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Starting a business and getting paid

kamolahykamolahy subscriber Posts: 27
edited July 2006 in Business Planning
How do you entrepreneurs do it? What`s considered kosher when it comes
to makign money when trying to build a business full time? Do we get
money from investors that can be used as a rudimentary wage until the
business moves from the red to the black?

I`m trying to figure out my costs and I`ve noticed that I haven`t
accounted for my own wage. Of course, this is obviously very necessary.
What`s the deal with this?


  • keyconkeycon subscriber Posts: 34
    Pay yourself first. If your plan does not account for paying you and making a good living, why do it? Yes, times may get lean but many startups and first time business people mistakenly believe "no pay" is almost a given sacrifice to being in business for oneself. Not true.
    When it comes to planning for the future of your business, you can never be armed with too much information. By publishing an array of data and statistics on the Web, the federal government makes it a lot easier to find the tidbits you need. Here`s a link to info provided by the NFIB with great links to many government sites all on one page - easy to reference.
  • iouone2iouone2 subscriber Posts: 14
    I saved up (previous job), bought stock (products to sell), and didn`t get paid for about a year. The bank account was going down slowly until recently. I still do not earn the amount of my missing job (an work more) but we (Wife & I) still see the reasons to push forward and stick to it.Just today I was talking to another biz owner and they said, "you`re not working today?" I told them I work everyday, and that I am running an online retail store for about 2 years now. I also reminded them of the discussions we had in the past, as well as provided ANOTHER business card to them."Wow, I don`t remember this." They said. Even though I see this person nearly everyday, they didn`t think it was real... In their heads I was talking. But now, still not working full-time for someone else, they are realizing it is not just talk.Those of you here at Startup Nation may remember I am thinking about taking some outside work. Partly, I need more money to buy more stock and advertising (I want to grow a little faster), but also because things are becoming predictable and my schedule is a bit more planned. With organization comes extra time. Thus, more earning potential (somewhere else or within).Nevertheless, www.elusivetreasures.com is not going anywhere. I must prove to people we are not going to disappear.
  • TheMarketingStrategistTheMarketingStrategist subscriber Posts: 0
    In any venture you undertake, you need to get paid.  While some prefer bootstrapping, it`s definitely the hard way to go, and while investment money seems like a gift from heaven, it`s usually in the form of a loan that has to be paid off over a period of time.
    You should develop a business plan and marketing plan.  Clearly identify your target market.  Knowing your target market will help to determine which marketing strategies - offline or online - are going to be effective.
    Investors like to see a sound business model, so if your venture is such that you will require investment capital to get it up and running and maintain it, at least initially, then you will need a good business plan.
  • chanda492002chanda492002 subscriber Posts: 0
      Im looking for a business partner asap.This is for a home based call center and yes you can do this from your home in your city.Myname is Shawn and my email address is chanda492002@yahoo.com</A> Lets get started asap.The clock is running.
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