58. Paying Yourself 101 [Everything Business Owners Need to Know]

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 on07:40 - How I paid myself when I started10:05 - Making an owner’s draw (actually paying yourself)15:13 - Paying yourself is not a business expense18:21 - Being responsible with money19:24 - Putting yourself on payrollIf 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.RESOURCES:Megan NaaszLittle Fish AccountingVisit ADP for payroll support (affiliate link)Episode 53. The Millionaire Myth in Online BusinessEpisode 7. The First 3 Steps to Legally Protect Your Business (Where to Start!)YouTube Video: This Will Save You Money on Your TaxesGet notified when each episode of On Your Terms® comes outCONNECT:Get Sam's weekly newsletter, Sam's SidebarFollow Sam on InstagramFollow Sam on YouTubeSubscribe to Sam's Substack, Beyond BusinessTake Sam's free legal workshop "5 Steps to Legally Protect & Grow Your Online Business"DISCLAIMER