Profit First Nation Ep. 128 - Profit First Secrets Revealed: Mastering Initial Expenses and Achieving Profitability from Day One with Mike Michalowicz
Mike Michalowicz, the author of Profit First, addresses inquiries from the audience. He will delve into the initial expenses for budding enterprises and emphasize the importance of achieving profitability right from the beginning. He cautions against squandering funds on trivial items during the early stages of business establishment. Danielle invites you to a workshop on July 12th on Reverse Engineering, enabling you to ascertain your financial figures. This episode holds valuable information for individuals involved in any aspect of a business.
IN THIS EPISODE:
- [01:10] Mike gives his views on startup costs for a new business when sufficient cash is not available
- [05:53] Mike tells why you should institute Profit First immediately when starting a business
- [08:19] Danielle invites you to a reverse engineering workshop to be held on July 12th to learn what your actual numbers are and stresses the need for going after new business
- [11:31] Mike warns about focusing on the wrong things in the early stage of your business
- [13:38] Do I combine my businesses on Profit First or split them up? Mike is emphatic about his answer
KEY TAKEAWAYS:
- As a new startup, learning on a smaller scale is better. The risk is less substantial, and you learn as you operate your new venture.
- A new business should start to become profitable from day one.
- If you have more than one business, you should ALWAYS have separate Profit First accounts for all your businesses.
ABOUT THE HOSTS:
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.
As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Profit First Professionals - Website