#48: Applying Profit First to Your Life and Business

I read Profit First back in 2018 and it completely changed how I managed the finances of my business. The beauty of Profit First is that it can apply to both your personal and business finances. The Profit First model is centered around the notion of “paying yourself first”. Basically, before you have a chance to spend the money you make, put a portion of it away. In this episode, I’m sharing how anyone can apply Profit First to their life and business.

Here’s a glance at this episode:

• [01:35] If you haven’t read Profit First, I share a few key points of the model including how to apply it to your bank accounts, set your percentages and when to run it throughout the month.
• [03:30] Get a real time example of how to apply Profit First for a recommended period based on revenue earned during that time.
• [05:07] I share how I started using Profit First early in my business and how I tweaked the model to work for me based on my situation.
• [09:00] Don’t be afraid to start small! Even putting 1% away can add up over time.
• [12:20] Not sure how to determine your Profit First percentages? I walk you through an exercise to help you get that clarity.

Click here to listen!

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Resources mentioned in this episode:

Profit First by Mike Michalowicz Download the Free Money Moves Packet Listen to Episode 7 – 10 Biggest Lessons Learned from Running My Business The Richest Man in Babylon