Income from your business

[Dardee]

What level of income does your business provide you with? Do you live off the income the business pays you, is it some spare cash, or are you putting your hand in your pocket to prop up the business?

My business is the only income my wife and I receive so it has to provide us with enough to look after ourselves and the kids (2 young boys, oh and the dog). I am fortunate to say that it is providing us with more than I was earning when I was working full time and the income earning potential is endless.

How is your business helping/hindering you financially?

[BusiMum]

Nada, nothing, ziip as yet. Still in early stages of my business. I am working FT and trying to develop my business PT. Tiring anf trying sometimes but I am still positive about my business idea and goals and am gradually working towards that.

[Rob_Limeworks]

I've been fully self employed for about three years, however the business has been running for about 6. It started as an on-the-side, and up until 2008 or so i still held some form of a job (even if it was stacking shelves at Coles just to ensure the bills were covered).

Now, business is steady and growing rapidly, and it's exciting times for us. We recently rebrand and have focused what we do, rather than offering a little of everything, we just specialise in what we've found we're good at. Of course we still provide support/services to old clients that we do work for (everything from packaging design to IT support), but we don't seek anything but the core business anymore.

I am resisting the temptation to increase our own salaries (however we do pay the mortgage and all our expenses from our existing salaries, so there's no pressing need to increase) to allow the business to flourish, and maximise available capital for both staff and marketing, as not doing so hampered growth in the past. While i don't regret making the mistakes i've made in business, if i did not learn from them i would.

Rob

[Chris Bates]

I dont hold another job apart from my business, but I do bits and pieces that bring in extra income. At the heart of it, if we need it or not - the extra income helps. Especially when the business is in a quiet time.

As Rob has said, you make a decision to raid the coffers of your business or you ensure the available capital is there to encourage growth. For us, growth has been important from word dot - and it pays off in the long run.

[Rob_Limeworks]

[QUOTE=Chris Bates;292For us, growth has been important from word dot - and it pays off in the long run.[/QUOTE]

LOL - it was for us too, i just didn't know any better! Ahahaha.

Rob

[Felicity_Sapphire]

I've been running my business for only 5 months & so far it's not making enough money for me to take any out. It's actually cost a lot more than I thought it would to set up.

Thankfully my hubby works full time to support me & the kids!

[Burgo]

My business was able to buy an investment property for us, after we had paid off our house mortgage, and we were lucky to sell at a relitively good time.
Just before I retired I visited Centrelink and spoke to a Financial Servises Officer, who gave some very good advice, relating to our finances and the business.

So although I get money from Centrelink, and an allocated pension I can also earn a few thousand dollars a year which pays for the running of the car, the occassional lunch or dinner, and the scotch and wines that we consume on a very regular basis.

So remember once your business starts to pay for itself and you a reasonable income, put some aside either in Super, term deposits, or an investment property or live like Tim Ferris.

[Skyetaylor]

My business was established 6 months ago, and I was determined not to have it run on credit, so I've been working full time (part time jobs with my qualifications are hard to find) and then working until midnight nearly every night! It's killing me slowly but hoping I can scale back to part time soon! It will be very nice when I can operate the business full time, I'm counting down the deals till I get there!

[Chris Bates]

Hey Skye, good to see you here!

I know you, but nobody else does... Head over to our introduction forum and say hello.

If you're not the Skye Taylor I know, then my bad! Still head on over an introduce yourself though

[Skyetaylor]

hey chris,

yes it is me! hahaha might have been awkward if it wasnt!
I will do all that now, I just wanted to get some posts in before the competition closes!