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Profit in business comes from repeat customers, customers that boast about your project or service, and that bring friends with them. Business, that's easily defined - it's other people's money.
Useful tips for a new businessman.
One of the reasons why I like KansasCity.com website is their business column. This is one of a MUST column that you should visit specially if you are into business.
Recently, I just read a very good interview session with Elisa Waldman, Consultant, Kansas Small Business Development Center. She’s really good in this and for a people like me, I may say that she just open up my mind and many others people. The topic that she’s talking about just came at the right time.
Small-business adviser: It’s OK to pay yourself when starting a business?
I am launching my business this year.
Should I budget a salary for myself?
How do I figure what that should be?
Whether to pay yourself during the startup phase of your new venture is a question posed by most new business owners. While some entrepreneurs initially pay themselves just enough to get by, others pay themselves what they are worth in the marketplace.
The overriding answer to the question of whether you should compensate yourself in the early stages of business is “yes.”
One compensation option is to pay yourself only what you truly need to meet your financial obligations until the business is profitable. To determine your personal needs, you can develop a personal budget that lists all of your living expenses and any additional obligations.
Because many startup ventures require time to break even and become profitable, it is critical that the income you earn from the business covers your personal needs for an extended period of time. Once the business is more established, compensation can be increased.
She also explains more deep on this subject. Fell free to get the full article here and let me hear you say.
Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body - the producers and consumers themselves. One more thing is in the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later. Remember, a business that makes nothing but money is a poor business.
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