30: How to Guarantee Profit From Day 1 with Mike Michalowicz

BiggerPockets Business Podcast

BiggerPockets

Business, Careers

4.8 • 696 Ratings

🗓️ 19 November 2019

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

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Summary

Do you worry that after everyone and everything else in your business is paid, there will be nothing left for you? Have you been taught to believe that the first several years of your business must involve constant financial struggle? Well, it doesn’t have to be that way! Mike Michalowicz—author of five amazing business books, including The Toilet Paper Entrepreneur and Profit First—knows firsthand how important it is to ensure that you get paid each and every day. And in this episode, he teaches how to make sure that you’re profitable in your businesses from day one. Mike tells us his story of entrepreneurship highs and lows. After two early successes, he found himself in dire straights, not bringing in enough money to pay his bills and falling into depression. But it was these struggles that made him realize that there was a better way of running his businesses—a way that would ensure that he could take care of his family while his businesses would continue to grow. The formula is simple, even if it’s not obvious. Mike breaks it down step by step, so that even the most skeptical among us will realize that immediate business profits are just a simple mindset shift away. He helps us realize that profitability in our business is already “baked in” and that by changing our habits, we can start extracting it TODAY! And make sure you listen for Mike’s business-changing idea: start slow, let it grow. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! In This Episode We Cover: How Mike discovered his vocation despite his big failure Why you don’t have to be a billionaire to be successful The significance of the profit first formula The 5 foundational bank accounts Why you should start slow, and let it grow How one company switched to profit first and innovated their way to earning more What companies with debt should do The Parkinson's law And SO much more! Links from the Show BiggerPockets Forums The Savannah Bananas Check the full show notes here: http://biggerpockets.com/bizshow30 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	So, you want to be a marketer. It's easy. You just have to score a ton of leads and figure out a way to turn them all into customers. Plus manage a dozen channels, write a million blogs and launch 100 campaigns all at once. When that's done, simply make your socials go viral and bring in record profits. No sweat. Okay, fine. It's a lot of sweat. But with HubSpot's AI-powered marketing tools,
0:23.2	launching benchmark-breaking campaigns is easier than ever. Get started at HubSpot.com slash marketers.
0:30.5	Hello, blue skies. Hello moving onwards and upwards. Hello, taking control of your money.
0:37.9	Say hello to tax-free investing.
0:40.7	Open a Stocks and shares, ICER,
0:42.8	and act by the 5th of April to get 100 to 3,000 pounds cash back.
0:47.8	Cargreaves lands down.
0:49.4	Hello Life.
0:51.6	Register and add or transfer £10,000 plus.
0:54.1	You may get back less than you invests and tax benefits vary.
0:56.7	For terms and conditions, see hl.com.uk.org slash ISA.
1:00.9	This episode is brought to you by Vanta. Stressing over cybersecurity, whether you're a startup, growing fast, or already established.
1:08.7	Vanta can help you get ISO-27,001 certified and more.
1:13.7	Plus, it allows your company to centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk to help your team stay compliant.
1:24.4	Head to Vanta.com slash Spotify to learn more.
1:28.8	Welcome to the Bigger Pockets Business Podcast show number 30.
1:34.3	You don't put your family last, you don't put your health last.
1:37.1	What's significant comes first.
1:38.4	So the foundation of the profit first formula is sales minus profit, it was expensive.
1:43.5	Every time there's a transaction, we take a predetermined percentage of that income that flows into the business, allocated it as profit, hide it from the business, and run the business off the remaining.
1:53.3	Welcome to a real world MBA from the School of Hard Knocks, where entrepreneurs reveal what it really takes to make it.
2:00.4	Whether you're already in business
	...

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