Being an entrepreneur isn’t for the faint of heart.

We’ve all heard the stories—business owners ‘reinvesting’ back into their business while sacrificing paying themselves. It’s the story that’s is told over and over in entrepreneurship, a tale of delayed gratification where “you’ll pay yourself later” is the mantra. But when “later” never seems to arrive, it’s time to rewrite the story.

Unveiling the Numbers: The Reality

We often hear about the ‘Pay disparity’ in the corporate world. But, I’m telling you it’s not much better in the entrepreneur space.

WHAT?? I was shocked in one sense and not surprised in another. The pay gap is a direct reflection on how someone values themself. I’ve said it before but, it needs repeating. Bankers and Grant writers know women don’t receive funds as often as men for their business because they don’t value or price their products or services for profit. This is a direct reflection on how they feel about themselves. Watch this short video Pantene did and notice how words/ labels have impacted your mindset: https://www.youtube.com/watch?v=luLkfXixBpM

The statistics are telling us a mere 18% of female entrepreneurs grant themselves a salary the is inline with industry standards as opposed to the 42% of men. It appears men struggle with this too but, not quite as much as women.

Watch the video for more insights:

Ladies, You are Too Valuable to Not Pay Yourself

Too often I have heard entrepreneurs add their salary as a distribution on their balance sheet, or to simply take whatever is left over in the business account at month’s or quarter’s end (If there is anything left over…)

If that is you read this blog post on Managing your Profits for Success and Sustainilbility.

3 Things to Consider as You Start to Pay Yourself

1. Make Sure the Business is Profitable

Profit is the Lifeblood of any business. But, most importantly, it’s about recognizing that you are an integral part of the profitability.

You have to know your numbers – from the cost of your goods to the services you provide. Quarterly checks of your balance sheet and Profit & Loss (P&L) are the best places to see the overall health of your business.

Those reports often require a bookkeeper or accountant to explain. A very easy way to be clear about the overall health of your business is explained in this Blog Post: Cash Flow System Rich Women Use

2. Is Your Business Profitable?

It’s time to break free from the underpricing ethic. It is not competition to be the cheapest in town.

To increase profitability, you might need to increase revenue, decrease costs, or both. It’s time to value your offerings at their true value and, in turn, increase your profitability.

Some ways to decrease costs might actually be to hire someone. While it initially looks like an expense, a CEO or founder’s time is often best spent making sales and setting strategy to reach more customers or new markets. Hiring or contracting should save, not cost, the business money.

3. Run Financials That Include The Desired Salary

Your desired salary isn’t just a wish; it’s a pledge to growing a financially viable business. Run your financials with your salary in mind. With that figure on the income statement it will show you the revenue needed for the business to pay your salary.

When you pay yourself it isn’t just about current financial solvency; it’s a testament to your long-term mindset. As you are growing your company, remember to invest in yourself.

Success isn’t only reflected in the growth of your business or people you impact. It’s in the paycheck you write yourself, a tangible sign of the recognition you give to your own efforts and the power you hold to financially carve out your destiny.

You are The Creator of Your Wealth

It’s time to rewrite your narrative. By paying yourself fairly, not only do you secure your financial footing, but you also send a powerful message to the industry at large. You are no longer a participant of financial sacrificing. You are shaping and creating a new reality for you and future female entrepreneurs.

It’s about time we celebrate a new kind of success, one where the lines on the profit survey reflect the indomitable spirit of women in business.

Take Ownership of Your Financial Future

If this all sounds intriguing to you, then you’ll definitely want to check out Unlocking My Millions, our course is designed to help female entrepreneurs unlock their million-dollar ideas and scale their businesses to seven figures. It’s time to turn your dreams into reality and start paying yourself the salary you’ve been dreaming of. Check out Unlocking My Millions and join us inside Truth Bomb Academy!

So, there you have it! With the right mindset, a solid plan, and paying yourself an extraordinary salary!! It’s time to take the leap and start building the business of your dreams.

Here’s to releasing your inner millionaire! 🚀✨

Your Sisters In Business.

Truth Bomb Founders
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