I've done this before. I once had the opportunity to field questions
from small business owners and oftern run into this when I ask someone
leasing out a building = how much can you make....
Say you open a clothing store - a small business. You as the owner and
first employee obviously have a plan and what you want to sell and how
you want to sell it.
You know you can buy it for $1 and sell it for $2. Somewhere between
those two numbers is yours to manage - pay bills, yourself and
probably sales people, advertising etc..
How much, as the small business owner, do you expect as a salary -
weekly, monthly. How many vacation days do you expect? What is your
backup plan if the revenue projections don't work?
You can put this out there to anyone. A consultant working for
themselves, an attorney, any store owner any professional who works
for themselves and has to sell themself...
MM has numbers they have to hit - maybe not today, but 5 or ten years
down the road. The small biz owner cannot.
Case: Yesterday on Bloomberg, they interviewed some women in Minnesota
who opened a chocolate shop serving ice creams and choc stuff from
around the world.
She was complaining that now vendors wanted cash up front vs net 10 or
30. So she was having trouble. Milk prices up, sugar prices up etc and
people can only afford to pay so much. Her AND her husband starting
taking over the hours vs employees - and now they had to close for
now. She is looking for work - but feels she is over qualified or the
pay is not enough....and then being her own boss.
She can't get loans, grants, credit on her biz.
So the questions are:
1. Should she have gone in business
2. Does she have a real world view
...
3. should she be "bailed out" because she feels she contributes so
much to the local community
What's right, wrong and whose responsible?
How much salary is right or how much should a small biz owner expect
in salary?
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