Even the most socially responsible entrepreneurs and established business owners will tell you that they still have bills to pay. In light of those bills, it’s not a bad thing to think about how you will pay yourself. An American Express OPEN survey found that nearly half of small business owners pay themselves a regular salary that averages approximately $68,000 a year across a range of industries.
There is no one right way to handle your compensation. To determine a good figure, you have to consider many things. These include a wide range of revenue and business models, the varying levels of experience and skill sets, and the unique factors that mean one industry may have a higher prevailing wage than another.
Here is a guide that can direct how you look at paying yourself through all stages of a business.