Profit First with Michael Michalowciz!

Every entrepreneur starts their business aiming for financial or personal freedom. However, few entrepreneurs get to achieve this. The problem is not them but the logical models used in running the business. Changing these logical models into behavioral models like profit first can get your business to the next level. If you’re aiming towards changing your business culture, models, and strategies, this episode is for you.

Profit First with Michael Michalowciz

Michael Michalowciz is an entrepreneur, business maker on Amazon and a popular speaker on innovative entrepreneurial topics. He is also a former host of the “Business Rescue” segment for MSNBC’S  Your business and an American author. His business books include Get Different, Clockwork, The Toilet paper Entrepreneur, The Pumpkin Plan, Surge, Fix This Next and Profit First.

In this episode

[01:27] Mike’s view on the video format of his best selling print book

[03:44] Profit First book insights

[07:17] Causes of most business failures and advice to such businesses

[09:10] Learning the process and habits from his failures and success

[13:15] Turning point to being an entrepreneur

[15:00] Pushing employees to work towards their dream

[18:38] Business Culture

[22:45] Drawing the line with bad customers

[25:01] Best professional development book to read

In this episode of the Brofessional development podcast, we interview Michael Michalowciz is an entrepreneur, business maker on Amazon, and a popular speaker on innovative entrepreneurial topics. He is also a former host of the “Business Rescue” segment for MSNBC’S  Your business and an American author. His business books include Get Different, Clockwork, The Toilet Paper Entrepreneur, The Pumpkin Plan, Surge, Fix This Next, and Profit First.

About the book Profit First

Profit First is Mike’s best-selling book, audio, and video format. The book is inspired by some of his failures, successes, interviews with different entrepreneurs, and comments from his fellow entrepreneurs.

Mike explains the business owner’s two aims while getting into the business in this book. That is personal and financial freedom. In personal freedom, the entrepreneur is always looking for a way to do things on their own time, while in financial freedom, the business owner is looking for a way to get his bills paid. Unfortunately, this does not happen for most businesses, and entrepreneurs keep questioning what is wrong with them. However, the problem is not the individual but the foundation formula, Sales minus expenses equals revenue.

The foundation level formula is logical but not behavioral. You need to always put your profit first. That is, take  3-10% of your profit, hide the cash and operate the business on the remaining revenue.

      “ According to human  behaviour, once you put something last it is not important. For instance, I love my family, I put them last.”

Consider changing the formula to Sales minus profit equals expenses. Taking your profit first will permanent profitability in your business. 

Cause of business failure

Having failed in two of his previous businesses, Michalowciz learned a few processes and habits that could lead to business failure.

One of the major failures in any business is the lack of a good profit system. In every single transaction, there must be a profit. Profit is not an event like just one big transaction, but it is a habit. Once you learn to put a little more every day, the profit becomes sustainable.

Some business owners might think that more sales automatically means more profit for the business. It is never the case. Sales cause stress in an organization since your obligation increases. You will need more resources and workforce. Hence, you need to strike a balance by having a sound profit system.

The turning point from employment to entrepreneurship 

Like most college graduates, Mike anticipated getting a job immediately after graduating. When he didn’t get one, Mike went home to work in a local computer shop. 

However, Mike could not understand the logic of why someone would just sit around and make everything while he earns the sweat.  This was Michalowciz’s turning point. He texted his boss an FU** message while drunk and lost his job the following day.

Mike burns the bridges and with a young family in his early 20’s depending on him, there is no shortcut but being successful in business. 

Business Culture

Every small business needs to actively define its business culture by recording the rules and adhering to them. You could be best friends with your employees but you still need to get your work done.

A well-defined business culture helps you to draw the line with your employees. It is also a reference point when you are at a crossroads with your customers. If a client cannot adhere to the rules, you can get rid of them. A bad customer distracts you from serving good customers, and even though you might experience short-term financial loss, it might return tenfold. On the other hand, once you let your clients know they are crossing the line and ready to terminate your services, they might change to good customers.

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In this episode, we welcome our intern, Salil Valiaparampil.  Sal graduated from Saint Louis University with a degree in marketing. Sal is now a transport broker where he loads shipments and ensures that products arrive on time. You will learn more about him and his duties in the show. We also discuss Aaron Rodgers’ COVID-19 protocol violation and possible consequences.

