn_princ3ss@yahoo.com" rel="nofollow">unicorn_princ3ss@yahoo.com</a> Very nice report and yes would be nice to pay onesself, but what do you do when the financial backing that was promised went missing and you can not even pay the employees this pay period. i do not pay myself because this company is brand new, started with no money at all, but with the promise of support form a financial aid friend. I got the business off the gorund on my own and then hired 5 employees, i knew that the first month things would be hard but after that they would be very easy. actually things are going better than i expected, projected income is already in the 10's of thousands with just one full week open, problem is, thats projected and future and i need cash now for the employees or not only will the business fail but…i am sure that i will be in some form of trouble as well. help if you can! unicorn_princ3ss@yahoo.com

]]> By: Tanya http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/comment-page-1/#comment-102096 Tanya Tue, 30 Sep 2008 03:26:27 +0000 http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/#comment-102096 Very nice report and yes would be nice to pay onesself, but what do you do when the financial backing that was promised went missing and you can not even pay the employees this pay period. i do not pay myself because this company is brand new, started with no money at all, but with the promise of support form a financial aid friend. I got the business off the gorund on my own and then hired 5 employees, i knew that the first month things would be hard but after that they would be very easy. actually things are going better than i expected, projected income is already in the 10's of thousands with just one full week open, problem is, thats projected and future and i need cash now for the employees or not only will the business fail but...i am sure that i will be in some form of trouble as well. help if you can! <a href="mailto:unicorn_princ3ss@yahoo.com">unicorn_princ3ss@yahoo.com</a> Very nice report and yes would be nice to pay onesself, but what do you do when the financial backing that was promised went missing and you can not even pay the employees this pay period. i do not pay myself because this company is brand new, started with no money at all, but with the promise of support form a financial aid friend. I got the business off the gorund on my own and then hired 5 employees, i knew that the first month things would be hard but after that they would be very easy. actually things are going better than i expected, projected income is already in the 10's of thousands with just one full week open, problem is, thats projected and future and i need cash now for the employees or not only will the business fail but…i am sure that i will be in some form of trouble as well. help if you can! unicorn_princ3ss@yahoo.com

]]> By: Kristin http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/comment-page-1/#comment-102070 Kristin Mon, 29 Sep 2008 06:50:14 +0000 http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/#comment-102070 Hi Ben:<br><br>I recently quit my job to work for my husband, who is self employed. As an employee, I get a paycheck every 2 weeks. My husband; however, does not pay himself. I thought this was wrong and asked our accountant about it. She told us that legally a self employed person could not pay themselves. I know that he can invest in IRA's and such and that is considered paying yourself but ...are we missing something??? <br><br>Any further comment you can provide would be greatly appreciated. Hi Ben:

I recently quit my job to work for my husband, who is self employed. As an employee, I get a paycheck every 2 weeks. My husband; however, does not pay himself. I thought this was wrong and asked our accountant about it. She told us that legally a self employed person could not pay themselves. I know that he can invest in IRA's and such and that is considered paying yourself but …are we missing something???

Any further comment you can provide would be greatly appreciated.

]]> By: Ben Yoskovitz http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/comment-page-1/#comment-4056 Ben Yoskovitz Thu, 01 Feb 2007 11:23:26 +0000 http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/#comment-4056 Bernard - I agree. It's a good idea to think early on about drawing that line somewhere, so that you don't get into a situation of forgetting to pay yourself. Thanks for stopping by and commenting! Bernard – I agree. It’s a good idea to think early on about drawing that line somewhere, so that you don’t get into a situation of forgetting to pay yourself. Thanks for stopping by and commenting!

]]> By: Ben Yoskovitz http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/comment-page-1/#comment-116550 Ben Yoskovitz Thu, 01 Feb 2007 11:23:00 +0000 http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/#comment-116550 Bernard - I agree. It's a good idea to think early on about drawing that line somewhere, so that you don't get into a situation of forgetting to pay yourself. Thanks for stopping by and commenting! Bernard – I agree. It’s a good idea to think early on about drawing that line somewhere, so that you don’t get into a situation of forgetting to pay yourself. Thanks for stopping by and commenting!

