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Casual Articles - Entrepreneurs Pay Themselves What They are Worth
Doing Car Wash fundraisers to help raise funds for kid’s organizations, makes a lot of sense, as the kids are making their own money and they can generate significant dollars to offset the costs of the club, team or youth group.It is possible to do a car wash fundraiser where no run-off goes into any body of water or storm drain. And I therefore you should look into ways to get this done. Otherwise you will be polluting the environment and breaking the law. You should be cogniz
But you bought or started this business because ther
Importance Of Learning Interview TechniquesSuccessful candidates face an interview with confidence and have the ability to draw attention to key experiences to prove that they are the ideal choice for the job. They understand the requirements of a particular job and demonstrate their expertise to deal with issues pertaining to that field. Most people miss a desperately needed job only because they have not been able to master the techniques of effective interview. Developing the
On the other hand suppose you properly capitalized the business -- either with your own money, investor money or bank loans. In this case you can pay yourself and pay all of the associated payroll expenses. But how much do you pay yourself?
In either situation, I suggest that you go back to the projections you made when you first started looking at the business. In those projections, you included expenses for salaries and you had a number in those projections for yourself. Or, you should have.
What was it? How did you arrive at that number?
One way would have been to consider how much you wanted, how much you needed to live on. A second way would have been to come up with a figure based on what you were worth. If your last position was President of a multi-national corporation, and you were paid a million dollars a year -- then that's what you are worth. Right? A third way would have been to establish a salary based on what the going rate is for a person to do the job in a business similar to the one you now own. Industry statistics are available and this amount should be fairly easy to determine.
But you bought or started this business because there
Are you happy where you are today? The number of folks who appear completely happy in their present career seems very low from all that I read across the news -- TV; newspapers; magazines, Internet websites, etc.Maybe it's just a temporary thing. Instant gratification is more the norm today than ever before. We want it NOW, not later. It's a learning curve for the new graduates from high school and college before reality sets in for the long haul workplace discovery.
On the other hand suppose you properly capitalized the business -- either with your own money, investor money or bank loans. In this case you can pay yourself and pay all of the associated payroll expenses. But how much do you pay yourself?
In either situation, I suggest that you go back to the projections you made when you first started looking at the business. In those projections, you included expenses for salaries and you had a number in those projections for yourself. Or, you should have.
What was it? How did you arrive at that number?
One way would have been to consider how much you wanted, how much you needed to live on. A second way would have been to come up with a figure based on what you were worth. If your last position was President of a multi-national corporation, and you were paid a million dollars a year -- then that's what you are worth. Right? A third way would have been to establish a salary based on what the going rate is for a person to do the job in a business similar to the one you now own. Industry statistics are available and this amount should be fairly easy to determine.
But you bought or started this business because ther
The surety bond market is currently a very conservative market. Contract and commercial bond departments throughout the nation have tightened up their underwriting practices due to enormous loses throughout the industry. Many sureties have had to close their doors, other have had their ratings drop to a level where they can not write the same business they could in years past. Obviously this leaves the bonding companies that are still operating with a very conservative outlook when it
In either situation, I suggest that you go back to the projections you made when you first started looking at the business. In those projections, you included expenses for salaries and you had a number in those projections for yourself. Or, you should have.
What was it? How did you arrive at that number?
One way would have been to consider how much you wanted, how much you needed to live on. A second way would have been to come up with a figure based on what you were worth. If your last position was President of a multi-national corporation, and you were paid a million dollars a year -- then that's what you are worth. Right? A third way would have been to establish a salary based on what the going rate is for a person to do the job in a business similar to the one you now own. Industry statistics are available and this amount should be fairly easy to determine.
But you bought or started this business because ther
Are you a perfectionist and/or a workaholic? In today’s world most attorneys and other professionals are working long hours. Doing a good job of course is essential to winning and keeping clients but some people go a bit overboard. Do you attend to the smallest detail yourself, work at your desk through lunch and stay at work late into the evening? If you said yes, you are not alone.I recently heard a speaker refer to workaholism as the only addiction that can appear on your
What was it? How did you arrive at that number?
One way would have been to consider how much you wanted, how much you needed to live on. A second way would have been to come up with a figure based on what you were worth. If your last position was President of a multi-national corporation, and you were paid a million dollars a year -- then that's what you are worth. Right? A third way would have been to establish a salary based on what the going rate is for a person to do the job in a business similar to the one you now own. Industry statistics are available and this amount should be fairly easy to determine.
But you bought or started this business because ther
In Australia, Matt and two friends went to a fast-food drive-through for lunch. They wanted three separate orders as there were three in the car and no one had exact change.The order-taker replied, ‘I’m sorry sir, but we are only allowed to process two drive-through orders at a time.’‘But there’s no-one behind us,’ they replied.The order taker repeated, ‘I’m sorry sir, but we are only allowed to process two drive-through orders at a time.’The driver asked, ‘
But you bought or started this business because there were things you and you alone were going to do to make it an incredible success. You could never find a person who would be able to do what you have the vision to see and to accomplish. You can easily convince yourself that you are worth more that the industry average.
And last, since you own the business, (without investors for this example) you might feel that you are entitled to everything that is left, and you could just ignore the fine lines between salary, perks, bonus and distribution of profits.
I may be in the minority here, but I suggest that if you are serious about business and about making what you bought or started into a successful business -- treat it like a business and run it as a professional manager would. In fact, go to the point of wearing two hats -- a manager and the owner. While wearing the owner's hat decide how to pay yourself while thinking about how you would hire and pay a well-qualified professional manager.
Separate compensation into parts. The first should be for showing up (basic salary). The second for perks to clear away the static that can prohibit performance (some clubs memberships do put you in contact with business prospects), and the last, a bonus based on some combination of increased sales (just a small piece) to increasing profits (a bigger piece) and making the projections within say 5% (plus or minus)…. the
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