Being a business owner is no easy feat. It requires long hours, strategic planning, and a lot of hard work. However, as a female business owner, it’s easy to fall into the trap of putting everyone else’s needs before your own. You constantly pour your heart and soul into your business, but what about paying yourself? In this blog post, we’ll explore why it’s crucial to pay yourself as a female business owner, and the subconscious beliefs that may be holding you back.
One of the main reasons female business owners don’t pay themselves is due to subconscious beliefs about money that began as a child. These beliefs may show up as phrases like, “I can’t take money out of the business to pay myself,” or “I don’t deserve to get paid like a CEO.” However, the truth is that you have an expertise and deserve to be paid for your level of expertise. Paying yourself generously shows that you value your time and expertise, and will ultimately lead to higher levels of confidence.
Many business owners treat money like a zero-sum game, thinking that if they transfer money out of their business and into their personal bank account, it’s money they won’t have available to invest in growing their business. However, this is a huge mistake. When you pay yourself, you’re investing in yourself and your business. Being compensated for your work empowers you and allows you to show up at a higher level, which will be noticed by clients, prospects, team members, and even strangers.
Paying yourself also provides a sense of financial stability. As a female business owner, it’s important to take care of yourself just as much as you take care of your business. By paying yourself a salary or taking regular distributions, you can plan for the future and ensure that your personal finances are taken care of.
One of the biggest obstacles to paying yourself as a female business owner is the fear of being seen as “greedy.” However, this couldn’t be further from the truth. When you pay yourself what you are worth, you are valuing your time and expertise, and setting an example for other female business owners. You deserve to be well-compensated for the time and energy you put into your business, and you should never feel guilty for paying yourself what you’ve earned.
Lastly, paying yourself can actually lead to increased revenue for your business. By valuing yourself and your expertise, you’ll attract higher-paying clients and projects. Your newfound confidence and sense of worth will be noticed by your clients and colleagues, leading to even more opportunities for growth and revenue.
How to start paying yourself from your business
You work hard in your business and you deserve to be compensated accordingly. One way to start paying yourself better is by setting a percentage of revenue that you feel comfortable with, whether that’s 10% or less. To make it easier to manage, set up a separate bank account dedicated to your owner’s pay. As time passes, review your earnings and see if you can increase your percentage. The crucial aspect of this process is assigning true purpose to each dollar that comes into your business. By doing this, you’ll be able to prioritize your income and recognize your worth as a business owner. So why wait? It’s time to start paying yourself better.
As a female business owner, it’s crucial to pay yourself what you’re worth. Overcoming subconscious beliefs about money and valuing your time and expertise is the first step to financial stability and increased confidence. Paying yourself isn’t selfish or greedy; it’s a necessary part of owning and running a successful business. By investing in yourself, you’ll ultimately attract higher-paying clients, build your team, and grow your revenue. Remember, your business can’t succeed without you, so take care of yourself and your financial future by paying yourself what you deserve.
Want to know how we help business owners like you grow their personal wealth while also increasing their business profits? Schedule a complimentary strategy session with one of our Profit First Certified Professionals today!
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