How much do you pay yourself?
For a long time I would withdraw all the funds in my PayPal account every week to pay myself.
But after learning about how to treat this business "properly" I've started doing the following:
1. I pay myself a salary of 40% of my business revenue, based on a rolling 12-month average, which I update at the end of each month. By not emptying my PayPal account, I have funds for business expenses and to keep a buffer in place that will smooth out any quiet months.
2. I post 5% of business revenue to an interest bearing account called my "First Profit Account". I got this tip from the Toilet Paper Entrepreneur. This is to ensure that my business is posting a profit. Each quarter I adjust this percentage a bit higher until I reach my goal percentage. Also I pay myself a dividend out of this account every 3 months.
As a result, I'm paying myself a lot less than I used to, but I now have the funds handy for emergencies and for expansion, and am pretty happy with this setup.
Anyone wanna share how they pay themselves? Perhaps you pay yourself a fixed salary? A percentage of profits? A percentage of revenue? etc.
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