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Entrepreneurs, Here's How to Pay Yourself a Salary
Are YOU paying yourself a salary yet? According to Business Experts, some of the biggest financial mistakes that can stop you from being able to pay yourself are:1. Putting passion before profit 2. Not separating your business and personal expenses
More Bad Financial Mistakes Entrepreneurs Make - Here. In this week’s newsletter:
- How to Start Paying Yourself a Salary- Use your LinkedIn Profiles to build networks & ultimately get sales
- You can still get your copy of the COVID-19 Business Guides and Support Resources- 5 E-Commerce Challenges and Easy Solutions with 1-Grid #sponsored
Stay safe and healthy!
Quote of the Week
“Reinforce the value you are delivering, especially if you have, over time, made popular changes and additions to the product you are selling.” – Viresh Harduth
The following content is sponsored by 1-grid.
5 E-Commerce Challenges and Easy Solutions
1-grid has identified the top five challenges entrepreneurs face when starting an e-commerce business. They are the Complex Setup, Data Security, Customer Experience, Order Fulfillment, and Costs. Let’s look at one of the challenges - Costs
Launching a business requires some financial investment. This can present a challenge for many entrepreneurs, who more often than not, start with limited financial resources. Solution: How can entrepreneurs manage the costs involved in starting an e-commerce business? Find a cost-effective solution. An all-encompassing e-commerce solution allows you to build a beautiful website, add products and safely accept payments.
Entrepreneurs, Let's Have the Salary Conversation - 3 Articles to get ready
Entrepreneur York Zucchi explains why cash flow challenges are stopping you from being able to pay yourself. Read more
Precious Mvulane, author of ‘The Essential Finance Handbook’, explains where to start, including questions to determine what should be included in your budget.
Four entrepreneurs share with SME South Africa how they pay themselves a salary while still investing in their businesses, including planning for debit orders and interest and having an emergency fund.
MORE FINANCIAL ADVICE Don’t Let Late Payments Kill Your Business – Here Are 8 Ways to Deal
To limit the impact of late payments, rules to follow include managing debtors and offering discounts, vetting customers properly, and building up and maintaining reserves. Read more here
Which of These Business Ideas Would You Like to Explore in 2021?
- Skills coaching- Micro-jobbing- Car wash business- Laundry or sneaking cleaning services- Sanitisation services- E-Commerce
- Coffee shop/ mobile coffee truck
Download Your FREE BUSINESS IDEAS GUIDE and get INFO on 25+ business ideas across all industries in South Africa.
Download 20+ Business Funding Opportunities for Entrepreneurs in the Agricultural Sector
Find the right fund for your agriculture business. Choose from debt financing and venture capital to government grants & incentives and prizes. IT’S FREE.
