What Is A Fair Market Salary? (And Why You Need It)

If this episode was helpful and you want to take action use this link to book a FREE 15-minute call with us 👉 hubs.li/Q02yVYSx0
Do you pay yourself a salary?
How about a fair market salary?
Maybe you’re not quite sure what that is?
Many trades and contracting business owners don’t know either.
They just make up a number that seems right.
And continue working 60+ hour weeks, effectively getting paid below minimum wage...
Others pay themselves whatever’s left over at the end of the month.
Basically, just taking the scraps to cover bare minimum expenses...
Or worse, they take money out of drawings whenever they need it.
Regardless of whether the business can support it...
If you operate like this, you don’t know your business’s true costs, so you can't tell how it’s really performing. And that can lead to some nasty consequences down the line...
To get your head around fair market salaries, and how they’re critical to your business success, tune into our latest episode of The Profitable Tradie Podcast
WHAT YOU’LL GAIN FROM LISTENING TO TODAY’S PODCAST:
Find out What Makes a Business Easy to Sell in the Future
Learn The Key to Getting Paid a Salary PLUS a Cut of the Profit
Discover How Paying Yourself Properly Actually Improves Work Life Balance
LINKS MENTIONED IN THIS EPISODE:
Book a FREE 15-minute call with us 👉 hubs.li/Q02s21SV0
Join our FREE private Facebook group 👉 / 354667375032234
Get a copy of the Profitable Tradie book 👉 www.profitable...
SUBSCRIBE FOR MORE TRADES BUSINESS CONTENT
Or Visit Our Website To Access More FREE Resources & Templates 👉 profitabletrad...
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[@hikelfin5941]

I have a carpet cleaning business and so much of your advice applies to me too. I have been in operation about 18 months and haven't entered a single expense into my accounting software yet :)
Fun times ahead.

[@profitabletradie]

Your life will change once you get the numbers sorted. Get stuck in!!