How much should you pay yourself?

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Entrepreneurs often fail to realize that a business in its growth stage needs all its cash flow to grow the business. - Entrepreneurs often fail to realize that a business in its growth stage needs all its cash flow to grow the business. | photos.com
Terry Cain

Published

When Greg Quinn started out as an independent commercial interior designer, he used a pretty basic technique to figure out how much money he would make from his business.

 

“I thought, ‘I need $24,000 a year to survive, how much do I need to bill to make ends meet?’”

Since then, his business, X-Design Inc., has grown to a full service firm with 10 employees. The firm’s funky restored warehouse space in Toronto’s East End shows off its practical yet fun aesthetic, with unique touches such as prominent hanging racks for staff bicycles and school-gym-style bleachers for waiting visitors. ... Read More