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

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I've been self-employed for 20 years, but it wasn't until I got some life-changing advice that my business became a year-round success

. 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.

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