What is the first step in becoming Profit First?

27 May 2024

Mike Michalowicz's Profit First system starts with one thing: separate bank accounts. You split your revenue into Income, Operating Expenses, Owner's Pay, Taxes, and Profit. Set taxes aside at 15% and aim for 30% profit.

Questions this video answers

Income; Operating Expenses (OPEX); Owner's Pay; Taxes (pay tax); Profit.

30% profitability.

15% of revenue.

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