3 Ways To Decide Your Own Salary: Lessons For Entrepreneurs


Bangalore: Running a self-started business includes a lot of expenses. Entrepreneurs not only have to fund their company from their own investment, but also should determine a paycheck for themselves that would keep their bills paid and personal life going. So what could be the best move to balance business as well as personal life?

J.D.Roth, founder and editor of personal financial blog getrichslowly.org, states that while there is no one correct answer, there are quite a few ways to support yourself financially as well as put back money to grow your business. In his article on Entrepreneur, Roth writes about the three key things to consider while determining self-paycheck.

1. Pay yourself what you're worth.

Entrepreneurs should make use of the online resources like Salary.com and Glassdoor.com to determine how much salary other professionals in similar positions are earning. This way, business owners are motivated to succeed.

Amanda K. Larrinaga, a serial entrepreneur based in Denver says, "I set a salary for myself and if I can't cover everything, I hold off on my salary but mark it as a debt the business owes. It's amazing how quickly I've adjusted my costs to be sure I get paid."

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