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Financially Support Your Business Without Debt Part 2

"Most business owners say "I don't want to pay myself," At the beginning that's fine but normally this person has received some poor business advice regarding owners pay." - Y. Michelle Coard

Many business owners are trapped in the mindset that your business must have debt, or you can’t pay yourself out of a normal payment schedule.  Another extreme is the business owners that believe everything they earn is owners pay or profit.  You can start or support the business without debt or minimal debt.  You will be much happier when 2-3 years down the road you can keep most of your profit.

                Consider the following:

1.      Debt is the promise of future income.  I would save first for the business and be very careful about the expenses you select.  Believe it or not, you don’t need a large advertising budget to grow.  You don’t need a $5k website, but you will need accounting, legal, and tax advice.  Start smaller, and you will find more sustainable growth.  You can start the most business without large amounts of debt.  If you don’t have the income to secure debt, you will have to pay yourself less while you leave more in the business.  Notice I said less not all.

2.       The IRS Internal Revenue Service automatically assumes business owners pay themselves. Specific business structures require the owner to pay themselves.

3.       Make a small purchase and grow over time.  Don’t start with payroll.  Instead of not paying yourself and trying to hire someone else to do the job yourself.  You will be surprised how much investing in the software will help, and over time you can afford to hire help and pay yourself.

4.       Don’t take all the money out of the business as owners pay.  Plan your spending.

5.       Use profit to reinvest back into the business.  You can afford to reinvest profit because you have already paid for yourself.  Profit should be a bonus.


Your pricing will need to include enough of business and profit margin to allow you to pay your labor cost as well as operating expenses.  Avoid the mistake of past business owners that had a hard time with pricing and maintaining their accounting records.


B&P Business Building Tools

Business Building Tools


B&P Business Building Tools online self-paced business training for new business owners or those who desire to reestablish and grow a new business on a Godly foundation.  2013-2015 I grew a business according to the world’s standard practices.  I was working 12 hour days and many people thought that was normal.  However, I was tired all the time and I barely had time for my children.  Many people think just because you work from home that we don’t work as hard as someone who goes out to the office.   Being self-employed is the best training system for time management.  I have to manage my time.   

Although I think about work more I don’t let it consume me.  I am creative in how we work.  My office may not always be inside sometimes I have to work in the car or in a restaurant or right before a doctor’s appointment in the waiting room.  I have learned to be flexible and I plan my schedule so I can meet deadlines without stressing. 

B&P Business Tools are tools that I have learned to use in business as well as my 20 years of experience in accounting training to help you in your business.  Business ownership can often feel we are flying by the seat of our pants but that’s not the way.

B&P Business Tools contain:

  • Recorded Videos for you to watch according to your schedule.  Videos will include personal cash management training, business cash management, information on accounting systems, Biblical business training, tax systems.
  • You can request individual recorded videos specific to you with each paid appointment of $65 hourly appointment.
  • Worksheets to assist with applying techniques.
  • Tutorials to assist you with learning.
  • Unlimited Email Consultations.
  • Bi-monthly consultations- (Every to months video or phone consultation).
  • Live presentations for Q&A and sharing group information.

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