Overview
Welcome back to Built for the Trades. I’m Dan Dowdy, and today we’re exploring a common question among plumbing business owners: how to determine an appropriate salary. Before we dive in, I’d like to introduce our sponsor, Project 2 Payment, an invoicing software for trades businesses. Use code BuiltForTheTrades for 3 months free. It’s crucial for plumbing business owners to balance paying themselves fairly while maintaining their company’s financial health.
Discussions
Let’s break down the steps to help you figure out the right number for your paycheck.
- Understand your personal finances inside and out.
- Understand your business finances inside and out. 35% labor
- Start as low as you can afford and put the rest aside into a profit account.
- Review and adjust your salary regularly based on changes in your business and personal circumstances.
As your company grows and becomes more profitable, you may be able to increase your salary accordingly.
Likewise, if your business hits a rough patch or you encounter unexpected expenses, be prepared to tighten your belt temporarily until things improve. Flexibility is key to maintaining financial stability as a business owner.
And there you have it, folks! Determining your salary as a plumbing business owner is all about finding the right balance between paying yourself fairly and ensuring the success of your company. I hope these tips help you navigate this important decision. As always, thanks for watching Built for the Trades. Until next time, stay safe and keep plumbing!
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