30 Oct 024 Mike Michalowicz – Profit First, Turning Your Fitness Business Into A Money Making Machine

Mike Michalowicz is the entrepreneur behind three multimillion dollar companies and is the author of Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur. He’s a former small business columnist for The Wall Street Journal and the former business makeover specialist on MSNBC. Today Mike travels the world as an entrepreneurial advocate, he is globally recognized as the guy who “challenges out dated business beliefs” and teaches us what to do about it.

During todays show, Mike talks to us about his book Profit First, in which he gives us details on the cash management system that will ensure any business – of any size, in any industry, no matter how much debt it carries or how many years it has been operating—will become permanently profitable.

During our interview, Mike explains why the traditional accounting formula of Sales – Expenses = Profit is counterintuitive to human behaviour and a myth that locks you into a never-ending cycle of selling more, yet profiting less. He also explains why the Profit First Formula of Sales – Profit = Expenses actually forces innovation, supports sustained growth and skyrockets profits.

You will quickly hear why Mike is in demand as a speaker all over the world, you will hear about the book, the messages and lessons within it, and you will walk away with actions you can implement into your own business and life straight away.

We will also be announcing the winner of our Podtober Prize Giveaway! A copy of the membership economy by Robbie Kellman Baxter.

Top Tips From The Show

• Profit First Formula is Sales – Profit = Expenses
• Stop whats not working, and start focusing on what is working and amplify that.
• Set up multiple accounts, when money comes in, disperse it in pre-determined percentages.
• Change the way your operating to work within the confines of what money is available for operating expenses – remove the temptation
• Be selective of your clients – not all clients are created equal, look at the ones at that are your best and focus on them. If you have the courage to get rid of your weakest clients and automatically your profits get boosted.

Inspirational Quotes From The Experts

“If you intend to do something, don’t wait 6 months from now or a week from now, it fades out of our mind, start today, start now, but start small.” Mike Michalowicz

Resources Our Experts Shared In The Show

Mike Michalowicz
Email Mike
Website
The Offices of Mike Michalowicz
ATTN: Carly Simon
PO Box 73
Mountain Lakes, NJ 07046
888-244-2843
Book: Switch – Dan and Chip Heath

Active Management
Membership
Marketing Templates
Active Management Fitness Marketing Tips

Tweetables – share the Experts knowledge to #GROW

[Tweet “The problem is not the entrepreneur, the problem is the formula @MikeMichalowicz“]

[Tweet “When profit comes last, it gets forgotten @MikeMichalowicz“]

[Tweet “When did now not become the right time? @MikeMichalowicz“]

[Tweet “Get rid of your weakest clients and automatically your profits get boosted @MikeMichalowicz“]

Share Your Thoughts

Tell us your #1 Takeaway from this show or what success you have had from implementing an idea you heard here! Comment below and you could win a 3 minute interview on the Fitness Business Podcast!