For example, let's say you made $20 an hour in your russian phone number search last job. This would give you an annual income of $41,600 for a standard 52-week job (this is the S in the equation below).
Add a 10% bonus to this number to account for your additional responsibilities as a business owner. Also, add inflation to your salary. This will make financial planning easier.
So, if inflation is 5%, your salary would be:
Think of this as your replacement salary. It's the salary you could make to replace your current job.
To sum up
Ideally, you should pay yourself a salary only after you have sustainable, scalable profits. Once you decide to pay yourself a salary, choose the most tax-efficient method based on your company's legal structure.
Consider industry norms, your past salaries, and what people with similar skills to you are paid. Before paying yourself, make sure you maximize any existing opportunities.
Now that you know how to pay yourself, it's time to answer another important question. How will you get paid?
For online store owners, there are dozens of ways to accept payments online. However, the eCommerce platform you use affects the types of online payment methods you can implement.
To get the most out of your payment gateway, you need to choose an eCommerce platform that integrates with many different payment methods. For example, Lightspeed’s Ecwid supports over 100 payment providers.