How much should you pay yourself as a woman business owner? This is a question that plagues many entrepreneurs as they try to balance fairly compensating themselves with reinvesting profits back into the business. If this is you, you’re in luck because this week, Eleanor gives you the ultimate guide for deciding on your salary and distributions as a woman CEO.
If you’re scaling from $200K to 2 million plus, you may find that you need a better and more consistently applied rationale as it relates to your compensation. Figuring out your compensation involves weighing a number of factors, and Eleanor is breaking down her step-by-step framework you can use to determine your base salary, distributions, and total comp.
Listen in this week as Eleanor equips you with some timeless principles that will help you think critically about your own compensation. You’ll learn what is required of you to have a well-financed business, and become a well-financed woman who has the fuel you need to feel protected, weather challenges, and have an abundant life.
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Today on Woman Owned:
- Why you shouldn’t be outsourcing financial decision-making in your business.
- 2 key money principles every woman CEO needs to know.
- Eleanor’s definition of a financially healthy business.
- How to calculate a fair market base salary for your role as CEO and the other hats you wear in the business.
- Why your company’s financial health and your personal financial well-being are intertwined but not the same.
- The ideal profit margin, cash reserves, and tax strategy to aim for as a financially healthy business.
- How taking strategic owner distributions can help you build personal wealth and get payback for your investment.
- The power of ownership and how to think critically about compensating yourself as you scale.
Resources Mentioned:
- Can’t seem to figure out why your scalable offer isn’t selling? Schedule a growth audit with Eleanor and her team to create an actionable plan to get your offer generating the income you want! Click here to schedule!
- To receive the Woman Owned newsletter, make sure you sign up here!
- Organic Influence: Build a Loyal Following and Sell with Ease by Eleanor Beaton
- Profit First by Mike Michalowicz