WomenCorp Radio

Once upon a time, we were all just kids with lots of hopes and dreams.

I wanted to be a rock star. Endart, my Australia friend wanted to be a pilot. Edward...well he wanted to be a girl...but that's a whole nuther story.

Most of us never pursued those dreams. Most of us ended up in big companies just trying to meet expectations and make a little money too.

What happened to your dreams? Did you follow them?

It took a long time, but I finally figured out what I really wanted to do. I wanted to do exactly what I wanted, when I wanted, where I wanted, with whomever I wanted. In other words...I wanted the choice to always be mine. You see, freedom means a lot to me. It offers loads of possibilities every single day as I wake up in the morning so I have a lot to look forward to... and you can only get that if you have personal and financial freedom.

What are your dreams for yourself?

If you are considering becoming an entrepreneur OR if you are already an entrepreneur but you want more out of life...I'm here to help.

AskRoxanne is an advice column for business people. People who want to let their light out and shine.

I've been at it a long time and I have had some great adventures. I'm also tied into a network of CEOs and great entrepreneurs who I can tap into.

If you have a question about how to start up your business, market and grow it, manage your employees, build your wealth or even work just 3 days a week....send me your questions and I'll do my best to get you a great answer you can use to take positive action.

For now...wishing you great joy and freedom in your life! Send me your question now!

Readers Question...

I'm finally making a little bit of money in my small business but I don't know how to manage it. So I have two questions. 1. When should I pay myself? 2. How much should I leave in the company?

Thanks, Mary Anne

Roxannes' Answer...

Great Question! The reason I say that is that too many women business owners struggle and wait too long to take money from the company OR they spend it all which is not smart.

If you never reap the benefits of being a woman business owner, you'll get tired of it pretty fast. What happens is you start to lose your enthusiasm. In short, there's nothing to fuel your desire to work hard. Plus, you're not treating your business as a real business owner would.

Instead, make a plan. Because I have no idea what your profits are, I'll use a rule of thumb I used as a financial consultant with my clients. ALWAYS pay yourself first by setting aside 10% in savings for your long term goals. This could be a retirement or other investment account. I've seen many clients get rich over time this way.

Then, save 10-20% for short term needs. I've also seen companies go bankrupt when they hit a dry spell only because they had no savings.

For a business, set aside 5-10% for marketing to bring in more business as it's crucial to keep growing. About 40-60% of business income should cover your expenses including salaries. Pay yourself a small amount as a bonus and use it to just have fun! I

f you enjoy the results of your hard work, you are likely to continue. We use to set aside money to take a trip with our team, but I always paid myself a little bonus too for each sale I personally brought in. Then I might go buy a new pair of shoes or go out to a nice dinner as a reward to myself. It keeps you fresh and enjoying life! That helps keep your enthusiasm high and many a business has been built on enthusiasm.