As a female entrepreneur, you’re a master of juggling tasks, breathing life into your business dreams, and wearing multiple capes (because we all know you’re a superhero both at home and in your biz). In the midst of managing family, networking, and bringing your ideas to life, it’s crucial not to forget one important person in the equation: yourself! That’s right, my bestie, it’s time to talk about when and how to pay yourself.
It’s About More than the Numbers
In the world of business, there’s a common piece of advice suggesting that paying yourself should wait until your finances hit the elusive “break-even” point or any other complex financial calculation. But here’s the thing – those formulas don’t take into consideration the exhaustion you might feel from giving your all without seeing personal gain. Let’s call it what it is: bullsh*t.
It doesn’t consider the sleepless nights, the constant brainstorming, or the mental and emotional toll of working tirelessly without a paycheck. Your well-being is the lifeblood of your business. It’s perfectly okay – and incredibly necessary – to put yourself first, to honor your efforts by paying yourself, even if it defies the rigid financial calculations. After all, you’re not just building a business; you’re crafting a life you love.
Paying Yourself: It’s Like a Reward
You’ve embarked on this journey, poured your heart and soul into building your business, and then it happens – that magical moment when your phone emits a joyful ding, announcing your very first sale. YAY! It’s like the universe itself is cheering you on. This, right here, is the moment when you start paying yourself!
Even if it’s $50 or $100 a month initially, this act of rewarding yourself carries a powerful message: you value the time, effort, and dedication you’ve invested. It’s a way to recognize that your hard work is directly contributing to your business’s growth.
Avoiding Resentment and Sustaining Your Spirit
One of the pitfalls that can derail even the most passionate entrepreneur is the feeling of resentment toward their own business. Whether it’s the constant feelings of having to produce more, the challenge of keeping up with ever-changing marketing trends, or the roller coaster of sales, there are countless reasons why these feelings might creep in. I can assure you that if you’re not paying yourself, this will surely be the number one reason. It’s a recipe for frustration and burnout! This is precisely why paying yourself, even in the early stages when the amounts might seem modest, is so critical. It’s not just about the money; it’s about nurturing a sense of value and recognition for your hard work. When you pay yourself, you’re telling your inner entrepreneur, “I believe in you, and I appreciate what you’re doing!” This appreciation fuels motivation and endurance, reducing the chances of resentment creeping in and boosting your odds of long-term success. In essence, paying yourself isn’t just an act of financial smarts; it’s an act of self-preservation that keeps the flames of your entrepreneurial spirit burning brightly.
Cheers to Success: Celebrating Milestones
Once you’ve made that first payment to yourself, it’s time to start planning for the future. Create a list of revenue milestones you would love to hit and assign a pay raise to every level. As you hit each milestone, don’t hesitate to treat yourself to that well-deserved boost in your paycheck. With each milestone, your increased salary becomes a tangible reminder of your successes!
Looking to elevate your financial strategy? Explore how The Six-Figure CFO can help you manage your finances and achieve your business goals at www.thesixfigurecfo.com.
Meet Vikki, the driving force behind Minted Mindset, with over 12 years of corporate finance experience managing finances for a Fortune 500 company. Her unwavering desire to transform lives led her to become The Six-Figure CFO. Now, Vikki specializes in helping female entrepreneurs transition from financially overwhelmed to empowered as they scale their businesses from $100K to $1M and beyond. Through personalized financial coaching and strategic planning, she's dedicated to turning financial goals into success stories.