If you’re starting out in small business, you may be wondering about what to pay yourself. When you had a traditional job, you got a salary or an hourly wage set by someone else, and you didn’t have to think about it much. But what do you do when you’re the boss? How and what should you pay yourself?
Many of us start small businesses to follow our passions: bookkeeping, fixing cars, teaching children – anything. However, some entrepreneurs also start small businesses to pursue an activity or interest they like, but may not be an expert in.
At GoForth Institute, we are firm believers in jumping into a small business venture with your eyes wide open. That means education, research and planning. You don’t have to know your industry inside and out, but if you’re a dog lover interested in opening up a dog grooming business, you need to prepare yourself as much as you possibly can. And that could very well mean you’re not the one doing the actual grooming. Part of being a successful entrepreneur is knowing where your strengths and weaknesses lie – wouldn’t you rather have the best groomers in town working for you, instead of you hacking away at poor Rover’s fur and then charging $200? Of course, you should still have a passion for your small business. You’ll still be working just as hard as any other entrepreneur, after all.
Our GoForth Expert Norman Leach has recently answered a question from an entrepreneur interested in starting up a cafe, but who doesn’t have any cooking or baking experience. Check out the advice Norman gives about starting up a small business in which you may not be an expert.