The Profit First Model: A Game Changer for Your Private Practice [Ep 44]

Are you ready to take control of your business finances in 2024? Then this episode is for you! Today, I want to share a model with you that not only transformed my relationship with money but brought financial stability to my business. It's called the Profit First model and it's based on the book Profit First by Mike Michalowicz. Join me as I share my personal journey with the Profit First model and reveal how it changed my business. Together, we'll explore the benefits of this model, how you can apply it in your own business, and how to divide income into different accounts for profit, taxes, owner's pay, operational expenses, and more. By the end of this episode, you'll learn how this approach can help you avoid overspending and ensure you always have enough set aside for taxes or business emergencies. Plus, I'll discuss how you can adapt the Profit First model to fit your unique needs and circumstances. So tune in, and let's take control of your business finances in 2024!Topics covered in this episode:What is the Profit First model, and how can it revolutionize your business finances?How does dividing your revenue into five different accounts help manage your money better?Determining how much money you should put in each account.What are the different ways to adapt the Profit First Model to suit your unique needs and circumstances?Why is setting a consistent salary for yourself crucial in running a successful private practice?Connect with Felicia:1:1 Coaching: www.thebadtherapist.coach/private-coachingGet my freebie & join the email list: The Magic SheetsInstagram: @the_bad_therapistWebsite: www.thebadtherapist.coachFacebook group: Healing MoneyResources from this episode:Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine Hardcover by Mike MichalowiczMy program Liberated BusinessWe Should All Be Millionaires: A Woman’s Guide to Earning More, Building Wealth, and Gaining Economic Power Quote:"Profit First is a system for approaching your business finances, and it was a total game changer for me." - FeliciaMentioned in this episode:Doors to Scalable Offers for Therapists open on 21st October!Ready to turn your best idea into a profitable, effective offer? Scalable Offers for Therapists, my 8-week incubator and mastermind dedicated to helping you create a scaleable offer for your therapy or coaching business is open for...