We are talking about all things salary today and whether or not most small business owners take a salary. Why do some small business owners take salaries while others don't? What are the trade-offs of not taking a salary or of giving employees higher salaries than we give ourselves?

We disclose whether or not we take salaries ourselves as small business owners and also offer up some insightful statistics. Discussing education, we talk about whether or not having a college degree is necessary to be a small business owner and what benefits having one has. We also touch upon the difference between being a small business owner responsible for employees vs. being a small business owner without employees.

We really hope that this episode is helpful for you! We encourage you to reach out to us via one of the contact methods listed below because we love hearing from you! Be sure to also subscribe to the podcast if you aren't already so that you never miss a new episode when it is released! Until next time!

 

Time Stamps

[1:49] – How much money does Michele pay herself?

[2:28] – Karamel reveals today's topic – whether or not they take a salary.

[4:01] – Neither Karamel nor Michele takes a salary.

[4:44] – What is the average salary taken by small business owners?

[6:42] – Karamel refers to an article that she read recently.

[8:58] – Karamel trades salary for team-building.

[11:07] – Michele discloses that she began with no clients at all.

[13:03] – Karamel argues that professionals like working with professionals.

[15:55] – Karamel asserts that only small business owners know what their books look like.

[17:26] – Michele reveals that she makes less than $66,000 a year.

[19:25] – 19% of small business owners work more than sixty hours per week.

[21:33] – Michele touches upon what difference having a degree can make.

[24:18] – 92% of small business owners do not regret starting their business.

[26:52] – Michele offers an example of being responsible for an employee.

[29:07] – Many small business owners say that their employees are like family to them.

 

Resources

CEO Chronicles – Website

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

João V Souza - “Why I Paid a Higher Salary to My Employees Than Myself”