Fun Episode: Welcoming Our New Intern, Bobby’s Encounter with Ghosts, And Latest from Aaron Rodgers COVID-19 Protocol Violations

In this episode, we welcome Sal, our first intern, to the show. Sal attended Saint Louis University and graduated with a marketing degree. He now works as a transportation broker, where he loads shipments to ensure products are delivered in time.

Timestamps

[13:04] About Salil

[17:10] Salil’s job outline in the show

[20:02] How Bobby met Salil

[23:50] Salil responds to “who’s your favorite” questions

[26:21] Why Salil listens to Brofessional Development podcast

[31:40] Other favorite podcasts

[31:58] The who story about Aaron Rodgers COVID-19 protocol violations

[42:35] Salil’s favorite book

[43:37] Bobby’s encounter with ghosts

[48:30] The ‘elevator’ speech.

How We Met Sal

After meeting the first time, Sal was able to remember Mat the second time they met in a volleyball session. They later met again in April where he was the ‘ultimate hype man’ at a volleyball competition in Florida.

Sal responding to “ who’s your favorite” questions

• Best looking: Brad

“My wife did say yesterday that I’m at my prime right now.” – Brad Loyet.

• Favorite Episode: Man Up! How To Break Out Of Mediocrity And Take Control With Bedros Keuilian

          Skillset Vs. Mindset

Why Sal Listens to the Brofessional Development Podcast

Sal is a friend to the hosts of the show and also loves listening to guests sharing their stories on how they became successful. 

“Everyone has their own story. Everyone knows how they became successful. To hear all that is pretty cool.”

He says he wants to grow and get better by listening to the experiences of the hosts and guests. He also wants to cut on drinking and going out.

Aaron Rodgers COVID-19 Protocol Violations

Aaron Rodgers and Green Bay Packers were fined by the NFL for violating COVID-19 protocols.

Rodgers was given a $14,650 fine and the Packers were handed a $300,000 fine, NFL Vice President for Communications Brian McCarthy stated. Wide receiver Allen Lazard was also fined $14,650 because he violated protocol.

The NFL did a review of Rodgers’ and Packers’ protocols after the quarterback tested positive last week for COVID. It was discovered that Rodgers hadn’t been vaccinated as he had previously publicly stated.

Tune in to the episode to listen to these and more chats on trending topics.

Please help us by liking, sharing, and subscribing to our podcast if you enjoy this content. 

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Managing Your Businesses: Interview with Emily Frisella!

While most people are thinking of starting their own businesses and growing them to success, you will be surprised to see how many businesses fail every day. Having a great business idea can be easy for many. But starting something from scratch, scaling it, and making your investments earn high returns can be very tough. It’s even more challenging than before with the COVID-19 pandemic that has affected several sectors of businesses, including the supply chain and how employees work. So, how do you manage your business in such situations and ensure it’s growing? 

We interviewed our first ever recurring guest on our podcast, Emily Frisella, who shared some tips and insights on managing her businesses despite the challenges. 

Emily is the founder of the Paper and Plan Co., an author for the best-selling cookbook, co-host of the Curious Me Podcast, and the Women In Business Workshop founder. Emily was our guest in Episode 12, where she talked about women in business and how to overcome the mentality that females cannot be successful. 

In This Episode

[02:51] What’s been going on

[04:01] How Emily is handling the troubled supply chain

[07:21] The greatest resignation

[10:15] How Emily built her company culture

[14:13] Women In Business Workshop

[17:33] Structuring your workshop to fit different people at different growth levels

[24:04] Setting an effective routine

[27:45] Adding the three critical tasks 

[21:29] Staying disciplined in business

[31:30] Writing and tracking your goals

[33:00] Figuring out what to delegate

[41:33] Controlling your emotions to perform at your best

[43:30] Only fans inquiry: Start/not start a business during inflation?

[47:24] Why you should start your own business

How Emily Frisella Is Handling The Supply Chain Issue

With the supply chain disrupted due to COVID-19, several businesses have difficulty getting the crucial products they need for their production. With sales going up towards Christmas and the new year, Emily says the supply chain is essential for any business that wants to profit. 

