207: Pay Yo'self Series: How To Pay Yourself

I’m wrapping up this powerful 3 part series on PAYING YOURSELF!!! If you haven’t heard it yet, I’m over boutique owners saying they can’t pay themselves because they need to prioritize paying for other things. Most likely, you aren’t managing your margins or expenses appropriately— that’s the first place to check in with yourself. If you go longer than 6 months without paying yourself, most likely, you never will and your boutique will fall flat because you aren’t managing your money correctly. In this episode I focus on teaching you how to actually start paying yourself: 1. Focus on your NET profit. Keep margins high, watch expenses closely. 2. Find an amazing and supportive accountant who understands you and your goals. They don’t make you feel bad about money or scared of the IRS. 3. If you are a sole proprietor or a single member LLC, simply write yourself a check from the business account, and deposit it into your personal account as the owner’s draw. If you are a corporation, partnership LLC, or have employees you may want to consider using a payroll service to help you manage paying the taxes on payroll to yourself and others. Here’s the link to my favorite book to help you get in a profit state of mind “Profit First” by Mike Michalowicz: http://amzn.to/2DmyR1P Here’s the link to my podcast episode about Debt: https://itunes.apple.com/us/podcast/019-lets-talk-about-debt-baby/id1208014382?i=1000389273707&mt=2 Here’s the link to Advantage Payroll Services, our contact is Zoe Hornsby: https://www.advantagepayroll.com/ Grow your own successful retail store: Brick and Mortar | Mobile | Ecommerce: RESOURCES I OFFER: BOOST YOUR BOUTIQUE PODCAST: Available on iTunes and Stitcher bit.ly/boostyourboutique "The Ultimate Boutique Handbook" on Amazon here: http://amzn.to/2mRel6K START A BOUTIQUE BUSINESS PLAN BUNDLE: "The Ultimate Boutique Handbook" ebook + The Ultimate Boutique Handbook Business Plan Workbook Available here: bit.ly/boutiquebundle BOUTIQUE ELITE MEMBERSHIP PROGRAM: Check it out here: www.boutiqueelitemembership.com ONLINE LIVE SIX FIGURE BLUEPRINT COURSE: http:/bit.ly/SFBA17 BOUTIQUE BASICS BOOTCAMP: www.BoutiqueBasicsBootcamp.com FASHION CONSULTANT SALES BOOTCAMP: www.FashionConsultantBootcamp.com ================================================== SOCIAL MEDIA: Website: http://www.StylishandSuccessful.com Instagram: @stylishandsuccessful Facebook: /stylishandsuccessful Twitter: @Stylish_Success Huffington Post: http://www.huffingtonpost.com/author/emily-932 =================================================== RESOURCES: Shopify: ​The best option for inventory management for your shop! Integrated ecommerce, physical inventory and reports to analyze your business! Use this link to get a 14 day FREE trial: http://bit.ly/emilyshopify ====================================================== BUSINESS INQUIRIES: email: [email protected] ===================================================== Disclaimer: This is not a sponsored video. Some links are affiliate links. Thank you for watching! To making lots of friends and making lots of money! Emily Benson www.StylishandSuccessful.com www.FashionTruck.com www.BoostYourBoutique.com My FREE Facebook Community: bit.ly/trucktribe how to open a retail store opening a retail store how to open a retail store with no money how to open a store opening a store how to start your own clothing business how to start you own clothing store how to open a clothing store how to open an online clothing store how to open a clothing boutique open a clothing store opening a clothing boutique business boutique boutique business wholesale clothing for boutiques boutique business plan online boutique business plan how to start a clothing line with no money