Laura dives into a listener's question about how to pay yourself as a business owner, as well as increasing that amount as the business grows. She discusses why she reinvested 100% of her profits in the early years to then eventually paying herself a salary and taking owner's draws. She also shares her own experiences and gives advice on separating business and personal finances, maintaining a conservative approach to reinvestment, and the gradual increase of her salary over the years. Tune in for an unfiltered, behind-the-scenes look at the financial decisions she’s made throughout her entrepreneurial journey! Plus, Laura touches on the book 'Profit First' and why she doesn't follow its advice to a tee.
Key Topics:
(02:00) Initial startup cost; reinvesting 100% of profits
(04:40) The first business investments made
(08:20) Transitioning to an S Corp and making salary decisions
(13:35) Laura’s decision to pay off her home mortgage
(16:10) Laura’s salary as a CEO; putting financial strategies in place
(18:10) Following the Profit First model for financial management
(26:40) The importance of paying yourself for your hard work
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