With her Paper and Plan Co. business being one of the most affected, she had to adjust and have a strategy to ensure she didn’t run short of papers for planners. She is now dealing with the situation by ordering x amounts each month. However, she says that the main problem is that you don’t get the best discount for bulk orders since there’s a cap for every order.

“It (supply chain) is quite a big issue, and people are seeing it from all effects, and it’s a trickle-down. So, if you haven’t felt it now, you will end up feeling it as a business owner.”

Emily says at some point, businesses will have to adjust their pricing to cover for the inflation. However, it will be hard to convince customers to pay more for the same product due to the situation. For this reason, she has sacrificed to take a cut of her paycheck in 2023 as her easiest fix. But she is also doing this with her Paper and Plan Co. because she knows she has other businesses that will sustain her.

“If it were my only business, I would maybe have to rethink that, but I do have other streams of income. So, it’s not a big deal to me.”

Emily’s Company Culture

Emily adopted all the nine values that she has always had in all her companies.  The co-values are posted on the office walls. Workers have books to read and develop themselves and instill the values in them. 

She has bought books like the Automatic Habits and Leadershift for her workers and changes them every 60 weeks.

“Everybody here wants to win. Anybody with my company or has an affiliation with any of the businesses that I have, that’s what they want. We all want the same thing.”

How She structured her Women In Business Workshop

After starting her women in Business Workshop, she has capped the maximum number of attendees to 75. She says this helps make people build personal connections with each other.

“I don’t want to have 300 people there, and they can’t make those one-on-one connections.”

With just 75 individuals, you can make people have a meaningful conversation with everyone in a three-day workshop. More questions also get answered when speakers speak, and more people are heard. 

“I think that a lot of people are most exhausted by these massive 2k events. You just go, and you sit, and you hear somebody talking, and that’s it.”

Structuring a workshop to fit different people

Workshops and events usually have different people; starters, experienced entrepreneurs. It’s always challenging to find common ground for the two extremes to discuss and benefit from each other. However, Emily has some tips on how to blend the two. 

She says, for her workshop, the women starting can look at the women that are further down the journey and draw inspiration from them. Similarly, those further down their journey use the opportunity to remind themselves of the little things that got them there. Most people forget how they got to where they are.

She also gives out questionnaires to help her group them based on their skills, strengths and weaknesses. She then encourages the women that have the strength and weaknesses of others to help each other and vice versa. People immediately have a connection with those who have strength in areas they don’t. 

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Managing Your Businesses: Interview with Emily Frisella

In this episode, we are joined by Brofessional Development’s first-ever repeat guest on the show, Emily Frisella. She is a multi-passionate entrepreneur who got into the industry at 20 and has never looked back. Emily is the founder of the Paper and Plan Co., an author for the best-selling cookbook, co-host of the Curious Me Podcast, and the founder of the Women In Business Workshop.

Usually, when starting a business, as the owner, you can essentially do what you want to do when you want to. You don’t have a packed schedule, yet you still work all the time to ensure your business is growing. When you want to take a day off, you close early and have a nice day off! This is how many people operate, without much discipline. But when your business picks up, you find yourself hiring employees to help with running it as it generates more revenues. But you now need to effectively manage and operate your business, unlike before when you were just getting started. To make it easy to effectively run the business, building systems that make success more automatic for you can really be important. 

Building Systems That Make Success More Automatic

Building Systems That Make Success More Automatic In today’s episode, we’re joined by the world’s most disciplined man and an author of three books, Craig Ballantyne. Craig is also the owner of earlytorise.com, where he works as a coach for thousands of entrepreneurs in over 45 countries.

In today’s episode, we talk to Craig Ballantyne, who is the co-owner of the EarlytoRise.com website, where he works as a coach for thousands of entrepreneurs in over 45 countries across the globe. Craig is also the author of The Perfect Day Formula, which will teach you how to own your day and control your life to become even more disciplined and effective on whatever thing that you do. 

He has a Master’s of Science in Exercise Physiology from McMaster University in Hamilton, Ontario, Canada, and spent over 21 years in the fitness industry where he helped clients get faster results with his Turbulence Training Program. Craig has also written articles that have been featured in the Men’s Health Magazine. He has also created a series of coaching programs for top performers, entrepreneurs, and executives. Currently, Craig has fully specialized in productivity, self-improvement, personal development, self-discipline, leadership, speaking, and writing. 

