When you embark on the adventure of starting your own business, one of the first questions you will ask yourself is: what salary do I set for myself? The answer is vitally important to study the viability of your idea in the most realistic way possible.
Defining this figure is therefore necessary to find out whether your business is financially viable . You will need to take into account the expenses you will have at the start, the possible income and also the salaries of the staff. Including your own.
But what do you philippines mobile number directory base this figure on? One of the factors to take into account is your personal finances; that is, how much money you need to live on each month. Therefore, you must make a detailed analysis of your own expenses.
Completing this table will help you:
With this information, you can now get an idea of how much you need to earn each month, at a minimum, to cover your regular expenses. Whether you are self-employed or own a small business, you must constantly analyze your expenses in detail , understand them, control them and make changes based on them.
However, this is not enough. You need to ask yourself a few more questions to be able to establish the right amount for you and your business.
What will your role be?
Even if you are the founder of the company, you may be involved in marketing, sales, product development… or several things at the same time. Value your responsibilities and the value of these tasks.
Many entrepreneurs usually add between 3% and 5% to this figure to compensate for the investment and risk they are taking on. Although it is also true that many trust that the success of the business will compensate them in the future.