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Wondering how to pay yourself in your business? When you own your own business, finances can be confusing and frustrating. This week on the pod, I’m peeling back the curtain and letting you in on an inside look into how I budget in my business using Profit Sheet. I also cover how to pay myself and how much to save if you’re planning to go full time!

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Business Budgeting Checklist

In this episode, we cover a lot of ground on business budgeting and paying yourself. Here are some of the best tips and considerations at a glance.

  1. Track your money in and out every week with something like Profit Sheet.
  2. Build up a reserve account of 3-6 months pay before going full-time in your business.
  3. Consider a business credit card that you pay off every month.
  4. Get legit! Obtain your EIN, set up a separate business bank account, and pay estimated taxes each quarter.
  5. Aim to pay yourself a consistent amount every two weeks and allow bonuses if you have the funds.

Remember your business is unique! While I’m sharing what’s worked well for my own business, I’m not your attorney, accountant, or financial advisor. Consider hiring someone to help if you’re feeling overwhelmed. When in doubt, try and few different things and see what works best for you!

Links Mentioned:

Find my channel now on ⁠YOUTUBE!⁠

Follow Nichole on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠INSTAGRAM⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Download my business budgeting tool, Profit Sheet.

Episodes mentioned: 12 | How to Form an LLC in SC, 15 | Starting a Business, 34 | Team Meetings.

Try Betterment, my retirement savings company!

Download the new resource, ⁠⁠The Full-Time Photographer’s Playbook⁠⁠!

Free Resources and Tools ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HERE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Join my signature course, ⁠⁠Wedding Walkthrough⁠⁠.

Shop my attorney-drafted contract templates at ⁠⁠Legally Creative⁠⁠.

Shoot with Nichole at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Styled Event⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Shop ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Nichole’s Amazon Favorites⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ (including gear, biz books, and more!).

Find Nichole on ⁠⁠⁠⁠⁠⁠LiketoKnowit⁠⁠⁠⁠⁠⁠ (for personal favorites!)

Posted in: The Self-Starter Podcast

October 23, 2023

How to Pay Yourself in Your Business

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Nichole Lauren is a photographer & business coach in Greenville, SC & available for travel worldwide.

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