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58. Paying Yourself 101 [Everything Business Owners Need to Know]
Episode 5829th August 2022 • On Your Terms® | Legal Tips Meets Marketing Strategies for Online Business • Sam Vander Wielen
00:00:00 00:25:31

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Congratulations: Your Business, LLC has just made a sale! Time to go shopping—right? Hold up! That money actually belongs to your business, not to you. So how do you get paid? And how do you do it in a legally legit way? That’s what we’re going to talk about today. I’m going to share how I paid myself in the beginning, the step-by-step process I recommend for setting yourself a financial cushion, and how to get to a place where you can pay yourself consistently. 

In this episode, you’ll hear…

  • 02:58 - How I started my business and handled money early on
  • 07:40 - How I paid myself when I started
  • 10:05 - Making an owner’s draw (actually paying yourself)
  • 15:13 - Paying yourself is not a business expense
  • 18:21 - Being responsible with money
  • 19:24 - Putting yourself on payroll

If you’d like a shoutout (and a chance to win a $20 gift card), just leave a review on Apple Podcasts and send a screenshot of it to me on Instagram via DMs!

Click here to find the full show notes and transcript for this episode.



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DISCLAIMER: Although Sam is an attorney she doesn’t practice law and can’t give you legal advice. All episodes of On Your Terms are educational and informational only. The information discussed here isn’t legal advice and isn’t intended to be. The info you hear here isn’t a substitute for seeking legal advice from your own attorney.

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