Make It a Priority to Pay Yourself, Restaurant Owner
I love what I do! I get to help restaurant owners change their lives. I get to help most of them make more money than they've ever made before in their restaurant. To date I've worked with literally thousands of restaurant pros, so I've seen a lot, including a lot of restaurant owners who don't pay themselves. There are a lot of reasons these owners don’t take a regular paycheck, but what so many restaurant owners don’t understand is there is a major downside to not paying yourself from your own business.
In this episode of my podcast, The Restaurant Prosperity Formula, I'm talking directly to restaurant owners about the importance of paying yourself. I’ll cover the top reasons restaurant owners give me for not taking a paycheck and the logic – or mistaken logic – behind each one. Plus, I’ll talk about the impact not paying yourself regularly can have on your business and your mental health. Lastly, I explain what you can do to get yourself out of this situation and the benefits to putting in the work to make the change. Making it a priority to pay yourself is one of the keys to running a successful restaurant that also provides the freedom you deserve and stop living in entrepreneurial poverty.
In my past life as the owner of a restaurant software company, before I got bought out, I didn't take a paycheck a few times for long stretches of time. I did it because I wanted to make sure everyone else got paid, that there was money to continue paying our developers and to continue reinvesting in the software. Here are some of the things I'm guessing you experience as a result of not getting a paycheck, which I can relate to and experienced myself:
- Feeling bitter!
- Extra stress.
- You stop working strategically on your business.
- You stop leading because you can only focus on survival.
- Your health takes a toll.
- Your relationships suffer.
- You might even find yourself a little depressed.
You started your business because you wanted a better life. You had visions of happy guests, happy team members, time off, flexibility with your schedule and making the money you deserve.
Tune into this episode of The Restaurant Prosperity Formula podcast to learn how to shift from entrepreneurial poverty to money in the bank and a thriving business. Find it wherever you get your podcasts, click the player above, visit the episode page on my website, or find the latest episode on YouTube.