58. Paying Yourself 101 [Everything Business Owners Need to Know]

Congratulations: Your Business, LLC has just made a sale! Time to go shopping—right? Hold up! That money actually belongs to your business, not to you. So how do you get paid? And how do you do it in a legally legit way? That’s what we’re going to talk about today. I’m going to share how I paid myself in the beginning, the step-by-step process I recommend for setting yourself a financial cushion, and how to get to a place where you can pay yourself consistently.

In this episode, you’ll hear…

1. 02:58 - How I started my business and handled money early on
2. 07:40 - How I paid myself when I started
3. 10:05 - Making an owner’s draw (actually paying yourself)
4. 15:13 - Paying yourself is not a business expense
5. 18:21 - Being responsible with money
6. 19:24 - Putting yourself on payroll

If you’d like a shoutout (and a chance to win a $20 gift card), just leave a review on Apple Podcasts and send a screenshot of it to me on Instagram via DMs!

Click here to find the full show notes and transcript for this episode.

RESOURCES:

1. Megan Naasz
2. Little Fish Accounting
3. Visit ADP for payroll support (affiliate link)
4. Episode 53. The Millionaire Myth in Online Business
5. Episode 7. The First 3 Steps to Legally Protect Your Business (Where to Start!)
6. YouTube Video: This Will Save You Money on Your Taxes
7. Get notified when each episode of On Your Terms® comes out

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5. Take Sam's free legal workshop "5 Steps to Legally Protect & Grow Your Online Business"

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