How Much is YOUR Product Business Paying You? FREE Chart!Jun 19, 2023
How much is product business paying you? Are you paying yourself what you're worth?
Maybe your product business generates 50K in revenue do you know what you should be taking home? Or maybe your product business generates 500K or more? Regardless of your top-line revenue, do you know how much you could be paying yourself?
I didn't and I was desperate to know. I needed to know so I could strive for something tangible and to silence the critics (real or in my head) once and for all.
This is what I knew...
I knew I was passionate about my business.
I took my idea and created something out of nothing. How cool is that?
I knew I had something when sales started coming in.
I became excited when news publications and stations were interviewing me.
And in a couple short years, I hit 100K in annual revenue and declared my company a success!
But, I didn't feel like I was successful.
Something was wrong. Very wrong.
Where was MY money? I think I added only $12,000.00 to the family account in a 2 year period, which really means only $6,000.00 per year. Don't forget I hit $100,000.00 in revenue that last year! Where are the bags of money that business ownership promises? $6,000 a year to show for all the endless midnight oil hours I worked? Something was wrong. Very wrong.
"Only 6K?" echoed in my head and shame started to creep in distracting me from doing what I needed to do to grow my company.
I was shuffling money around to pay bills, just like the adage, 'borrowing from Peter to pay Paul,' always worrying about making payroll, paying my vendors, saving for taxes (I'm supposed to do that, too??). I started asking myself if I made a mistake in creating my business, CastCoverz! Yikes, there's some serious self-doubt distracting me from growing my beloved company.
Who can I turn to for advice? Shouldn't I already know this stuff? Uh oh, here comes the cousin of shame, imposter syndrome, just sidetracking me from the fires I need to put out.
But it shook me to the core when I had this realization...was the financial contribution to my family from my "successful" business capped at a measly 6K per year?
Wasn't my dream business supposed to give me freedom and pay me way more than the job I left?
I wasn't furious, I was curious. And that's when I became obsessed ....
What do other business owners with 100K in annual revenues take home?
What do other business owners in my industry take home?
How do I pay myself when the business costs SO FREAKING MUCH to operate?
And what is profit? How will it help me bring more money home?
After years of scouring the internet, reading books, talking to experts, spending precious hours on courses and racking up my credit card [I get the irony :)], I finally found the answer! And my product business, CastCoverz!, is now a rockin' fun, 14-year-old, 7-figure, job creating, debt-free, profit-making machine!
To condense your journey and give you the information you want I created an INCOME CHART that shows how much you can take home in your product business. You can access it here:
Want to chat about your business? I love asking my clients questions that gives them answers! Click on the Calendy Link below or email me [email protected] with subject INCOME CHART Question in the Subject Heading.
Your Success, My Support
Annette de Lancey