🌱 How to Pay Yourself When Starting a Lawn Mowing Business 💵

Starting your own lawn care business is exciting, but managing your money the right way is key to long-term success. Here’s how to pay yourself without running into trouble:

💼 Separate Your Finances: Open a separate bank account for your business. It doesn’t have to be a business account at first—a personal account will do, as long as it’s exclusively for business transactions.

📅 Stick to Weekly Payments: Pay yourself once a week and label it as “drawings.” Avoid dipping into the account whenever you feel like it or using it as your personal Eftpos card. Keep your transactions clean and business-focused.

⛽ Keep Payments Separate: When you’re fueling up your truck or equipment, don’t add personal purchases like a pie or a drink to the bill. Keeping these payments separate makes life much easier for your accountant or bookkeeper.

❌ Avoid Overdrafts: Unless you have a very good reason, stay away from overdrafts. It’s easy to overspend in a business, so keep a close eye on your outgoings.

💵 Limit Your Pay: When you’re starting out, only pay yourself up to 50% of your business’s turnover. This ensures you keep your finances healthy and your business growing.

Starting smart with good financial habits will save you headaches down the road. Keep it simple, stay disciplined, and watch your business thrive! 🌟

What’s your top tip for managing money in a new business?

Share below! 👇

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