The Resilient Retail Game Plan Episode 12

Why paying yourself is crucial

Podcast show notes

Last year I conducted a survey where I asked about 50 small creative product businesses a wide variety of questions, ranging from how they managed their costs to what sort of turnover they were producing. One quite startling figure that arose from this research was that a whopping 75% of the business owners I surveyed did not pay themselves from their creative product business!

Paying yourself is something I’m really passionate about. Yes, it makes sense to keep money in the business to help it grow but if you’re not paying yourself from your business then how much freedom and flexibility, as a business owner, do you really have? You shouldn’t be working for your business, your business should be working for you.

In episode 12 of The Resilient Retail Game Plan, we’ll look at a number of key points that will help you start paying yourself as quickly as possible. We’ll look at reviewing profit margins and the importance of understanding the fundamentals of your business costs, as well as developing a cash-flow forecast from your sales plan and taking the fear out of taking money out of the business. We’ll also discuss the importance of controlling the biggest cost in your business – your stock; and how even if it’s just buying yourself a coffee every morning that paying yourself is essential to stop your business from devouring every bit of cash available as it grows.

If you enjoyed this post, why not join up to my email list? Not only will you get exclusive emails and offers to help you and your business, you will also get access to ALL THREE of my FREE business toolkits.

These toolkits are packed with useful tools and information – from checklists, to e-books, workshop replays and more, there’s one for every stage of your business journey.

Ready to get access to all three – Start Your Business, Grow Your Business, Scale Your Business?

All you need to do is put your email in below, and you’ll be sent the link to access them.

For more information about all three of my toolkits, click here.

Enjoyed this episode? Why not pin it to Pinterest?

Enjoyed this episode? Why not pin it to Pinterest?

Interested in being a guest or sponsor of The Resilient Retail Game Plan?

Drop us an email to let us know why you think you’d be a great fit for our audience of small businesses and independent retail brands

Get more on the mailing list

Heaps of small business retail advice for your inbox

Sign up the The Resilient Retail Club mailing list for totally free advice and business help, the occasional digital download, updates from our podcast and promotions for indie retail brands

More from The Resilient Retail Game Plan

Dive into another episode of our small business podcast

Episode 122

Getting Your Website and Email Marketing Ready For 2023 With Elle Williamson

Episode 121

Education, Representation & Inspiration With Natalie Bent

Episode 117

Creating, Curating And Community With Beck Prior

Episode 118

Four Ways To Grow Your Sales At Christmas

Episode 116

Five Crucial Factors To Keep In Mind When Planning Christmas Promotions

Episode 115

Advertising, Algorithms And More With Narada McKoy

News you can use

Join The Resilient Retail Club mailing list to receive The Weekly Sales Review, jam-packed full of useful information, events and expert advice for indie retailers, online sellers, Ecommerce brands and independent small businesses