Justin Jackson, co-founder of Transistor, MegaMaker and more, joins the show to discuss building a financial engine for indie businesses. They cover managing finances, building profitability, challenges faced when things don't go well, and practical tips for success.
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insights INSIGHT
Financial Engine Is The Core Problem
Many indie founders' problems stem from a broken financial engine in their business or life.
Fixing that engine requires brutal assessment of revenue, expenses, and desired outcomes.
volunteer_activism ADVICE
Reserve Profit And Taxes Automatically
Use the Profit First system: allocate percentages of revenue to profit and taxes automatically.
Pay yourself first by reserving a fixed profit percentage before spending on operations.
question_answer ANECDOTE
Launches Can Temporarily Rescue Cashflow
Justin recalled launching products and facing volatile months that forced constant launches to survive.
He described working intensely on a book and small products to regain breathing room after bad runs.
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In this episode I have a returning guest, someone who is a keystone of the bootstrapping community, it’s Justin Jackson, co-founder of Transistor, MegaMaker and more. Today we have an unstructured but very useful chat about building a financial engine for your business. This is a topic that has come up countless times in my indie journey and I think it’s something that a lot of indie businesses don’t address as early and seriously as they should. There a ton of actionable tips in this conversation about how to manage your finances, building a solid, profitable business and what to do when things aren’t going well.
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