Challenge #9 – Put Yourself on a Salary
Business Made Simple Podcast
StoryBrand.ai
4.8 • 2K Ratings
🗓️ 17 August 2023
⏱️ 6 minutes
🧾️ Download transcript
Summary
Many business owners treat their business finances like their own personal bank account. They think they’re being frugal by only taking what they “need” – but it’s actually a sloppy way to manage both business and personal finances.
It’s Day 9 of the Double Your Revenue Challenge, and in today’s episode, Donald Miller challenges you to put yourself on a consistent salary. Just like you’d pay an employee or contractor a fixed rate, Don recommends treating yourself the same way. Determine the amount of money you’re going to pay yourself – and then live within those means! The result? Better financial discipline, enough money to pay business taxes and expenses, and more motivation to increase overall revenue. Tune in now!
Take action and download the Double Your Revenue Challenge checklist at BusinessMadeSimple.com/Challenge.
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Offer expires August 18, 2023.
Transcript
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| 0:00.0 | probably the biggest expense and your entire business is you. |
| 0:07.8 | Welcome to the Business Made Simple Podcast brought to you by the HubSpot Podcast Network. |
| 0:12.0 | I am your host, Donald Miller. Today is day nine of the Double Your Revenue Challenge. |
| 0:16.8 | If you are worried about declining revenue, you're listening to the right podcasts. |
| 0:20.5 | I'm giving you 10 things that you can do not just to see an increase in revenue, |
| 0:23.6 | but most of you can actually double your revenue. If you've not joined the challenge yet, |
| 0:27.7 | download the Double Your Revenue Checklist at businessmadesimple.com slash challenge. |
| 0:33.1 | Hopefully thousands of small business owners will double their revenue by just checking off |
| 0:37.3 | the 10 things that I want you to do. Today, I actually want to talk about how much money |
| 0:42.4 | you are taking out of the company and whether or not it's too much. We've talked |
| 0:47.1 | eight times now about how to make more money, but I want to talk about how to actually save money. |
| 0:51.8 | You are probably running a solo apprenticeship or a small business in which the money that the |
| 1:01.2 | business has largely depends on whether or not you buy things. This is an obvious for most |
| 1:09.6 | business owners, but some of you haven't figured this out yet. You need to put yourself on a salary. |
| 1:14.0 | Put yourself on a salary. I don't care what that salary is. Obviously, it needs to help you live |
| 1:20.1 | well. If you're just starting a business, it needs to be a small salary. Your business is a |
| 1:24.8 | machine that makes money. The business is a machine that prints money. However, in order to print |
| 1:31.3 | money, you have to feed the machine money. So, hopefully, for every $5 you feed the machine, |
| 1:39.1 | it's printing out 10. Now, the problem is if I feed my machine $5 and it prints out 10, |
| 1:46.4 | and I keep five of that for myself, I've only got five left to put in the machine that prints |
| 1:52.2 | out 10, and then I keep five, and you're not letting the machine actually grow to where it prints 20. |
| 1:58.4 | What you want to do is put in $5 and it puts out 20. Put $5 in it puts out 25. If your machine |
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