Hi! Welcome back to another episode of The Female Empowered Podcast. Let’s talk about how to pay yourself as a business owner and why it matters.
This topic is something that comes up during our coaching programs and our Mastermind.
I personally had no idea about how to do this when I started my business. So, let me help you understand the various ways how you can start paying yourself as a small business owner and what the implications are based on how you choose to pay yourself!
Just a word of caution, what I will be discussing in this episode is based on my personal experiences. So please, still make it a point to consult with your accountant, your financial team, your bookkeeper, an attorney, and the like.
Let’s dive into:
- Introduction to the topic
- As an LSC/S Corp, you can pay yourself through salary
- Factors to consider when paying yourself through salary
- As an LSC/S Corp, you can pay yourself through owner’s draws or distribution
- Difference between salary and owner’s draw
- Factors to consider when paying yourself through owner’s draw
- As an LSC/S Corp, you can pay yourself through profit share/profit distribution
- Factors to consider when paying yourself profit share/profit distribution
- Advantages of owner’s draw
- Drawbacks of owner’s draw
- My personal number one reason why taking owner’s draw versus a salary is a drawback
- My personal experience on taking a very low salary and an owner’s draw
- Why is it important to decide how much you’re going to pay yourself and how you’re going to pay yourself
- Conclusion
If you are interested in knowing more about this matter, you can check out my audio course here: https://www.christagurka.com/audiocourses.
Looking for advice and resources to help you market and grow your clinic or client based business? Visit my website or follow me on Instagram!
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Interested in being a guest on a future Female Friday episode? Email me at [email protected]!