Laura dives into a listener's question about how to pay yourself as a business owner, as well as increasing that amount as the business grows. She discusses why she reinvested 100% of her profits in the early years to then eventually paying herself a salary and taking owner's draws. She also shares her own experiences and gives advice on separating business and personal finances, maintaining a conservative approach to reinvestment, and the gradual increase of her salary over the years. Tune in for an unfiltered, behind-the-scenes look at the financial decisions she’s made throughout her entrepreneurial journey! Plus, Laura touches on the book 'Profit First' and why she doesn't follow its advice to a tee.
Key Topics:
Listen to Episode 08: Top 5 Financial Mistakes Entrepreneurs Make
Listen to Episode 09: Business Finances 101: Money Topics Every Entrepreneur Should Understand
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