How to Put Profit First -5 things I learned from Mike Michalowicz
Let’s face it–starting and running a business can feel pretty intimidating, and sometimes even downright scary. And if we’re being honest, most of that fear often comes down to all the unknowns about money. What happens if this business we’re working so hard to build doesn’t actually earn a profit?
In business, conventional wisdom says that you should pay all your expenses before paying yourself.
After all, income minus expenses equals profit, right?
Not necessarily.
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What if I told you that the trick is to pay yourself first instead of last?
If this doesn’t make sense, you’ll love Episode 20 of the Do It Scared™ Podcast. My guest, Mike Michalowicz is the bestselling author of Profit First. He explains how simply putting profit first is a behavioral change that will absolutely save your business.
A serial entrepreneur since college. Mike had a HUGE ego. He built businesses just to sell them and he sold them for large profits to afford his lifestyle. Unfortunately, his ego cost him a LOT. The reality is, Mike ran out of money. He lost his house, cars, most of his possessions, but luckily not his family.
Ultimately, it was this financial ruin that gave him the clarity he needed. He decided to fix himself first, lose his ego, and then help other people who struggle with money and profit just like him.
In this episode, Mike talks about the simple thing you can do to put profit first and why he no longer has time for an ego. His story will absolutely change the way you think about finance in your business!
Get the synopsis below or listen to the whole podcast on iTunes or on Google Play. (Or just search for “Do It Scared” on your favorite iPod app!) Never miss a new episode by subscribing on iTunes. You can also find the full show notes at https://doitscared.com/episode20/.
This article is eye-opening! Paying yourself first? Who knew! I’m curious how that’d work in my small biz. Like Mike, I’ve had financial scares. Can’t wait to check out the podcast. How have you seen profit strategies transform businesses?
This article is a real eye-opener! The idea of paying yourself first instead of last is so counterintuitive. I love how it challenges the conventional wisdom. It makes me wonder how many businesses could have been saved if they’d known this earlier. And that story about Mike Michalowicz’s financial ruin is a powerful reminder. Can’t wait to check out that podcast episode! Any of you tried this approach in your own business?
This article is eye-opening! Paying yourself first? Who knew! I’m curious how this would’ve changed my past side hustle. Can’t wait to check out that podcast episode. Any other tips like this for small biz owners?
This article is eye-opening! Paying yourself first? Who knew! I once ran a small side business and struggled with finances. Now I’m curious, how did Mike’s advice specifically help those with similar money woes? Can’t wait to check out the podcast!
This article is a goldmine of business wisdom! The idea of paying yourself first is eye-opening. I once ran a small side business and struggled with finances. Like Mike, I focused too much on growth and forgot to take care of myself. Now I see that putting profit first from the start could’ve made a big difference. Can’t wait to check out that podcast episode! How have others applied this “pay yourself first” concept in their businesses?