How Much Should I Take Out Of My Business?

How Much Money Should I Take From My Business For Me?

What I want to talk about today is the mindset of a business owner, with respect to the amount of resources it requires.

You see, a great business in my view is that you put not much time into, not much money, and it churns lots of cash out. And in reality, that’s a pretty tall order. And especially with when you’re talking about trades business and things that I kind of work with.

They all put lots of labor and lots of money into equipment and things like that. But I’ve met many business owners recently that have spent many years working hard in their business and growing assets in their business, but they’ve never actually taken out any more than a wage. Don’t be a miser.

I see that as a big failure, because what about paying off their house and putting money into super and investing in other passive investments that might help them on the home front. Because businesses are inherently risky and they can change or crash or the economy changes and you find yourself hurting on the home front.

My advice is that think of it, a business like this. You want to make it run as hard as possible, take as much money out as you possibly can. If you can apply that to your business, you know you’ll have a great business. I hope that really helps you out with the idea of mindset around owning or being a business owner.

Obviously this is a quick tip and your business and business structure may need some analysis. If you feel like you don’t fully understand your business and how to withdraw money successfully give me a call and Ill help you out. Let’s set you up to win.

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Hugh Bowman is a specialist in business coaching for trade businesses and is a former engineer and technical expert. He has lived and worked in many parts of regional Victoria coaching tradie business owners.

Ph: 0409 402 474