My 1st Paycheck

August 6, 2011

I have some exciting news!!!

I just paid myself my first paycheck!!!!!! EEEEEEEeeeeEEEE!!!

lol, I know, you’d think I’d never worked a day in my life. But this is the first check I have made out to myself from my own business. Yes, it’s officially been open for nearly a year (October 1st, 2010 if anyone wants to know). And yes, I had already “turned a profit”…..since there is almost no overhead, so I could have been paying myself before now. But since I did not fund this business with any capital, I wanted to make sure there was a little bit in the bank account to help get things set up more in a few months. July was the 1st month that I calculated the gross income and then made out a check for the 75% that I had determined so long ago would be my percentage when working a job personally.

So on August 3rd, I deposited my 1st paycheck for $600!! (gross: $800) I am (obviously) very excited about this and would be no matter the amount. But the fact that it is a fairly signifanct amount? I am THRILLED!! It was about mid-way through July when I looked at the schedule for the month, as well as some preplanned jobs for August that I realized how much I was bringing in. That’s when I determined that hey, this seems to be rolling right along now – maybe I am in a good position to start actually paying myself!  And so here I am. From this point forward I do not plan to “baby” the business, but to partake of it as a success – even at this small scale level. At the end of each month I will total the income, figure my standard share, and write myself a check. As for growth, in the next few months (after VECCS in September), I intend to:

  • Solidify the underlying business structure
  • Network to find potential contract employees
  • Develop a marketing strategy
  • Market and promote the business to new clinics & increase referrals in my current ones

My current monthly household budget requires me to make an extra $600-800/mo. (Without counting any PAH income) Which is 3-5 relief shifts, depending on day vs. night, overtime vs. outside clinics, length of shift.

As it stands now, that $600 paycheck I just paid myself is equivalent to 2 overtime graveyard shifts or 3 overtime day/swing shifts! Plus, I am on track currently for August to receive a paycheck from PAH of $450 even if no more clients appear before the end of the month.  And I have already scheduled  $500 worth of overtime relief shifts, plus 2 days of on-call that if called I am called in, will result in a minimum of $100 each, up to $200 each. So I am well situated for August, and in September I am not currently scheduling any extra shifts!

I am just so happy that the business is going well, despite the little efforts I have made to grow it. I have several returning clients and that is the best recommendation of all.

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