30: How to Guarantee Profit From Day 1 with Mike Michalowicz

Do you worry that after everyone and everything else in your business is paid, there will be nothing left for you? Have you been taught to believe that the first several years of your business must involve constant financial struggle? Well, it doesn’t have to be that way! Mike Michalowicz—author of five amazing business books, including The Toilet Paper Entrepreneur and Profit First—knows firsthand how important it is to ensure that you get paid each and every day. And in this episode, he teaches how to make sure that you’re profitable in your businesses from day one. Mike tells us his story of entrepreneurship highs and lows. After two early successes, he found himself in dire straights, not bringing in enough money to pay his bills and falling into depression. But it was these struggles that made him realize that there was a better way of running his businesses—a way that would ensure that he could take care of his family while his businesses would continue to grow. The formula is simple, even if it’s not obvious. Mike breaks it down step by step, so that even the most skeptical among us will realize that immediate business profits are just a simple mindset shift away. He helps us realize that profitability in our business is already “baked in” and that by changing our habits, we can start extracting it TODAY! And make sure you listen for Mike’s business-changing idea: start slow, let it grow. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! In This Episode We Cover: How Mike discovered his vocation despite his big failure Why you don’t have to be a billionaire to be successful The significance of the profit first formula The 5 foundational bank accounts Why you should start slow, and let it grow How one company switched to profit first and innovated their way to earning more What companies with debt should do The Parkinson's law And SO much more! Links from the Show BiggerPockets Forums The Savannah Bananas Check the full show notes here: http://biggerpockets.com/bizshow30 Learn more about your ad choices. Visit megaphone.fm/adchoices