This question may hit home, or even ruffle some internal feathers. But it's important to take a true and authentic look at your business and ask yourself:
Do I own my job, or do I own a business?
Too often I meet business owners who are stuck in their business. They're working long hours, doing tasks they don't enjoy, and paying themselves the bare minimum to get by.
They have a regular 9-5 job, they just happen to be both the boss and the employee.
There's a reason you hear me talk about making profit a priority in your business. It's because profit, and your salary, are two very different things.
Your salary is the compensation received for doing the work your business does to generate the revenue. The skills, expertise, and the hours put in your products/services to clients. This is the working “in” your business.
Profit is the reward for running a successful business. It’s for being the brains behind the business and for taking the risk. The ideas, strategy, setup, system, processes, and training. This is the working “on” your business.
To own a business instead of owning your job, we want move your role so that your time is spent working "on" the business, and less "in" the business.
So how can we flip the script? How do we own a business vs. owning a job?
Step one is prioritizing your profit. Begin taking your profit out first, setting it aside, and running your business on the rest. This profit will be used to pay you (yes, you) distributions.
If you are ready to own a business, and not just a J-O-B, click here to book a free coaching session. As a Profit First Coach, I'll help you work less and pay yourself more.
Most business owners struggle with managing their money, resulting in small paychecks for themselves. At Craig Dacy Financial Coaching, we help make managing your money simple. That way you can pay yourself what you want, when you want it.