When starting a new business venture it is important to determine not just your employees’ salaries, but also your own. After all, when you work for someone else, it is pretty easy; you earn the salary they determine for the work you do for them. However as your own boss, you need to earn enough that you can cover your personal bills but also have sufficient funds to input into your business and deal with any emergencies. Deciding how much income you should take versus what you need for the business can be a challenge. Although there are no hard and fast rules, certain guidelines can help. Here's how to figure out how to compensate yourself for your work.
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