Should You Take a Salary When Starting a Consulting Company?
In the startup world, the general advice is for founders to pay themselves $50k-$100k/year until they get outside funding. Your net worth ends up higher – but only if you hustle and grow the value of your company, since your net work mostly consists of your ownership stake. When you build a consulting company, there’s an unbelievable amount of unpaid labor to be done: hiring staff, training them, managing them, improving the deliverable product, marketing, sales, contract negotiations, expenses, accounting, taxes, web site maintenance, you name it. It’s all too easy to say, “We should really pay ourselves for doing…Read