If your small business is starting to bring in solid revenue, should you start paying yourself?
The Young Entrepreneur Council, a nonprofit organization that provides young entrepreneurs with access to tools, mentorship and educational resources that support each stage of their development and growth, posed that question to some of its members. Their answers were shared in a recent BNET column.
The 10 entrepreneurs surveyed agreed that it’s important to pay yourself something, but many added that reinvesting in the business is also essential.
“Take only what you need from the business and nothing more,” advised Todd Garland with BuySellAds.com. “Focus on growing revenue for the business without thinking about how it gets back into your personal bank account.”
“This doesn’t mean that you should reinvest every cent back into your business, what it means is that you shouldn’t take money OUT of the business until necessary,” Garland continued. “This way, it’s always in the business for reinvestment.”
To read the complete BNET story, click here.