How to Become a Profit First Business

Business owners, let's cut to the chase: You NEED to pay yourself. You DESERVE to pay yourself. And if you haven't quite figured out how or just need some additional encouragement, this episode should not be missed. 

 

We sat down with serial entrepreneur Brandon Neely to discuss his journey from starting a coffee shop in South Chicago to becoming a small business advisor. He recognized that, even though he was doing something he loved (running a coffee shop), everyone else was getting paid for it. He knew something had to give. 

 

That's when they pivoted. Today, Brandon is a Profit First and Bank On Yourself Professional and the co-host of the Wealth Wisdom Financial Podcast with his wife and business partner Amanda. Together, they help develop personalized financial strategies for businesses and help implement the Profit First system. 

 

In addition to the Profit First system, we cover the importance of self-care and running a lean, profitable business, the concept of a poverty mindset versus a balanced mindset in finances, and balancing ego-driven desires with financial discipline. Brandon also gives us a look at how he uses life insurance policies to his advantage and how it ties in with the Banking Yourself strategy. 

 

If you're still figuring out how to pay yourself or wonder if you could be doing a better job at it, don't miss this convo with Brandon Neely. 

Episode Highlights:

• The Profit First system explained

• Why you should bank on yourself

• The STILL Method

• What is a “properly structured” life insurance policy?

• The three things every business owner needs to have

• Acknowledging if you have a business or a hobby

Favorite Quote:

 

“Is this a hobby or is it a business? Because if it's a hobby, treat it like a hobby and be OK with not getting paid.”

Connect with Brandon:

https://grandmaswealthwisdom.com  https://www.facebook.com/brandonneely.bizactivist  https://www.instagram.com/wealthwisdomfp/  https://www.linkedin.com/in/brandon-neely/  https://www.youtube.com/c/wealthwisdomfinancial     

Stay Connected:

Connect with Matt and Luigi on Instagram:

@matthew.r.meehan

@luigi_rosabianca

@theLiquidLunchProject

@ShieldAdvisoryGroup.

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