Article - Why It’s Vital to Pay Yourself First in Business

“Why It’s Vital to Pay Yourself First in Business,” posted on Entrepreneur.com by author Sam Harrop, is a great article that gives entrepreneurs an idea and a good visual on how to pay yourself first, as well as why it’s important.  Many new business owners find it difficult to separate their money from the business’ money, and oftentimes there is no clear line or a standard established when the business is started.

Highlights of the article:

• It’s important to figure your basic living expenses
• Have multiple budgets for the different stages your business goes through
• Get insurance

TheDataFyles feels that a good starting point is your budget, and knowing how much you are spending monthly for your living expenses.  This will help to determine how much your business needs to make in order for you to cover your basics, how much you need to break even, and how much to make a profit.

The best way to determine this information is tracking your expenses, and separating business expenses from personal expenses.  A simple Excel Spreadsheet is a quick and free way to track.

--Click here to read the article


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