On the What’s the Secret Podcast, former restaurant manager turned seven-figure entrepreneur Tom Gaddis shares with you the real strategies most gurus won’t tell you about growing a successful business. Discover the steps and strategies he used, to go from being on unemployment to starting and growing his own 7-figure business and helping 50,000 students all over the world. Each season on the podcast Tom dissects one critical key to building a business that helps you create financial security in less time and with less stress. Discover the tools, winning systems and mindset you need to stop stressing about money and start building a fulfilling business to replace your income and more. For more info go to http://tomgaddis.com/
https://tomgaddis.com/
episode 20: Profit First with Mike Michalowicz
Join Tom Gaddis and Mike Michalowicz as they talk about profits. As Mike discusses in the show, 83% of small business owners live paycheck to paycheck, not knowing how to get out of this crazy loop! We start these businesses to get to financial freedom, so we have to take it upon ourselves to make that happen as entrepreneurs. You’ll know the thing you have to focus on first that will make your business thrive and start having it pay you. Stay tuned to the show to learn Mike’s four core principles of profit first and his take on the phrase “wallet over words.”
“If profit is important, profit must come first.” – Mike Michalowicz
On this episode:
- The problem with the formula of sales minus expenses equals profit.
- Creating a system of bank accounts with the right labels, one of them for profit!
- Taking distributions every 90 days and how it normalizes spending patterns.
- Starting slow and letting it grow.
- Choosing not to participate in the recession and taking the opportunity to reinvent.
- Getting validation from people’s willingness to pay versus affirmation by words alone.
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Mike’s Book
https://fixthisnext.com/
Mike’s Website
https://mikemichalowicz.com/
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Link for the free E-Guide https://tomgaddis.com/secret Connect with Tom Gaddis: Website - http://tomgaddis.com/ LinkedIn - https://www.linkedin.com/in/tomgaddis Facebook - https://www.facebook.com/tomgbiz