TBL Episode 101: When is it time to give yourself a raise?
Oct 19, 2020•21 min
Episode description
One of the biggest reasons people have for starting their own business is that they want to be their own boss. What many new entrepreneurs quickly realize, however, is that the boss doesn’t always get paid that much in the beginning. As any business grows, there becomes more cash flow left over each month. But how do you know when the time is right to give yourself a raise? When should you be investing in a different area of the business to help it grow even more? That’s why for this episode, we discuss:
- The system we teach our clients for how to pay themselves responsibly
- Why your personal finances play a huge factor for your salary
- Why it’s almost impossible to decide on your monthly salary without a Profit and Loss statement
- How a forecast and budget can make adjusting your salary a much easier decision to make
- Why your goals for growth play a huge part in your ability to increase your salary