About 50% of businesses fail in the first few years - discover the simplicity of #profitfirst

If you haven't heard of Profit First, it's a book by Mike Michalowicz. The whole idea behind this is prioritizing yourself first for whatever you're making in your business. So paying yourself first, hence the name Profit First. A lot of business owners, when they want to understand where they are in their business, kind of a bad habit they have is just looking at their bank balance to see what their bank balance is at. The right thing to do would be to look at your financial statements and get a better understanding, but not everyone has that accounting acumen to fully understand their financial statements. Mike Michalowicz wrote this book about a method you could use to use that habit of looking at your bank balance to your advantage. So the whole idea is yourself first. So whenever you get paid from one of your customers, you take that money and you put it into different buckets. And the buckets are basically bank accounts. So you have a bucket for your profit, a bucket to pay your personal taxes, a bucket to pay your business expenses, your operating expenses. You can have more buckets than that, but just to keep it simple. And so whenever money comes in, you split out the money into those different buckets based off a percentage that you've predetermined, uh, for your— or what your profit should be, what your taxes are approximately going to be, and then what you'll need to pay for your business expenses.