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    4 Replies Latest reply on Apr 19, 2012 3:41 PM by dannowhite

    Owner's Salary?!

    Ms. Belle Wayfarer

      I own a CPR Certification Center. I've had it for about 4 years.

       

      My issue is that I'm not really sure of how to delegate my funds in order to make my company grow. I'd like to hear how thriving business owners are allocating their funds. How do you determine an appropriate salary, when it's your business?

       

      I've been paying the bills with my business' money and just using whatever's left for myself. This doesn't leave a lot of room for growth.

      Is there a specific formula or percentage that I should be putting in seperate accounts?

       

      Another thing that I'd like to know about is how to go about getting credit for my business. Where should I start?

        • Re: Owner's Salary?!
          LUCKIEST Guide

          Welcome Tanjenique, If you have been in business for 4 years hopefully you have an Accountant.

          YOUR accountant or Your Financial Planner would be a great person to ask.

          ampscs (who had been a member for a long time) just posted "the Benefits Of Retirement Planning"

           

          Check out his post and good luck, LUCKIEST

          • Re: Owner's Salary?!
            jessica_david Scout

            After paying bills and all expenses you can fix some percentage from profit as your salary. let say tha 30 percent will be yours as salary and you can use rest of the amount for the growth of company.

            • Re: Owner's Salary?!
              dannowhite Scout

              Hi Belle, it's good to see you don't have a lot of room for growth.  Now that you have identified one of your problems, it's easy to fix.  You need to consider the components your company needs for growth, whether it be marketing, space, etc, then figure out some estimate costs.  You should also see what you need as a salary to live on month to month so that you aren't putting strain on your personal life.  Between those two, you should be able to come up with something manageable I hope.  Like Luckiest said, you really should contact an account before making the decision.

               

              As far as business credit goes, you can contact The Corporate Credit Depot.  They will help you build business credit and get you some funding without a personal guarantee.  Hope I was able to help.