Oct 18, 2020
Last year I conducted a survey where I asked about 50 small
creative product businesses a wide variety of questions, ranging
from how they managed their costs to what sort of turnover they
were producing. One quite startling figure that arose from this
research was that a whopping 75% of the business owners I surveyed
did not pay themselves from their creative product business!
Paying yourself is something I’m really passionate about. Yes, it
makes sense to keep money in the business to help it grow but if
you’re not paying yourself from your business then how much freedom
and flexibility, as a business owner, do you really have? You
shouldn’t be working for your business, your business should be
working for you.
In episode 12 of The Resilient Retail Game Plan, we’ll look at a
number of key points that will help you start paying yourself as
quickly as possible. We’ll look at reviewing profit margins and the
importance of understanding the fundamentals of your business
costs, as well as developing a cash-flow forecast from your sales
plan and taking the fear out of taking money out of the business.
We’ll also discuss the importance of controlling the biggest cost
in your business - your stock; and how even if it’s just buying
yourself a coffee every morning that paying yourself is essential
to stop your business from devouring every bit of cash available as
it grows.