| Are you an "hourly" person? Have you considered | | | | constantly ask yourself "what am I willing to give, or |
| getting into management or going into business for | | | | give up, to get what I want"? There are restaurant |
| yourself but didn't because you would make "less" | | | | manager out there making substantial ($150k per |
| per hour? | | | | year+) incomes. Their hourly staff may be doing well |
| I'm guessing that Bill Gates didn't figure how much he | | | | too...but not that well! |
| was making per hour while he was creating Microsoft | | | | Self-Employment |
| or for that matter Ray Kroc while he was creating | | | | I spoke recently with a young woman considering her |
| McDonalds? They had a dream and were willing to | | | | own business. Responding to an ad for a small |
| sacrifice time for a chance at a future. | | | | coffeeshop her first consideration was the number |
| Management | | | | of hours the owners were putting in vs the net |
| An hourly wage amount cannot be the primary | | | | profit for the business. On that basis, and that basis |
| criteria if you want to get ahead. You have to start | | | | only, she decided against the investment. She did not |
| thinking in different terms when you're on, for | | | | consider that the business was growing as well as |
| instance, a management salary. Let's say, for | | | | the profit potential. |
| example, that you're a bartender working 35 hours a | | | | I've been self-employed most of my 30 working |
| week and you're wages plus tips average $18 per | | | | years and I know if I divided my income by the |
| hour. So as an hourly employee your grossing $630 | | | | number of hours I've put in it would probably fall far |
| per week or a little more than $2500 per month. | | | | short of minimum wage. On the other hand there |
| Now there is a management position that pays | | | | have been times when my income was thousands of |
| $3,000 per month. However, as a manager you may | | | | times greater than minimum wage! |
| have to, at times, put in 45, 50 even 60 hours per | | | | It's all about opportunity for profit and potential |
| week. Obviously 60 hours will substantially lower your | | | | realized when you go off on your own. I've always |
| hourly income. It may be $12 or $13 per hour vs the | | | | looked first at the potential of the business. |
| $18 you were making as a bartender. But no matter | | | | Obviously you need enough income to survive and, |
| how many hours you're still making more real dollars | | | | initially, that may be all there is. A small business can |
| as a manager. | | | | be compared to an old fashioned water pump. First |
| There are some other important considerations. As a | | | | you prime the pump and then pump like crazy to get |
| manager there may be bonuses, profit sharing, | | | | the water to flow. Once the water starts flowing it |
| company paid benefits, etc. Also, as a bartender, the | | | | just takes a nice easy pump to keep it flowing. |
| majority of your income is derived from gratuities | | | | If you want opportunity and the potential for financial |
| which can vary dramatically. | | | | growth get out of the "hourly mentality". |
| If you want to make more money then you have to | | | | Stop looking at the clock. |