If you’ve been in the online space for a while, you may have heard of “doing Profit First”, which is based on the popular book Profit First by Mike Michalowicz. It’s a way of taking your profit first (literally) instead of looking at your profit as “what’s left over” after all of your expenses have been paid.
When I started using this accounting method in December, I knew I had to share it with my podcast community. In this episode (part one of two), I'm going to share what Profit First is and how I set it up for my business. But listen - if you're new to Profit First, that's okay! I'll explain it all to you. And if you're not a fan of accounting, I get it. But I promise that in this episode I am going to make it practical and share what's working for me financially right now.
I’m sharing all about setting up Profit First accounts, my different percentages, how I close out my finances each month, and more. There's a lot to cover… so get comfortable! And hey, if you love this topic, be sure to tune in next week for part two, where I'll go even more in-depth and walk you through exactly how I manage my finances at the end of each month.
Links mentioned in this episode:
- Get the full show notes: https://elizabethmccravy.com/219
- Join our FREE Breakthrough Brand Facebook Group: https://elizabethmccravy.com/facebook
- Connect with Elizabeth on her Instagram: https://www.instagram.com/elizabethmccravy
- Buy The Profit First Book: https://rstyle.me/+33cGG1wZcw27QExfi5HnEw
- Looking for a better way to know your numbers? Check out my profit sheet: https://elizabethmccravy.com/profit-sheet
Book Your Next Client ASAP: https://elizabethmccravy.com/ASAP
Check Out The Official Profit First Bank: https://elizabethmccravy.com/relay
Thanks to our sponsor, Christian Healthcare Ministries! CHM is a faith-based, budget-friendly alternative to health insurance— at half the cost. And, you can join anytime! My family has trusted CHM for 5+ years through multiple pregnancies and health needs. With CHM, you’ll save money and know that 100% of eligible bills are shared when medical needs arise. Learn more at elizabethmccravy.com/CHM
Over my 9 years of business, I have learned some financial skills the hard way and a few years ago, I developed an an 8 step process I go through at the end of each month. This process helps me know how my business is doing financially, pay myself well and allocate money for things like taxes and expenses. And, it's yours for FREE at https://elizabethmccravy.com/profit
