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:

• (02:00) Initial startup cost; reinvesting 100% of profits
• (04:40) The first business investments made
• (08:20) Transitioning to an S Corp and making salary decisions
• (13:35) Laura’s decision to pay off her home mortgage
• (16:10) Laura’s salary as a CEO; putting financial strategies in place
• (18:10) Following the Profit First model for financial management
• (26:40) The importance of paying yourself for your hard work

Listen to Episode 08: Top 5 Financial Mistakes Entrepreneurs Make

Listen to Episode 09: Business Finances 101: Money Topics Every Entrepreneur Should Understand

Connect with Laura:

Getprofitablehq.com

Getprofitablehq.com/the-profit-posse