Profit First Nation – Details, episodes & analysis

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

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Photographer and entrepreneur Randi Michelle returns to Profit First Nation to share how applying Profit First principles completely transformed her creative business — and her life.

Randi opens up about overcoming her fear of numbers, learning to price her work for profit, and using reverse engineering to build a sustainable business model that honors both her creativity and her lifestyle. She also shares how she launched a second company, The Elegant Wedding Co., to empower other women photographers and create additional income streams.

In this heartfelt conversation, Danielle and Randi discuss raising prices with confidence, managing expenses (including how AI helped Randi streamline editing), and the importance of financial systems when life throws unexpected challenges your way.

The biggest takeaway? You don’t have to be a “numbers person” to run a profitable creative business — you just need a system and the courage to trust it.

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

Entrepreneurs are natural visionaries, but that constant stream of ideas can quickly become overwhelming, especially for those with ADHD. In this inspiring conversation, accountability coach and productivity expert Hannah Cox joins Danielle to share her five “Do It Today” strategies to help entrepreneurs move from vision to execution.

Hannah explains how to connect with your ideal life, reverse engineer your goals, focus on high-leverage tasks, delegate effectively, and build accountability into your routine. Whether you’re officially diagnosed with ADHD or just have a visionary mind that won’t stop spinning, Hannah’s practical, actionable tips will help you stop spinning your wheels and start gaining real momentum.

Resources Mentioned:

Download Hannah’s free blueprint: coachhannahcox.com/today

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

Episodes ending in 0 are Q & A sessions designed to help entrepreneurs operating their businesses in the zone of permanent profitability continue to thrive.  

Danielle is excited to host a quiz edition to test your Profit First IQ.

There are no scores today, but the correct answers to these questions determine your prowess to do Profit First right to make your business permanently profitable. Don’t miss it!

IN THIS EPISODE:

• [00:57] Danielle has ten quiz questions today. Question one is: What is real revenue

• [3:07] Do owners who take a salary need a business compensation account

• [4:25] How do you pay as little as possible in taxes

• [7:57] Which account should you pay your taxes from

• [10:45] What do you do with money in your existing bank account when you open a business

• [12:15] Do we address debt by paying off the loans with the highest interest rate or use the snowball effect

• [14:31] Can the owner’s compensation and tax account be combined into one account 

• [16:53] How do you calculate target allocation percentages

• [21:45] Do business owners need separate profit and owner’s compensation accounts

• [23:29] At what point in time should I start Profit First for my business 

KEY TAKEAWAYS: 

• Real revenue in Profit First is determined by subtracting materials and subcontractor costs from total revenue. Allocations and financial decisions are based on this real revenue number.

• Even if business owners take compensation as draws or distributions, Profit First recommends maintaining separate accounts for owner's compensation (acts like regular payroll) and profit (acts like a bonus). This separation ensures clarity and prevents the business from becoming a personal piggy bank. 

• Profit First can be implemented in businesses at any stage, even if they are not yet profitable. Starting early helps establish good financial habits, and the system can be adjusted as the business grows and becomes more profitable over time.

Pre-Order ALL IN: How Great Leaders Build Unstoppable Teams https://www.amazon.com/All-Great-Leaders-Build-Unstoppable/dp/0593544501/ref=sr_1_1?keywords=all+in+mike+michalowicz&qid=1700164489&sr=8-1

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

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:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

 Join us as Aimee LaLiberte, a certified life and money coach and Profit First Professional, shares a powerful model to help you profitably grow a healthier money mindset.

 Discover how to flip the script on negative thoughts, feelings, and actions that may be holding you back from owning the financials of your business. Whether you're an entrepreneur, freelancer, or small business owner, this episode will provide valuable insights and practical tips for cultivating a positive and empowering relationship with money.

 Don't miss this opportunity to transform your mindset and take your financials to the next level. #moneymindset #entrepreneur #freelancer

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

Join us as entrepreneur Brian Sly shares his Profit First journey and his big "EUREKA" moment of realizing that profit is not a dirty word, but a misunderstood word.

Discover valuable insights and practical tips on marketing and leveraging video and LinkedIn to keep your company top of mind and keep your pipeline full. 

Whether you're a small business owner or entrepreneur, this episode will provide inspiration and actionable strategies to help you take your business to the next level. Don't miss this opportunity to learn from one of the best and discover how to achieve financial success while growing your business.

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

Are you tired of struggling to achieve permanent profitability in your business? In this episode, we'll guide you down the straight and narrow path by sharing seven of the most common "ish" temptations that can derail your progress.

We'll also provide you with the seven keys to doing Profit First right, so you can achieve permanent profitability and enjoy financial freedom. Whether you're a seasoned entrepreneur or just starting out, this episode is packed with valuable insights and practical tips to help you stay on track and reach your financial goals.

Don't miss this opportunity to learn from the experts and take your business to the next level.

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

Tune in to take your Profit First strategy to the next level.

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

 In this episode ending in "-8," we dive into Mike's inbox and answer listener emails on various Profit First topics.

 We discuss the importance of defining your lifestyle through owner's compensation, what to do with your primary checking account when implementing Profit First, and why it may be beneficial to work with a CERTIFIED Profit First Professional to become "fiscally fit."

 We also address the topic of business debt and how it fits into the Profit First system. Tune in for valuable insights and practical tips on implementing Profit First in your business.