The life-changing advice that helped me grow my small business - Business Insider

. Whatever I didn't need for my salary would stay in my business account to cover expenses and the next month's salary.

During this time, I needed all or most of the money from my business just to pay myself enough to live on. Some months, I couldn't afford my whole salary. I wasn't able to set aside funds from the good months to cover the slow months because my business was too new to have good months. I realized I needed a business reserve of at least three months' salary to pay myself consistently. That would give me time to collect any late invoices before my financial situation became dire.

This advice seems like a no-brainer to me and I've passed it on many times. I'm always surprised how many self-employed people don't pay themselves a salary. Here are my principles for setting yourself up for success, whether you're a full-time entrepreneur or working a gig as a side hustle:Pay yourself a regular monthly salary. Even if it's a small amount at first, make it regular.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

How a former nurse started a business helping moms become millionaires - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. I think I have a fever
Source: BusinessInsider - 🏆 729. / 51 Read more »

CEO Sallie Krawcheck's best investing advice during a downturn - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

2020 Forbes Small Business Virtual Summit - Forbes ConnectSmall businesses are struggling due to the pandemic, which is why we are excited to announce that the inaugural 2020 Forbes Small Business Virtual Summit will take place on Sept. 25 from 2-5 p.m. ET. Register now at no cost: ForbesSmallBusiness
Source: Forbes - 🏆 394. / 53 Read more »

How MBA students can make the most of remote, hybrid business school - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »