How you can get paid substantially better as a business owner
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Many business owners forget to pay themselves a wage and find they're at the end of the line on pay day. Make sure you're not in this category
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How you can get paid substantially better as a business owner
- 1. How you can get PAID substantially better as a business owner © Copyright One Sherpa Pty Ltd 2010
- 2. Do you feel as though you’re underpaid for what you do? © Copyright One Sherpa Pty Ltd 2010
- 3. Do you take a wage from your business? Or do you just take a drawing from the profits? © Copyright One Sherpa Pty Ltd 2010
- 4. Has your accountant told you to take money from the business during the year… and then it will be all sorted out for tax at © Copyright One Sherpa Pty Ltd 2010 the end of the year?
- 5. Do you simply take whatever money is left over and… hope that you’ll have enough to pay your personal bills? © Copyright One Sherpa Pty Ltd 2010
- 6. The primary reason why you are underpaid is that you’ve forgotten to ask the customer to pay for YOUR wages © Copyright One Sherpa Pty Ltd 2010
- 7. Taking a drawing from the profit means you’re overstating the profit… by forgetting to pay yourself first and… not treating the time you work as a real cost in the business © Copyright One Sherpa Pty Ltd 2010
- 8. If you fail to recover the true cost of wages who is going to pay you? © Copyright One Sherpa Pty Ltd 2010
- 9. PROBLEM #1 calculates the margin you receive from your customers AFTER deducting your wages © Copyright One Sherpa Pty Ltd 2010
- 10. This gives a true reflection of the margin you’re making AFTER paying for the cost of your time © Copyright One Sherpa Pty Ltd 2010
- 11. This is the only way to make sure you have a sustainable business © Copyright One Sherpa Pty Ltd 2010
- 12. Let me show you how this works in One Minute Business Checkup © Copyright One Sherpa Pty Ltd 2010
- 13. © Copyright One Sherpa Pty Ltd 2010
- 14. © Copyright One Sherpa Pty Ltd 2010
- 15. Let’s calculate how many more sales we need to ensure we have a sustainable margin Business Owner Costs $ 80,000 Other Costs $600,000 Total Costs to be recovered $680,000 To ensure 20% Margin divide by 0.8 New sales figure $680,000/0.8 $850,000 © Copyright One Sherpa Pty Ltd 2010
- 16. © Copyright One Sherpa Pty Ltd 2010
- 17. Checkout your own information now. © Copyright One Sherpa Pty Ltd 2010
- 18. Make sure your business is recovering ALL the costs from your customers © Copyright One Sherpa Pty Ltd 2010
- 19. Go to www.oneminutebusinesscheckup.com and see for yourself whether you’re properly recovering a sustainable wage from your business © Copyright One Sherpa Pty Ltd 2010