How do you pay yourself from your business? Nicola’s guest for the last of five shows during Judith’s August holiday is finance mentor for women in business, Rosie Slosek, who brings today’s client challenge to the podcast. It’s all about how you pay yourself from your self-employment or small business.
In the Show…
Rosie tells Nicola how she first discovered her, by reading an article in a women’s magazine about a decade ago which her Mum brought her. She remembers especially Nicola talking about Ecademy. Rosie is another who mainly rests during August.
Nicola’s had her fourth Greek lesson and is learning just what a complex language it is. Her kids have arrived and exploded into her house, but not before she’d braved the Kalamata bypass in a hire car with a manual gearbox on her way to collect them from the airport.
- What’s Fuelled Their Fire?
Rosie’s fire has been fuelled by working with The Design Trust, and Nicola’s by her own Be Everywhere Online challenge.
- Client Challenge of the Week
Do you pay yourself from your business and, if so, how? Salary? Dividends?
How much do you understand about profits and losses, and the difference between being a sole trader or a limited company and how you take money out of either?
How aware do you feel about the importance of cashflow management, ticking legal boxes, and knowing your tax bills in advance not arrears?
Educate yourself about your business finances and how to pay yourself and you can stop worrying about money forever, which Nicola likens to living under a black cloud, meaning that you have no idea how much money you can afford to invest in marketing yourself /your biz.
Rosie recommends Rich Dad Poor Dad 2: The Cashflow Quadrant
Nicola recommends Rich Dad Poor Dad’s Guide to Investing, particularly the part about investing in your own business.
- Words of the Week
Rosie chooses Pressureless, and Nicola picks Family.
- Project Updates
Rosie’s focus is on upcoming courses and retreats which she’ll return to launching and promoting during September, and Nicola lets the listeners know that the podcast download numbers were up by 300 during August.
- Who or What’s Impressed?
Rosie is impressed by Kerri Walker’s DIY PR Lounge group on Facebook, and Nicola by her kids who were thrown in at the deep end at a social event as soon as they arrived in Stoupa, and despite knowing no-one they swam instead of sinking. She’s proud of them for that, and so much more.