How much do you pay yourself?

[hippy-chick]

I pay myself the same amount every friday by phone banking, how do you do it?

 

[champagne]

I havent got that far yet...

I started to puchase items for business in jan 08..

Started out in May.....

Only just in profit but that includes all my training, stock and set up costs...

I am interested to know how much and how often you all pay yourself, i might be able to get paid this year lol

 

[pure]

I don't take a regular amount out but if I need a few quid here or there then I take it if the business can afford to. I religiously write it all down so it can be accounted for and am patiently waiting for the day when I take a regular pay check!

 

[hippy-chick]

I used to have everything in one bank account and would take money out as and when needed.

since I've got an accountant, I now have 2 accounts, and I pay myself weekly. If I've had a brilliant week, I still pay myself the same, this will then counteract any weeks that haven't been so good and annual leave.

I've been doing this for nigh on 15 years, so am going to take a wage. I still literally plough everything back into the business so my business account is always in the black but verging on grey.

am so excited about my next buy!!!

 

[Martin Duffy]

I pay myself by cheque every month, but I try to keep as much in the business account as possible as I like to be able to spend out on things for the business, whether it be new products, new treatments, things to improve the look of the clinic etc.

 

[adelekeegan1]

Just at the moment - sweet FA...........hoping for things to pick up

 

[hippy-chick]

so am I the only one who pays themselves a weekly wage?

 

[weezie]

I have to admit to paying everything into one account and then using what I need both for business and for me, I am not very expensive to keep though luckily as I am like scrooge with my money when it comes to spending on myself! This unfortunately makes you feel richer than you are though especially now I have to pay my tax bill which is massive! It's not the most professional way but it's easy and I didn't want to pay for business banking.

 

[champagne]

You must be the only one earning enough to do so lol

 

[Martin Duffy]

so am I the only one who pays themselves a weekly wage?

I've always preferred paying myself a monthly wage because I find it helps make working out my home finances easier!

 

[Deena]

I really do mean this in the nicest and most respectful way :hug:, but this simply wouldn't do for people who need a <regular> wage upon which to live!

I realise that some people obviously do earn a whole living from the beauty related industry but where are they, how do they manage in the interim and how long do they have to wait for this eventuality?

 

[weezie]

It took me a year to be earning what I would call a decent wage as a mobile therapist most businesses generally need funding behind them to start up, I started up using savings from working as an employee in a salon for three years. :hug: Self employment is a luxury that not all people can afford to sustain at first, it's by no means an easy option.

 

[Martin Duffy]

I live off of my wage as a full time self-employed beauty therapist & have a mortgage, run a car etc, so it can be done. I started off many years ago employed full time as a therapist, working through a number of salons, then went self-employed renting a room on a % basis whilst I took a part-time job. At that point I was working a 12 hour 6 day week, then after a year I went full-time as a self-employed beauty therapist, and six years later I extended my mortgage and set up my own beauty clinic, where I work full-time.

 

[number1kitty]

I pay myself 40% of everything I take. The rest is set aside for new products, training, bills and tax xxx

 

[VHunter]

Everything is in one account for me. Easier in some ways, pain in the butt for others.. Later I will have two accounts.

Took 4.5yrs to get to this point.
4.5yrs ago, I could NOT pay for my own car + insurance + gas + maintenance, THEN my daughter's pre-K fees, their extracurriculurs (ballet, sports), and oodles of other stuff (which I am doing all of now).
So, while I don't have a 'payday', I know I'm doing better because I'm contributing more around the home and actually bought a brand new winter jacket this year, which I haven't done in 8yrs... (all hand-me-down's from my Mom)...

I still have ways to go, but I know I'm the right path.
It will be nice when I don't juggle anymore and can have two accounts and build an actual "savings' for my business.

I figure 2 more years..... and I'll be solid. I still have a few more courses to go and such... so...

 

[pazzy]

I just take a small wage when I can or its available.

My problem is I have had to re set up a few times for various reasonsand pay off debt from having the salon which has taken a few years to pay so maybe one day - the biz will be more consistent one day!!!

 

[Brandywine]

I pay myself a small amount (slightly less than 25%) once a month. I have a separate account for the business. I also have another part time job to help pay the bills. I need to at least double my client list to give up my other job and treble it to be where I want financially.