Starting any kind of business requires determination, forward planning and a certain amount of cash. My partner and I spent over a year researching and planning before starting up our own eBay business.

Six months after putting in our first wholesale order, we are approaching the stage where we can actually think about paying ourselves some kind of wage. We weren't expecting to be able to think like this so soon, but our initial 180 investment has paid us back well.

After reinvesting all our profits for the first few months, we have found we have money left over after all the stock and outgoings are paid for - a happy situation! And we have lots of stock still to sell, all bought and paid for too.

Yet even this fantastic turn of events has its own dilemmas. How much do we take as wages? Should we in fact wait a little longer and reinvest even more money in even more stock? Already we are thinking about Christmas... I know that sounds crazy in April, but we started last October and we couldn't believe how crazily busy the festive season is. There is a lot of money to be made, and this year we want to be ready...

We are fast coming to the conclusion that our wages - when we do take them - will vary from week to week. By design we have both stayed in our regular jobs so we do not rely on our eBay business to earn us money. That gives us the luxury of being able to take our time and build up our business properly, reinvesting money in stock as we expand our range of products.

Setting a rigid 'pay scale' this early on would be unadvisable for us, as developing the business for the long term is what's more important. Remaining flexible and keeping full and proper records are the most important aspects of deciding to pay yourself a wage.

Learn more about this author, Allison Whitehead.
Click here to send this author comments or questions.

---

Add your voice

Know something about How and when to start paying yourself?
We want to hear your view. Write now!