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New business - how long before you could take a wage?

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Becky_simon

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Hi there

I keep having the same conversation with my hubby regarding the amount of money I'm making, to able me to take a wage.
I started in Nov 2011 and I still haven't really been able to take a regular wage out of it. Don't get my wrong my bank balance always has enough to run and maintain my business but thats it.
How long does it/did it take you before you could take out a regular wage?
I keep telling my hubby that's it's not easy starting out and it takes time to build a regular client base x
 

MrsHBeauty

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I opened my salon in November and don't take a penny yet. I do pay staff to work 36 hours a week, I work 25 as a BT then 40 as manager and salon owner, plus the rest of my spare time as I sleep, eat and breathe my salon! I'm hoping to pay myself the 25 hours by the end of the summer, but I think it will likely to be the end of the year x
 

souz

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when starting a business and doing a business plan they usually say that you prob wont take a wage as such for about a year, this is approx how long it takes a business to get off the ground, as long as you are able to pay staff and bills etc you are doing well!!!some dont manage that in the first year and have to prop their business up!!!xx
 

Suzanne1118

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My accountant told me that most business owners don't get a stable wage until after 3 years as it takes that long to break even. Mind you that's 'stable', you can take what you can as you go along, some weeks are better than others! I take a wage usually right across the summer, then october and november I dont, Christmas I try not to as it has to hold over for jan, feb and march! Im open same amount of time as you.x
 

topcuts

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i opened the new place may 2011 and take occasional "drawings". i keep a tally of what i take and figuratively speaking am about to take the 2nd half of januarys paye.

so i am catching up with myself and managing to keep the mortgage going etc and live.

my first year accounts (in new premises) came back this week and i am in profit by a small margin and this is with staff being paid and start up debts being paid off (2/3rds are paid) so i think i am doing really well considering the current climate

i agree though, dont hold out for a wage for at least a year. 1st year at a loss 2nd year break even 3rd year profit is the general rule of thumb unless you are a marketing guru which my team think i am

as for your husband, id ask for a bit more support and encouragement rather than him nagging as an extra worry!

good luck relax and if youre paying the bills youre doing well.
 

Becky_simon

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Thanks for the replies, I feel a little better now :) my hubby isn't nagging I just don't think he realised how long it would take. The three year rule sounds like a good one to bare in mind x
 

handbagqueen

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This is my third yoear in business , t he first year and a half i didnt take a wage as i was lecturing , but when my contract was finished I had to!!! I dont take a lot ,enough to pay what bills I have mortgage ect , my accountant advised me I had to take a wage , or whats the point working for myself , granted it takes a while to build it up but realisically if a business is sustainable it should support all areas i.e running the salon , rent staff wages ect.
 

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