If you're a small have a small business, are self-employed, or hustle on the side, you need a business budget.
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About a year and a half ago, my friend Desirae​ from HalfBanked told me about a book called Profit First by Mike Michalowicz. It's a budgeting method, but for your business.
I immediately ordered it, devoured it in a couple of days, and implemented the system. And I must say... It's been a HUGE game changer for us.
Since using this method we've:
+ Increased our business profit significantly
+ Felt less stress because we built a business emergency fund
+ Paid ourselves a consistent monthly salary that we can count on
+ Had plenty of money ready when taxes were due
The basic premise of the book is based on changing the equation for how we calculation profit. Instead of Sales - Expenses = Profit. Mike Michalowicz turns this equation around to where Sales - Profit = Expenses.
When you turn the equation around, you force your business to set aside money for profit first (hence the name.) Then you have to run your business on what's leftover.
I'm a massive fan of the Profit First and the method, and today I'm sharing that method with you. If you run your own business or honestly, have any sort of irregular income, this method will transform the way you budget.
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PS: If you have an Amazon Alexa, I just launched a brand new daily flash briefing called 30 Second Money. It would mean the world to me if you checked it out in your Alexa app.
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