How did I get started with Profit First? Well, prior to starting my bookkeeping business, I was a mompreneuer jewelry designer for 11 years. I had a lot of good customers, and supplied a number of retail stores with jewelry including several museums across the country. I frequently had people work for me to help put together jewelry for my orders and for individual shows. By all counts, I was successful.
There was just one problem – I never seemed to make any money. Instead, I was always spending money on more supplies, or chasing the next big order or next big venue that was going to help me make some “real money.” In reality, I’m pretty sure my employees made more than I did! When my husband and I started talking about how to pay for college for our oldest daughter, I knew I was going to have to do something else in order to bring the cash we needed.
Enter Profit First
In the process of establishing my business as a bookkeeper, I came across the book Profit First. This book was a game-changer for me; it taught me how to manage my cash in order to actually get paid as a business owner. The concepts of this book strongly resonated with the struggles I faced while running my small jewelry business.
I know many solopreneurs and small business owners could benefit from these systems, and as a bookkeeper, I am in a great position to help make that happen. I use the Profit First system in my own business and have implemented it with some of my clients. In my own life, it’s given me the peace of mind to know I’m able to pay the college bills for our second daughter, have money available for estimated tax payments, and my SEP IRA. With my clients, particularly those with varying income, I have used the Profit First system to help them overcome challenges like repaying lines of credit, accumulating a buffer in their tax account, and creating a plan to smooth out the ups and downs of the owner’s income.
Whether you decide to implement this system on your own, or find you need the help of an accountability partner, you need to read Profit First and start using the system. The sooner you do, the sooner you can become permanently profitable! You can download the first five chapters at the bottom of my home page, and read more about the Profit First services I offer. I know the system can help you find the profit in your business.