How you can get paid substantially better as a business owner

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Many business owners forget to pay themselves a wage and find they're at the end of the line on pay day. Make sure you're not in this category

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How you can get paid substantially better as a business owner

  1. 1. How you can get PAID substantially better as a business owner © Copyright One Sherpa Pty Ltd 2010
  2. 2. Do you feel as though you’re underpaid for what you do? © Copyright One Sherpa Pty Ltd 2010
  3. 3. Do you take a wage from your business? Or do you just take a drawing from the profits? © Copyright One Sherpa Pty Ltd 2010
  4. 4. Has your accountant told you to take money from the business during the year… and then it will be all sorted out for tax at © Copyright One Sherpa Pty Ltd 2010 the end of the year?
  5. 5. Do you simply take whatever money is left over and… hope that you’ll have enough to pay your personal bills? © Copyright One Sherpa Pty Ltd 2010
  6. 6. The primary reason why you are underpaid is that you’ve forgotten to ask the customer to pay for YOUR wages © Copyright One Sherpa Pty Ltd 2010
  7. 7. Taking a drawing from the profit means you’re overstating the profit… by forgetting to pay yourself first and… not treating the time you work as a real cost in the business © Copyright One Sherpa Pty Ltd 2010
  8. 8. If you fail to recover the true cost of wages who is going to pay you? © Copyright One Sherpa Pty Ltd 2010
  9. 9. PROBLEM #1 calculates the margin you receive from your customers AFTER deducting your wages © Copyright One Sherpa Pty Ltd 2010
  10. 10. This gives a true reflection of the margin you’re making AFTER paying for the cost of your time © Copyright One Sherpa Pty Ltd 2010
  11. 11. This is the only way to make sure you have a sustainable business © Copyright One Sherpa Pty Ltd 2010
  12. 12. Let me show you how this works in One Minute Business Checkup © Copyright One Sherpa Pty Ltd 2010
  13. 13. © Copyright One Sherpa Pty Ltd 2010
  14. 14. © Copyright One Sherpa Pty Ltd 2010
  15. 15. Let’s calculate how many more sales we need to ensure we have a sustainable margin Business Owner Costs $ 80,000 Other Costs $600,000 Total Costs to be recovered $680,000 To ensure 20% Margin divide by 0.8 New sales figure $680,000/0.8 $850,000 © Copyright One Sherpa Pty Ltd 2010
  16. 16. © Copyright One Sherpa Pty Ltd 2010
  17. 17. Checkout your own information now. © Copyright One Sherpa Pty Ltd 2010
  18. 18. Make sure your business is recovering ALL the costs from your customers © Copyright One Sherpa Pty Ltd 2010
  19. 19. Go to www.oneminutebusinesscheckup.com and see for yourself whether you’re properly recovering a sustainable wage from your business © Copyright One Sherpa Pty Ltd 2010

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