Description

If you’re unable to pay yourself first, you don't have a financially healthy or sustainable business. Alicia Osthus dives into the basics of the Profit First method and explains why it’s time to get your finances in order so you can have a profitable business!

In this episode, we talk about…

• Alicia’s accounting background and what led her to the Profit First method
• Common financial mistake contractors make and why it pays off to hire a professional
• Suggestions for using Profit First Nation to understand accounting basics
• Benefits of Profit First method vs. traditional accounting

1. Separate accounts for personal vs. customer deposits

2. Ability to have bonus pay and profit distribution

3. Guidelines for allocating money and consistent paychecks

• The mindset shift required to pay yourself first and understanding your real revenue
• Deduction possibilities and the difference between a 1099 contractor vs. employee
• We sell like we buy—don’t be a cheapskate in your own business
• How Profit First gives you both clarity around your finances and permission to spend

Links to Resources:

Alicia Osthus - https://aliciaosthus.com/

Profit First By Mike Michalozicz - https://mikemichalowicz.com/profit-first/

Profit First For Contractors By Shawn Van Dyke -https://www.profitfirstcontractor.com/

Learn how to better manage pressure in the Profit Club – www.hammerandgrind.com/theprofitclub

Facebook group - https://www.facebook.com/groups/thecontractorprofitgroup

Facebook – https://www.facebook.com/hammerandgrindpodcast

Instagram - https://www.instagram.com/hammerandgrindpodcast/

Website – www.hammerandgrind.com

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