| When you are the owner of your own
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| | about how you would hire and pay a
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| business, one of the most difficult
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| | well-qualified professional
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| decisions you will make is how to pay
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| | manager.Separate compensation into parts.
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| yourself and how much to pay yourself.
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| | The first should be for showing up (basic
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| First, there is the issue of adequate
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| | salary). The second for perks to clear
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| cash. If you are doing things on a
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| | away the static that can prohibit
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| shoestring, you may not have enough money
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| | performance (some clubs memberships do
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| to pay yourself. Suppose that you do, but
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| | put you in contact with business
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| it will be a struggle. You might opt to
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| | prospects), and the last, a bonus based
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| pay yourself but to not run the pay
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| | on some combination of increased sales
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| through all of the deductions. In other
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| | (just a small piece) to increasing
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| words, you treat yourself as an
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| | profits (a bigger piece) and making the
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| independent contractor -- or maybe you
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| | projections within say 5% (plus or
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| just borrow enough money to meet your
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| | minus).... the biggest piece.As for the
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| monthly needs.On the other hand suppose
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| | other hat, the one you as the manager
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| you properly capitalized the business --
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| | wears, think about how you are going to
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| either with your own money, investor
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| | improve the business and earn the bonus
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| money or bank loans. In this case you can
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| | you will be paying yourself. Constantly
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| pay yourself and pay all of the
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| | focus on making the business better.
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| associated payroll expenses. But how much
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| | Develop the fear that there is somebody
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| do you pay yourself?In either situation,
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| | out there who will be able to do your job
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| I suggest that you go back to the
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| | better than you and when that person
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| projections you made when you first
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| | shows up -- you are going to have to
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| started looking at the business. In those
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| | defend your performance.Now back to
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| projections, you included expenses for
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| | wearing the owner's hat, hold yourself,
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| salaries and you had a number in those
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| | as the manager, accountable for making
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| projections for yourself. Or, you should
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| | the projections, keep laying out bigger
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| have.What was it? How did you arrive at
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| | challenges for yourself as the manager;
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| that number?One way would have been to
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| | keep raising the performance bar. And
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| consider how much you wanted, how much
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| | keep a sharp eye out for that proven
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| you needed to live on. A second way would
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| | performer who walks in and wants the job
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| have been to come up with a figure based
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| | of running your business.When that
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| on what you were worth. If your last
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| | happens, don't be afraid to fire
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| position was President of a
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| | yourself.Learn more about this topic in
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| multi-national corporation, and you were
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| | Chapter Twenty-seven in my book.By Art
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| paid a million dollars a year -- then
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| | ConsoliEntrepreneurs Pay Themselves What
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| that's what you are worth. Right? A third
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| | They are Worth -- number seventeen in a
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| way would have been to establish a salary
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| | series taken from:How to Evaluate and
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| based on what the going rate is for a
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| | Profit from a Business Opportunity - The
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| person to do the job in a business
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| | Entrepreneur's GuideBy Art ConsoliArt
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| similar to the one you now own. Industry
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| | Consoli held eight corporate positions
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| statistics are available and this amount
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| | with Johnson & Johnson before starting
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| should be fairly easy to determine.But
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| | his first business. He went on to build
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| you bought or started this business
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| | over twenty businesses from patents or
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| because there were things you and you
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| | ideas or from businesses others couldn't
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| alone were going to do to make it an
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| | make successful. These ranged from
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| incredible success. You could never find
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| | starting a veterinarian drug company to
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| a person who would be able to do what you
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| | taking over a steel fabricating company
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| have the vision to see and to accomplish.
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| | to developing the first manufactured home
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| You can easily convince yourself that you
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| | subdivision to qualify for every private
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| are worth more that the industry
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| | and government assisted mortgage program
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| average.And last, since you own the
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| | in Arizona. He also did ten workouts for
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| business, (without investors for this
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| | lenders and owners; the last was a $30
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| example) you might feel that you are
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| | million, 300 employee, precision parts
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| entitled to everything that is left, and
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| | manufacturing plant that made parts for
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| you could just ignore the fine lines
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| | the auto industry. Consoli's unique
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| between salary, perks, bonus and
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| | background and skills allow him to speak
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| distribution of profits.I may be in the
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| | and write about how someone with limited
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| minority here, but I suggest that if you
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| | experience can do a self-evaluation which
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| are serious about business and about
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| | will let him decide which business
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| making what you bought or started into a
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| | opportunity is best, how to evaluate
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| successful business -- treat it like a
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| | opportunities and gain control over the
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| business and run it as a professional
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| | one which offers the greatest potential
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| manager would. In fact, go to the point
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| | and then manage that business to success.
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| of wearing two hats -- a manager and the
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| | Readers of his book call and write to
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| owner. While wearing the owner's hat
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| | tell him how much his book has helped
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| decide how to pay yourself while thinking
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| | their lives and improved their business.
|
