What Is A Fair Market Salary? (And Why You Need It)
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:
- Claim a Free Planning Session to learn what coaching could do for your business
- Join our FREE private community of trades business owners in our Facebook group
- Subscribe to our YouTube Channel
- Get a copy of the Profitable Tradie book
Thanks for joining us this week. Want to subscribe to The Profitable Tradie Podcast? Have some feedback you’d like to share? Connect with us and leave us a review with a 5-star rating.
