It's Time To Pay Yourself First
Tony Kereluke • July 28, 2022
Own Your Business & Starting Paying Yourself First
When one owns their own business we are in a position to have more control of our own lives. For starters when one owns their own business as entrepreneurs they pay themselves first and then pay tax later after our expenses take shape. When one works for a company as an employee up to 50% of our earnings is paid upfront in tax. Then the remainder is given to you as your pay cheque.
The word freedom has been a hot topic lately and when one owns their own business they earn this right to pay themselves first in addition to enjoying the freedoms that comes with it. So why would most not try and start their own business and have more freedom & lifestyle and pay themselves first? Or create a side gig to see if it has legs and then turn that into a full time business. Or simply purchase an existing business or buy a franchise and grow it could be another way.
The answer is that many do not try or even entertain paying yourself first in Canada or buying your own freedom is because they are in too much debt or have too much monthly overheads. I have seen many clients sell it all and clean the desk right off and start their own business. Many have chosen to start fresh with a clean slate as they noticed with their overheads being so high one can never start a business unless you run into a lot of cash and purchase an existing business. Their is nothing wrong with clearing it all off the desk and starting fresh and creating a new business model for your own self. As its a sense of a reset in your own life and tends to be very liberating when you do. I have done many desk clearings myself and fortunately worked out well. It recreated a new freedom life multiple times over and allowed one to not be trapped by someone else.
Try and give this some thought and if you would like to chat more about this you can call my toll free 1-855-816-1743 and we can have a chat together
Learn what buyers look for in a business, from cash flow and recurring revenue to owner dependence, risk, systems and growth potential.
Learn how to organize financial records, document earnings, identify add-backs, and prepare for buyer due diligence before selling your business.
Learn when to sell your business, when to wait, and how market conditions, valuation, buyer demand, and exit strategy affect your decision.
Learn the biggest mistakes owners make when selling their business and how to avoid pricing, timing, confidentiality, and negotiation issues.
Learn how to sell a business confidentially without alerting staff or competitors. Proven strategies to protect value, control information, & close discreetly.
Learn how long it takes to sell a business, the key stages involved, and what to expect from preparation to closing so you can plan your exit with confidence.
Learn how to value your business using SDE, EBITDA, and market multiples. Understand key factors that affect valuation before you sell your business.
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