The Pay Yourself First Concept: Building a Business That Supports Your Life

If you’ve been running your business for years and still feel like you’re not reaping the rewards of your hard work, you’re not alone. Many small business owners pour everything into their businesses—late nights, early mornings, and endless sacrifices—yet struggle to see the personal financial stability they envisioned. This is where the pay yourself first concept can make all the difference.

What Is the Pay Yourself First Concept?

The pay yourself first concept shifts your mindset from focusing solely on your business’s success to prioritizing your personal financial goals. This approach ensures that your business is structured to support you—not the other way around. It’s about identifying what you, the business owner, need to achieve financial security and building your business to meet those needs.

The Common Disconnect

Many business owners assume that financial success comes only after years of reinvestment and sacrifice. They believe the business must hit certain revenue milestones before they can enjoy the fruits of their labor. But this traditional mindset often leads to burnout, resentment, and thoughts of giving up entirely.

The pay yourself first concept flips the script. Instead of waiting for your business to hit an arbitrary target, you start by identifying your personal financial goals—whether that’s funding your child’s education, saving for retirement, or taking regular vacations. These personal goals become the foundation for your business’s financial strategy.

How to Implement the Pay Yourself First Concept
Here’s a simple exercise to get started:

Clarify Your Personal Goals

Take a moment to think about what truly matters to you. Do you want to retire by a certain age? Save for a dream vacation? Build a safety net for your family? Write down your goals and assign a dollar figure to each one. For example:

Annual vacation: $15,000
Retirement savings: $10,000 annually
Family expenses: $60,000 annually


Connect Goals to Your Business

Once you know your personal financial needs, align your business’s finances to meet them. The pay yourself first concept means allocating a portion of your business’s income toward these goals before addressing other expenses. This approach forces you to prioritize your financial well-being while keeping your business sustainable.

Implement Profit First Strategies

Using tools like Profit First, you can allocate funds into separate accounts for your personal income, taxes, and operating expenses. This creates a clear roadmap, helping you achieve your goals without feeling overwhelmed by the numbers.

Why It Works

The pay yourself first concept empowers you to see your business as a tool for building the life you want—not a never-ending project that drains your energy and resources. By taking control of your finances and prioritizing your personal goals, you’ll rediscover the joy and purpose of owning a business.

Stop waiting for the “perfect time” to prioritize yourself. Start today, and watch your business transform into a vehicle for financial freedom and personal fulfillment.

About the Author JanetM

Janet Mercredi is a Certified Profit First Professional and the driving force behind JKM Strategies, a firm dedicated to helping established business owners increase profitability and create their exit plan with confidence. For over a decade, Janet has partnered with business owners who want more than just financial success—they want stability, freedom, and a trusted advisor by their side.

At JKM Strategies, we don’t just work with clients—we build long-term partnerships. Many of our clients have been with us since the beginning, relying on our high-level CFO guidance through Profit First coaching and bookkeeping services to create sustainable, profitable businesses that allow them to step back or exit on their terms.

Janet’s approach is direct, strategic, and hands-on, ensuring her clients see real financial transformation while feeling supported every step of the way. Described as caring, humorous, and empathetic, she has built a tight-knit community of business owners who know they’re never navigating their financial journey alone.

If you're looking for more than just numbers—you want a trusted partner who’s invested in your success—JKM Strategies is here for you.

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