I have a small business i am running and currently i do not have any employee under me since its still something i can handle on my own. I am currently planning on putting myself under a payroll as from next year. I believe this would help me save more and also manage my income. What do you think about this?
Do you normally pay yourself?
- Thread starter eldavis
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Its also the same issue over here. The price of things has skyrocket. The cost of materials for production is something else and the worse part is that most people still want you to offer your goods and services at the same old price.
Well I believe that the best thing is to do it yourself and not need staff, always assuming that you can completely manage your business on your own. However, there are certain businesses that cannot be managed by a single person.
They are called sharks, they only think of their own benefits forgetting about the struggles of the people. Goods considered old stocks must be reduced but the prices remain high.
I always pay myself 40% of all the profits that I make on a monthly basis. My business is 6 years old and it should start sustaining me.
After all salaries have been paid and all production liabilities catered for, my boss would pay himself from the remainder. Some months, it is high while some months, it is low.
Consider paying or treating yourself if you are earning well. It does not have to be extravagant; a simple treat, like a massage, might be enough. It depends how much you are earning.
