BLACK CHAIR: BUSINESS SUCCESS TV
Episode 15: Stop underpaying yourself
Welcome to Black Chair. The single-minded purpose of Black Chair is to help you succeed in business.
“We want you to be commercially real and commercially successful!”
In this episode, we discuss one of the most sensitive and important topics in business – how much you pay yourself.
Do you know what you should be paying yourself? Have you based your salary on a commercially realistic approach or a hobbyist’s approach? Not sure? Then don’t miss this commercially focused approach to your salary.
“Are you treating your business more like a hobby?”
Watch this ultra-short episode of Black Chair and you will:
- Learn a quick, brutal commercial test for your business;
- Understand the meaning and importance of your commercial rate;
- Get guidance on how to determine your commercial rate;
- Learn why many businesses fail to pay commercial rates;
- Get inspired and motivated to pay yourself commercial rates;
- Stop missing out on the success you deserve because you underpay yourself.
Enjoy the episode and benefit by taking immediate action on what you learn!
To your continued success in business and life,
Robin ☺
PS: remember to add your experience, thoughts and ideas in the comments.
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15 Responses to this post
June 2, 2010 at 12:11 pm |
No, I’m not paying myself commercial rates. Mainly because I can’t afford my services. But at least if I start charging people commercial rates when they hire me I might be able to afford to hire someone to do my job someday! No one could replace me though or you. This business mentoring TV is great. I love the way you always bring the topic back to money. I do need the reminder… treating my business as a hobby… guilty as charged:)Thank you!
June 2, 2010 at 2:11 pm |
Thank you, Annabel. Yes, Black Chair is the right space to talk about the money. It’s about helping you get and stay ‘in the black!’.
Best, Robin
June 3, 2010 at 7:29 pm |
What did you think of my share words? I help people get what they want in life and make the Internet work for them:)
June 7, 2010 at 8:32 pm |
Hi Robin,
I had a very similar conversation on this topic with another business owner here in Devon the other day. I think it would be really interesting to see a survey done on this question because I bet that a huge percentage fall into your ‘below commercial rates’ category. The guy I was speaking to made the good point that if you’re out there busting a gut to run your business everyday you need to make sure you’re rewarded properly. It may be ok to get away for this in the first few years but it will soon get to you if you don’t up your game and start earning properly.
Great post and video Robin
Alastair
June 7, 2010 at 9:21 pm |
Thank you, Alastair. My preference is to make the business ‘commercially real’ from the beginning – Day One. This ensures that it is in fact a viable commercial proposition and not just a passion-fuelled, great idea. Let’s make the numbers work before any risk is taken. Sure, it doesn’t guarantee success, but it does make sure that the decision to go into a business is commercially realistic.
Best, Robin
June 7, 2010 at 8:43 pm |
Great thoughts and points Robin. Think a lot of people undervalue what they are and overvalue what they are not! I agree with Alastair’s comments if you run your own business and are working so hard, you need to see the financial reward as well as the non financial or, you may as well go work for someone else. Less stress, regular salary and, to some degree, you can put it down at the weekend!
June 7, 2010 at 9:27 pm |
Hi Ann, thank you so much for your comment.
There is often confusion about the term ‘self-employed’. To employ yourself means to employ a person to fulfill a critical business function – a job role – at the full, going commercial rate. It never meant to underpay yourself at ‘mates rates’ until you could afford a proper salary. This distortion is not only commercially unreal, but also leads to growing resentment as the vicious cycle of ‘work like a dog for little or no return’ festers over the years. This is also a risk to the business.
Best, Robin
June 8, 2010 at 9:21 am |
This is a great point Robin (again!).
If we don’t value ourselves, how can we expect others to?
It’s not only in the salary we pay ourselves but also in the furniture we have in our (home) office!
June 8, 2010 at 9:24 am |
Thank you, Ana. Honour yourself, so that you can honour others!
I would love you to share your ideas around office furniture. Would you?
June 8, 2010 at 1:40 pm |
Thanks Robin. Yes, the office furniture speaks for itself! A lot of my Feng Shui clients run their businesses from home, and often I have to remind them that the home office has to look and feel professional. Even if you are not seeing clients at home the energy of a neglected, cluttered or messy office will be reflected in your personal energy when you go out and meet your clients. If you have a home office, or any office for that matter, make sure you give yourself a good desk, a good chair, that the place is de-cluttered and tidy and it is in a presentable condition to suit your best client!
So, as Robin greatly said ‘Stop underpaying yourself’, and as I added, treat yourself well and the Universe will treat you well.
warm regards, Ana
June 7, 2010 at 11:32 pm |
I had a very similar conversation on this topic with another business owner here in Devon the other day. I think it would be really interesting to see a survey done on this question because I bet that a huge percentage fall into your ‘below commercial rates’ category. The guy I was speaking to made the good point that if you’re out there busting a gut to run your business everyday you need to make sure you’re rewarded properly. It may be ok to get away for this in the first few years but it will soon get to you if you don’t up your game and start earning properly.
+1
June 8, 2010 at 12:54 pm |
Thank you, Jeanelle. I suspect you are right. Sooner rather than later we need to see an appropriate reward for effort…and risk!
Best, Robin
June 8, 2010 at 2:03 pm |
Hi Robin – absolutely true, appropriate & perfect message! I’ve been thinking about this quite a bit – especially because I had just decided my business WOULD be my hobby when it busted open. So I had to make a new plan quickly.
Now I am being more conscious and careful of my time and ensuring I’m covering myself with my fees. I’m getting there – and appreciate people like you who inspire me to improve my business practices and act like a real company, not a hobby.
Cheers – always lovely to see you – still have a card for you so hope to see you again soon.
Best,
Kristin Rohan
June 8, 2010 at 3:38 pm |
Excellent, Kristin. Thank you for your input. It’s interesting just how different the hobby mind-set is compared to the commercial mind-set.
See you soon, Robin
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