One of the nice things about being a business owner is that, as your own boss, you'll never need to ask for a pay rise.
You'll have to answer the question..
How Much Should I Pay Myself As The Business Owner?
You will have conflicting feelings as you wear both the hats of the employee and the employer.
As the employee, the salary and benefits package you receive will determine your standard of living.
Benefits include things that you could buy as a private individual but the business pays on your behalf. In the UK this includes costs like company cars and medical insurance.
As the employer, you'll be aware that there are many other calls on the money a business has at its disposal:
- Your staff want to be paid more.
- Your suppliers want to be paid faster and they want higher prices.
- Your customers want you to reduce prices and add more free services or better service.
- And of course, the taxman will want his fair share.