What’s the Best Way to Make Money as a CEO?

When you become a chief executive officer you’ll become responsible for the financial health of your company. This responsibility comes with its own set of challenges. Having absolute control over your company’s purse strings, you’ll be expected to make critical business decisions that affect your bottom line. The stress of being responsible for the financial health of your company can be both rewarding and overwhelming. The more you know about how to navigate this responsibility the better. Here are a few ways that you can earn money as a CEO.

Start A Business

One of the best ways to make money as a CEO is to initially start a business. This can be extremely lucrative and it also allows you to apply for grants and loans that you might not otherwise be able to get. Many CEOs earn their millions by getting involved in early-stage companies and then selling their shares for a profit once the business starts generating revenue. It’s a fantastic opportunity for those looking to get into the game. However, this form of entrepreneurship comes with its own set of challenges. You’ll have to put in the time to learn the ins and outs of business. Once you’re comfortable you can apply to become the CEO of a company. 

Take On Debt

Another great way to make money as a CEO is to take on some debt. This is often times the only way that smaller companies can get capital to grow and prosper. One of the best strategies for those looking for a quick buck is to take out a business loan from a bank. However, it’s important to understand the limitations that come along with this type of financing. Banks are looking for very specific types of collateral (assets) to secure loans against. What this means is that you won’t be able to put your house up as collateral because it’s not considered 100% secure. Essentially, what this means is that you’ll have to find some other form of collateral. This could be a business asset such as equipment or inventory. When taking on debt it’s imperative to secure the best possible loan terms. In most cases, the interest rates are quite high for small businesses. However, if you play your cards right you might be able to negotiate a discounted interest rate. For more information, be sure to consult with an experienced business loan attorney. The last thing you want to do is jeopardize your business by going into debt without proper documentation.

Sell Your Shares

Another great way to make money as a CEO is to sell your shares in the company. When you become the CEO of a company you automatically become a stockholder. When you sell your shares it’s a good idea to do so at a price that is somewhat below what you paid for them. Putting in the time to learn how to navigate the stock market can be quite lucrative. Especially if you’re able to buy and sell high and low during the appropriate times. For instance, if you noticed that the market for your company’s stock was declining you’d be wise to sell at a loss. On the opposite end of the spectrum, if you see your company’s stock is soaring you’d be smart to buy at the current market price. This is a great way to hedge your bets and make some quick cash on the side. It’s also a great way to show your colleagues that you’re a savvy investor who knows how to play the market.

Speak On Talent Management

Speaking on talent management might also be considered a way to make money as a CEO. Much like taking on debt or selling your shares, this involves speaking at events regarding the topic of leadership. Much like the previous strategy, this one too can be extremely profitable. One of the major advantages to taking on a role like this is that it allows you to network with people who could become customers or collaborators. If you’re ever looking for ways to make quick cash, consider speaking at an event or two. You might even end up making enough money to make it worth your while.

Manage A Foundation

If you’re the kind of person who enjoys taking on a cause and advocating for its betterment then you could potentially take on the responsibility of managing a foundation. Much like the previous two tips, this one too can be extremely profitable. The key difference is that when you take on this role you won’t be able to directly control the finances of the foundation. This is where your skill as a CEO comes in. It’s your job to oversee the operations of the foundation and ensure that it’s making the right moves for the betterment of the organization. The responsibility of a CEO isn’t limited to finances alone; you’ll also be responsible for establishing the strategy and overseeing the daily operations of the organization. Because you won’t have full control over the foundation’s purse strings you’ll have to make sure that it has the wherewithal to take on large projects and spend money wisely. Being the CEO of a foundation is both an honor and a tremendous responsibility that comes with its own set of perks and financial opportunities. It’s a role that’s not to be taken lightly.

Manage A Real Estate Fund

If you’re looking for additional ways to make money as a CEO consider taking on the role of managing a real estate fund. Much like the previous two tips, this one too can be extremely profitable. The key difference is that a real estate fund owns valuable real estate that you’re responsible for managing. This could include apartments, commercial buildings, or even entire small towns. The responsibility of a real estate fund CEO is to ensure that the real estate inside their portfolio is maintained at a certain level of quality. This is where your skill as a business leader comes in. It’s your responsibility to hire capable professionals to take on this role for you. This will save you a great deal of stress and allow you to focus on growing and leading your organization to the next level.

Consult For A Living

If you’re looking for a way to make quick cash you can consider becoming a paid consultant. Much like the previous two tips, this one too can be extremely profitable. The only difference is that when you take on this role you’ll be getting paid to advise businesses and organizations regarding various management issues. The key to making quick cash as a paid consultant is to specialize in a particular area. For example, if you’re an expert at marketing you might be able to pick up some consulting work from companies that are struggling with their online marketing strategies. In most cases, paid consultants are hired to give their input on a particular subject and then are either paid on a per-project basis or are paid an established retainer. In the case of per-project hiring, you’ll be responsible for setting the rates for your work. It’s not uncommon for paid consultants to make a great deal of money even when their contributions aren’t directly related to the task at hand. A lot of this has to do with leveraging their connections and developing rapport with business leaders who might be able to use their services. However, the most important thing to keep in mind is that it’s a way to make quick cash while providing value to others.

The key to making money as a CEO isn’t necessarily related to the type of work you do. However, it’s essential to be aware of the various ways that you can make money and the various responsibilities that come with each. Regardless of which method you choose, keep in mind that none of these avenues is beyond remedial measures. If you feel that there’s another way to make money that you should try then by all means, do so. Just make sure that you’re not jeopardizing your business by taking on unnecessary debt or wasting your time with low-value add activities. If you do decide to become CEO of a company then make sure that you’ve got the wherewithal to lead this organization to a position of strength. As the old adage goes: “If you don’t know where you’re going, any road will get you there.” Good luck out there.