]]> By: Bernard http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/comment-page-1/#comment-4050 Bernard Thu, 01 Feb 2007 10:05:09 +0000 http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/#comment-4050 Personally, I feel the critical point is whether you have drawn a line between yourself and your business. From a business perspective, you need to have a good plan on how you are going to run your own business. Work out what percentage of profit you are going to reinvest back into the business and how much you are going to play "employee" which is yourself. This sets a good structure of your business even if you decided to play yourself only $100 per month. Personally, I feel the critical point is whether you have drawn a line between yourself and your business. From a business perspective, you need to have a good plan on how you are going to run your own business. Work out what percentage of profit you are going to reinvest back into the business and how much you are going to play “employee” which is yourself. This sets a good structure of your business even if you decided to play yourself only $100 per month.

]]> By: Bernard http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/comment-page-1/#comment-116549 Bernard Thu, 01 Feb 2007 10:05:00 +0000 http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/#comment-116549 Personally, I feel the critical point is whether you have drawn a line between yourself and your business. From a business perspective, you need to have a good plan on how you are going to run your own business. Work out what percentage of profit you are going to reinvest back into the business and how much you are going to play "employee" which is yourself. This sets a good structure of your business even if you decided to play yourself only $100 per month. Personally, I feel the critical point is whether you have drawn a line between yourself and your business. From a business perspective, you need to have a good plan on how you are going to run your own business. Work out what percentage of profit you are going to reinvest back into the business and how much you are going to play “employee” which is yourself. This sets a good structure of your business even if you decided to play yourself only $100 per month.

]]> By: Ben Yoskovitz http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/comment-page-1/#comment-3066 Ben Yoskovitz Thu, 18 Jan 2007 19:39:47 +0000 http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/#comment-3066 Jamie - congratulations on growing your business quickly. You must be doing something right! Now is the time to strategically re-invest - both into the business AND yourself. Enjoy the $100...and let me know how it goes! Jamie – congratulations on growing your business quickly. You must be doing something right!

Now is the time to strategically re-invest – both into the business AND yourself.

Enjoy the $100…and let me know how it goes!

]]> By: Ben Yoskovitz http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/comment-page-1/#comment-116548 Ben Yoskovitz Thu, 18 Jan 2007 19:39:00 +0000 http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/#comment-116548 Jamie - congratulations on growing your business quickly. You must be doing something right! Now is the time to strategically re-invest - both into the business AND yourself. Enjoy the $100...and let me know how it goes! Jamie – congratulations on growing your business quickly. You must be doing something right!

Now is the time to strategically re-invest – both into the business AND yourself.

Enjoy the $100…and let me know how it goes!

]]> By: Jamie Bird http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/comment-page-1/#comment-3065 Jamie Bird Thu, 18 Jan 2007 19:35:47 +0000 http://www.instigatorblog.com/dont-forget-to-pay-yourself-when-you-start-a-new-business/2006/11/13/#comment-3065 I came across your blog on the Entrepreneur Carnival, and was compelled to click. This represents my life! I reinvest almost everything back into future growth, and at the end of the day I am exhausted. My business has grown faster because of it, but it does feel like I am working for nothing most days. Even when I make a huge profit, I still put it towards seomthing business related. I am going to take your advice and take out $100 a month to start with. Thanks for the awesome advice! I came across your blog on the Entrepreneur Carnival, and was compelled to click. This represents my life! I reinvest almost everything back into future growth, and at the end of the day I am exhausted. My business has grown faster because of it, but it does feel like I am working for nothing most days. Even when I make a huge profit, I still put it towards seomthing business related.

I am going to take your advice and take out $100 a month to start with. Thanks for the awesome advice!

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