Paying yourself as an entrepreneur.
Seems simple enough but a LOT of business owners, especially in the early days, struggle with it:
How much should I pay myself?
When should I pay myself?
What's the best process to pay myself?
How to Pay Yourself:
The process of paying yourself as a business owner is fairly straightforward.
First, if you’re a sole-proprietor or a single member LLC that is not taxed as an S-Corp, you’re going pay yourself what is known as an “Owner’s Draw”.
Sometimes, you might hear people refer to these as “distributions” which isn’t technically correct but you can go ahead and call it that if you want.
The actual mechanics behind you pay yourself through one of these Owner’s Draws or Distributions is pretty simple.
First, you can pay yourself through ACH where you just transfer the money from your business account to your personal checking account.
The next way you can pay yourself is through...
Q4 is finally upon us which means, for many of us, we’re about to be in the season of affiliate launches, discount codes, BOGOs and Black Friday Sales.
For a lot of coaches, consultants and course graders, this is the time of year where we get anywhere from 50-60% of our annual sales. Along with those sales comes a lot more cash in the bank than we normally have and that’s great!
But, I see so many entrepreneurs making bad spending decisions with that cash at the end of the year so today I want to share with you the top 3 mistakes that I see so many online business owners making!
And I’m going to share with you the number one tool you can use to avoid making those mistakes. Let’s go.
The Three Mistakes:
The first big cash decision that I see entrepreneurs goofing up is they have their big launch and they've got all this cash in the bank so they decide that they are going to spend it to reduce their net profitability.
If you’re a...
I'd like to pose a very simple yet powerful question:
How do you define success?
I thought I knew what success was until one day I realized I really had no idea. And that realization literally shook me.
For the better part of my life, I thought I knew exactly what success was. In fact, I had these big goals that were going to help me become “successful” and after a decade of relentlessly pursuing these goals, I finally accomplished them.
However, I quickly realized that what I’d accomplished wasn’t success at all and, even worse, that I had no idea what the hell success even meant.
That process is, honestly, one of the most depressing but game-changing challenges that I’ve ever faced.
I want to share that story with you and how that journey led me to redefine just how I think about success and ultimately changed the way that I live my life. I am going to share with you the four big lessons that I learned on that journey and how...
Are you confused by the whole LLC vs. S-Corp thing?
The truth is, if you get this decision wrong it could cost your business tens of thousands of dollars - every single year!
But don’t worry, in this blog I’m going to break down everything you need to know about LLCs & S-Corps so you can think through which of these options is best for your business.
To kick things off, it’s important to understand exactly what LLCs and S-Corps are and what they are not.
LLCs are one of four basic types of Business Entities.
The other three are:
If you’d like me to do another post where I break down the differences between these four types, let me know in the comment section below!
Now, did you notice that my list of Business Entities did not include the S-Corp?
That’s actually because the S-Corp isn’t a type of Business Entity.
Instead, it’s a tax election that you make with...