I read a post a while back on whether business owners should collect a salary. Some of my readers will be familiar with Denise Duffield-Thomas of luckybitch.com For about a year now, I've been following her and growing in my journey to reevaluate my patterns and beliefs around money. It has inspired me to share with you all here on my blog a similar message.
You’re A Supplier Too
There are so many reasons why it is really important to pay yourself. Lots of people, myself included, follow the profit first model. It allocates money to you, as the business owner, as a salary each and every month.
After all, if you can't pay yourself, then really why are you in business? Imagine working really, really hard and not getting paid. Imagine how that would affect your motivation to continue on working hard. Think of yourself as a supplier. A supplier who also needs to be compensated.
Know Your Worth
The value of your worth is in direct proportion to the return you accept for your work. A lot of us can struggle with this concept. Some end up either under charging and find there’s not enough time to generate the money needed to sustain or worse, they give services away for free.
Don’t get me wrong, a business in its infancy may require this cut to gain trust and build a client base but don’t get caught up in doing it for too long. If you continue to find yourself working long, long hours and not making enough financial headway to pay all suppliers (yourself included), it may be time to evaluate your rates.
Abundance Over Resentment
Many, if not most, business owners are in business for themselves out of a passion to help people in whatever space they are in. They truly enjoy their work and give it their all. Imagine putting all of your energy into serving your clients but not receiving any recognition or reward. In time, energy and abundance will be exchanged for burnout and resentment. You've got to be open to receiving as much as you are giving. Set your rates at fair market value (or even higher), accept that you are worthy and abundance will outshine resentment.
Here’s the link to Denise’s article. You’ll find it is available both as a video, typed transcription and audio. I encourage you to continue learning about sending out what we want to receive. If we do, abundance follows.
Like most of my blog posts, I have a corresponding video. If you would like to check that out click on the image below.