It’s my firm belief that entrepreneurs deserve to earn plenty of money to support their ideal lifestyle.

One way to make sure you’re getting paid and your business is running profitably is to implement Profit First methods.

Created by financial expert Mike Michalowicz, Profit First is a “fun” (well, I think it’s fun!!) and easy-to-use cash management system that helps businesses prioritize profit over revenue.

The best part? It can be used by anyone, regardless of their financial expertise.

Here’s how it works:

First, you’ll need to set up multiple bank accounts for your business. Each account will be designated for a specific purpose, such as profit, taxes, owner’s pay, and operating expenses.

Next, you’ll need to decide on target percentages for each account. For example, you might allocate 5% of your revenue to profit, 15% to taxes, 50% to operating expenses, and 30% to owner’s pay.

Once your accounts are set up and your target percentages are established, it’s time to start celebrating profit!

By prioritizing profit and regularly monitoring your accounts, you can ensure that your business is consistently making a profit and achieving financial stability.

Of course, implementing Profit First does require some effort and attention to detail.

But with a little bit of time and dedication, you can be well on your way to maximizing your profits and achieving your financial goals.