What’s a Normal (Small Business) Entrepreneur Salary?
Hello everyone, from NYC this week! It’s a city I return to whenever possible, for big thinking, dreaming, and energy. One of the reasons that I love NYC (and Dave hates it – ha) is because there’s always a new thing to aspire to. I realize that may be addictive and unhealthy for some; but for me, it’s inspirational.
For example, hitting a new entrepreneur salary goal is extremely inspiring. But since people are scared to talk about money, how do we know what a normal entrepreneur salary even is?
But before I tell you about the money, let’s take a step back and set some context. If you took a peek at our newsletter on Monday, I circled back to our theme of the year: Money & Meaning. Since we’re closing the year, it feels nice, tidy, and so exciting to check in and ask: “How did we do?”
Our clients fulfilled the challenges we set, in a way that brings tears to my eyes. People paid off years of debt, opened retirement accounts, gifted their team bonuses and paid maternity leave(!), proactively put aside money for taxes, donated money to charity, and… paid themselves regular (and increased!) salaries for the first time ever.
Of course, I’m speaking of the small group of 30 business owners in our Advisory Practice. There are so many more solopreneurs and small businesses out there: 35.1 million in the US, to be exact. They’re wondering things like, “What should an entrepreneur salary be?… Why am I in a money rut?… Why can’t I break through this invisible plateau?” I promise that I know: the hamster wheel may feel insolvable. (It’s not, but it feels that way).
So for this holiday season, we’ve just released a business-y gift for you, especially if you’re wondering, “What are the most common money plateaus? Is it just me?” And then of course… “What can I do about it?” Personally, I come back to this guide as a litmus test for myself, all the time (especially question #3). It includes:
- 4 most common income plateaus
- 3 questions to help you break through
- How to increase income 50% and decrease working time 30%
I know that it sounds too good to be true. And as I always say, nothing is a silver bullet. This guide requires confidence, implementation, and consistent action. But don’t worry, we’ll be back with more tools to help in 2022. Promise!
For now, step 1 is simply to learn more about the average entrepreneur salary. Let’s keep it simple together, and just start with the facts. I hope you enjoy learning about this like I did!
