Episode #317: Your CEO Salary
One of the amazing benefits of being a business owner is that YOU are in charge. But this is also one of the biggest challenges of being a business owner! As the leader in your business, you’re responsible for high-level decision-making in many different areas, including who you serve, how you deliver results — and how much you earn. Business owners can struggle with knowing how much — and how often — to pay themselves. While investing back into the business is important, paying yourself a regular salary is absolutely crucial!
Women entrepreneurs tend to underpay and deprive themselves, and this can cause them to lose steam as they aren’t seeing enough reward for their efforts. This episode of The Business of Thinking Big takes a practical, no-nonsense approach to setting up your CEO salary. You’ll learn about the common issues that hold female entrepreneurs back when it comes to the money side of our businesses — and how to start recognizing and honouring your own value!
In this episode, you’ll discover:
- Why you should set a real salary (rather than just withdrawing from your business account as needed!)
- How to choose a CEO salary that makes sense and doesn’t limit you for the wrong reasons
- How to shake off the corporate mindset when it comes to understanding your worth
Timestamps:
00:33 Intro
02:34 Underpaying ourselves
05:28 Understanding your worth
06:56 Why set a salary?
08:34 Choosing a number
16:10 Designer client example
18:13 ‘3 Levels of Income’ exercise
23:10 A-Players, 4 step recap & bonuses
28:36 Conclusion
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Links mentioned:
A-Players Rapid Impact Business Coaching Program
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