Can I have a pay rise? Yes!
In the joy of our work, sometimes we forget we are also our employer. The giver of salaries, pay rises, bonuses and other benefits.
“If you’re not paying yourself, it is only a matter of time, before you start resenting your business”
Mike Michalowicz author of Profit First
Why give yourself a pay rise?
- Pay rises help you to feel valued for your work.
- You get to practice asking for money from someone nice!
- It gives legitimacy to your business because it can afford to pay you.
- You’re earning enough money to stop you dipping into your business account like a personal petty cash box.
- Encourages you to calculate and manage your own personal finances.
When to give yourself a pay rise?
- Why not now? Or choose a date to review annually or quarterly.
- Start as soon as possible, as it focuses your mind on making money. (even if you have to cancel the standing order occasionally)
- Ultimately, it is your business and you can do what you like.
Are you more or less generous than your previous boss?
How to give yourself a pay rise?
- Ideally, you already have a standing order for your salary?
- Choose the amount and update the standing order.
- Don’t forget bonuses and other benefits
Giving yourself a pay rise, with confidence
You could calculate how much you can afford and pay yourself that amount. However, income can vary and we often put our needs last.
Can I have a pay rise? Action Plan
- Start small, say £100 a month – then build your pay rises from there.
- Read Profit First, to change your mindset about business expenses and earning money. (Thank you to Alex Broadbent for his book recommendation)
- Book a Business Mentoring session with me, to make more money now.
- Or be an amazing boss and run your business well. Keep giving yourself generous payrises and bonuses, and see what’s possible.
As always, celebrate the positives – reading this article – your first pay rise – earning more than you did in your last job.
All the best, Jenny
Hello, I’m Jenny Bracelin, Business Mentor & Money Coach. Helping self-employed people make more money. See iexplainmoney.co.uk for more info 😍