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Help - anyone in marketing or run a business - what salary shall I ask for?(6 Posts)
Okay so I've been kind of head hunted by a family friend who knows that prechildren I was a business consultant. He wants us to start a new company together related to a business he already has which turns over £1-2 million a year. My skill set is business strategy, sales and marketing and he is not the best at that (current business doesn't even have a website!!! I know but it's related to construction)
He has offered me a small % of the business and I will be the marketing director but also responsible for most of the operations. He plans to turn it into a large country wide business. Before I do much more work to launch this we need to agree salary and he wants me to suggest a figure as well as my long term aspirations. He knows that I am currently working as a teacher on chuff all money and doesn't want to insult me by offering a low figure.
I have suggested tying in my salary increases to the performance of the company and reviewing it every 6 months to start with or having a lower salary fixed for a year or 2 and being paid a monthly % of our revenue. Now it's time to talk cash. Does anyone have any idea? All responses gratefully received. As a ball part figure he us expecting a profit of £20k a week by the end of year 1.
Okay so he wants to pay me a little as possible for the first year until the company is established then share out bonuses. Hmm
Well that's disappointing. If he's paying as little as possible then you can only devote as little time as possible.
Although sweat equity is common when starting a new business, it's a little odd when you felt he'd head-hunted you and when presumably his own income is much higher than your's and secure. I'd tread warily if I was you. If he values your contribution then he should financially reimburse it and ensure you're not at a disadvantage whilst the business is finding its feet.
Thanks couch helpful to have another perspective. I think he needs to value me or I'll feel very disgruntled. It's been a while since I was away from the child rearing teaching world so does anyone have an idea of a fair salary?
Tell him that you cannot afford to leave teaching with a drop in salary but given the he is offering equity and a performance related bonus you are prepared to to do it for the same salary and sacrifice your pension ( assuming you are )
It sounds like a lot of hard work on the hope of gaining a % bonus etc.
Here are a few marketing salary surveys:
Average employed marketing salary is c£80K....
If he intends to make £1m profit by end of year 1 then I think he should be paying a proper salary. I assume he'll investing properly in other things that he needs equipment, services etc and won't be trying to get them knock down.
I think you both need to think in terms of the market value of the role. Not just what you would be prepared to accept as you are not earning much now....
You mention marketing & 'most of the operations'. This sounds like a big role. I think you need to push for proper remuneration from the start. Will it be part-time?
It is very flattering being approached about a role (or I found it is) but you need to think about the hard cash each month. Esp if you are going from school hours friendly stuff to something completely full on.
You mention 'running it together' is that what is on offer? Or will you be working for him? Sharing half the profits is different to working for him etc...
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