Self-Payment

kamolahykamolahy subscriber Posts: 27
So I`m working on getting financing for my business. I just started and I need some money in the bank to take care of those all-important startup costs. I also need some money to pay myself and my partner a wage. We will definitely be putting full time hours in. For those of you who have done the same... how do you determine a good wage for yourself to start with? I wanna be as conservative as I can, but have things I need to take care of (bills, car payment, the ususals) and can`t completely skimp on myself. However, this is full time, so I`m trying to mix the conservativism and sacrifice with a practical figure.Any suggestions or guidelines?

Comments

  • rustymufflerrustymuffler subscriber Posts: 1
     I have a similar question
    If your writing a proposal for sposorship do you ask for a salary ?
  • SolidGrndSolidGrnd subscriber Posts: 11
    Owww...good question...I have been struggling with this idea as well. How much am I worth...and is that a conservative enough figure to put into a tight budget...and when I got to ask for funding from people...do I include what it would take to pay me!?
    I am eager to hear responses on this question...Thanks Collin and Zeb for asking!
     
  • rustymufflerrustymuffler subscriber Posts: 1

    I`ve sent out a few sponsorship proposals, and have been denied...I realize I`m a small promotional outlet , We asked for 200,000 with 80,000 for pay role in the financial break down. Believe me, this is a conservative amount of money for a production company, don`t companies want concentrated brand awareness? Which is what gorides.com provides. Our features have turned non-car people into an enthusiast. Not to mention had direct influence on the performance products they bought for their cars.  
    With that said, sponsorship and advertising isn`t that different...IS IT?
    I know one company that is in the same business we are. They charge 10,000 dollars for one month and their contract is 12 months for advertising. The math is easy to do.
     I really need some advice on the subject
  • kamolahykamolahy subscriber Posts: 27
    Looks like we need to use our entrepreurial skills to draw some attention to our post!:) Let`s see how we can get a response.
  • rustymufflerrustymuffler subscriber Posts: 1
  • SolidGrndSolidGrnd subscriber Posts: 11
    I would suggest bells and whistles...although I am not really sure those would help much online!
  • SolidGrndSolidGrnd subscriber Posts: 11
    We need a marketing strategy...a catchy title...can we change the thread title to something more general...something that makes people say "Hmm...I wonder what that is about!?"   Something like..."HOLY COW!!!"  I bet that would catch peoples attentions!
  • rustymufflerrustymuffler subscriber Posts: 1
    You know, I don`t seem to get an answer to anything I post...but that doesnt surprise me...My brother and I have always had to achieve everything alone, but giving up is not an option...
     
  • kamolahykamolahy subscriber Posts: 27
    I`m on a lot of internet forums and this one is so new that the activity isn`t that great yet. Once the SuN guys get more traffic here, I`m sure we`ll get a lot more solid help. I guess our question is unanswerable??!?!?!?
  • calvinjrcalvinjr subscriber Posts: 3
    This is how I set up my payment:Adding up all the bills I pay everymonthA little extra spending money for a few things I like (eating, driving, church tithe)That is it. My things is to keep it small and keep the money in the business.C.  
  • DOLAPODOLAPO subscriber Posts: 0
    I just struggled with the same problem when going into the finances for my business plan. I looked at my past salary, and went to www.bls.gov</A> and nosed around for the current salaries for supervisors/managers in the same industry. Then I looked at the revenue I expect to make within a year. I came up with a figure whereby I can still "live" but I am placing a greater amount back into the company. So far, I have had no complaints.
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