When and how much to pay yourself:
7 veteran retailers share insights about their retail operations.
This retail tips newsletter addresses some hard questions:
Would your retail business survive if you stepped away for an extended period of time?
Do you work a 60+ hour week and make less than a typical 40 hour week would provide if you worked for someone else?
Are you essentially buying yourself a job? (It’s not always a bad thing.)
Is your store a hobby, a tax shelter or do you need the income? (No judgement here, friends.)
Do you know ALL your numbers?
I asked some veteran retailers to share their advice regarding when/how to pay yourself as an independent store owner. This post is in response to several subscribers who are wondering if they will ever be able to pay themselves and/or wondering how to determine the salary amount. Even if you do pay yourself, you can benefit from some good ideas and “lessons learned” in this post.
Special thanks to the retailers who generously shared their experiences! I offered to keep their personal information confidential to ensure candid conversations.
A retailer in the midwest will be celebrating 13 years as a retail store owner in October. She sells fashion accessories and some gifts but most of her sales space is devoted to women’s apparel. Besides herself, she has one full time, two part time, and three seasonal team members. Here’s what she shared: