025. How to Use the Profit First Method in Your Retail Boutique

One of the first “money” books I read when I started my business was Profit First by Mike Michalowicz, and let me say that it was a game changer in how I manage the cash flow in my business. But, if you have read the book, you probably noticed that it doesn’t QUITE work the same if you have an inventory-based business.

In this episode, I’m here to tell you the basics of how the Profit First system works, and how you can use it to help manage the cash flow in your retail business to guarantee you always make a profit, save some money for taxes, and always pay yourself SOMETHING for all your hard work.

 

Ready to take your learning a step further?

Register for my Free Masterclass, Make Your Money Make Sense! Where you’ll learn how to understand where your money is going, avoid costly bookkeeping mistakes, and set up an easy to follow bookkeeping system.

Sign up now: www.findingfreedomfinancial.com/masterclass

 

Other Ways to Work With Me:

• Need to get your bookkeeping caught up or cleaned up? Sometimes you just need a clean starting point so you can take it over yourself. Apply to work with us at www.findingfreedomfinancial.com/contact and we'll get your books up to date and ready to hand off.
• Need some support as you do you own bookkeeping? Then I wanna invite you to join me inside of the Bookkeeping Made Simple for Boutiques Membership, where you can get trainings & support to help you feel confident as you manage the money-stuff yourself. Using Quickbooks Online, I walk you through through the exact setup & process you need to implement everything for accurate and EASY bookkeeping all year long - no more tax time scramble! Join us at www.findingfreedomfinancial.com/membership
• Are you a Shopify seller who’s not quite ready to invest in a bookkeeping software like Quickbooks? Don’t worry - I got you! I’ve created a custom Shopify Seller Income & Expense Tracker that you can use to easily enter each transaction coming in and out of your business, along with your sales data coming directly from Shopify to put together a standard P&L (Income Statement) that you can hand over to your tax preparer. Download your copy at www.findingfreedomfinancial.com/spreadsheet

 

Prefer to learn while you read? Check out the blog post for this episode:

https://www.findingfreedomfinancial.com/profit-first-system

 

Related Episodes & Resources Mentioned:

Buy Profit First on Amazon here

Need clarity on how to actually pay yourself as a small business owner? This blog post & episode breaks down how to do this based on your business entity type.

Not sure if you need to be paying quarterly estimated tax payments? This post might help.

And finally, grab your own copy of my Profit First Template for free here!