In This Episode

Born lazy and an introvert, Craig suffered from crippling anxiety attacks. However, he’s now built systems that have allowed him to build multiple 7-figure businesses, stress-free. He shares about how you can be more productive with your day, become more time-efficient, and grow your business to the next level without putting too much stress and pressure on yourself.

Key Highlights in This Episode:

[04:02] From “lazy’ to the world’s most disciplined man

[09:44] Being efficient with your time

[14:21] The four-quadrant metrics in our gene

[16:38] Questions to help you make an extra 10 hours/week

[20:33] The magic time and the science behind it

[24:15] How early should you wake up?

[25:25] How much sleep do you get?

[27:45] Breaking away from suffering in silence

[31:49] Separating your emotions from the job

[35:20] Only fans inquiry: Finding a mentor

“It all comes down to building systems that make success more automatic for you. That’s what allows you to be disciplined in the eyes of other people and get great results”

Being Efficient with Your Time

If someone has any ambition at all, the reason they are not successful is that they have not built systems that protect them from roadside bombs. 

The first important system that you have to work on is becoming efficient with your time. Most people spend too much of their time on the least productive things and end up wasting a lot of their time. 

Any successful entrepreneur will tell you that time is the most valuable resource for them because it’s the only one that never gets back. The good thing is that we all have time, equally. What brings the difference is how we manage it.

Questions To Help You Make Extra 10 Hours A Week

Craig lists these questions as key in helping you create more time if you find yourself held up throughout the week, yet you need to be more productive:

• What do you hate doing in your business? You have the answer in your mind. Whatever, you hate doing, always avoid creating time for it during your magic time (the time of the day you’re more productive, creative, and energetic). Avoiding doing it can help you be more productive by saving yourself a couple of hours and mental energy. You should then do what you hate doing when you’re done with other things and wouldn’t mind spending a lot of time doing it.
• What should you stop doing, that nobody else should do? This includes spending time on unproductive and distracting activities such as social media, drinking too much beer or wine. This helps you wake up feeling stronger and ready for the next day, therefore becoming more productive.

Tips to effectively manage your time

• Stop multitasking. Brain jumping between tasks makes it extremely exhausting and makes you less productive.
• Set deadlines for every task that you do. Otherwise, you may spend too much time on something, costing you a lot of energy than what’s needed to finish it.
• Prioritize tasks. 
• Get rid of the things that often distract you while working. A good example is switching off your phone when working.
• Work when you’re most productive. It’s not always easy to be fully focused and productive all the time. Figure out your magic time and give it your best.

“You make time for things that matter. You don’t find time for the things that matter.”

Sleep & Waking Up

Craig says that the time you wake up is not so important. What is so important is what you do when you’re up. Since most people go to bed late in the night, there’s no need to wake up early in the morning if it’s not right for you. 

On how much sleep you should get, he says not every day has to be the same. You can go to bed at different times during the week, and it won’t affect your effectiveness. 

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It’s always difficult to find and bond with people that share similar ideology with you, and those who only want to succeed just as much as you do. Even worse, with several friends and people around you, it can be hard to build an effective circle that can help you get to the next level of success. It’s true, your friends are different and you can’t lose them to remain with just a few that buy to your thoughts. But you still want to grow and want to achieve so much in life with the “right” circle. So how do you start building a circle that creates success in such a situation?

Building A Circle That Creates Success

When you’re yearning to take yourself to the next stage of life, you need people around you that will push you towards working for success. You need to have a circle with like-minded individuals who share similar ideas like yours.

In episode 53, we shared some ways and tips to get started. We also shared some notable quotes from successful people on how you can start your own circle.

The Mastermind Session

The Mastermind Session is an in-person event hosted by the Brofessional Development Podcast team where we get to know each other, share teaching lessons on certain entrepreneurial topics, and try to solve each of our member’s issues in their businesses.

A total of 16 people attended our first Mastermind Session, with individuals coming from diverse backgrounds. Whether you have 30 years of experience in entrepreneurship, you’re just getting started or seeking ways to be a good employee, the Mastermind Session accommodates every kind of person that wants to grow and better their life.

In our first session, there was no structure we followed. People shared their stories and the problems they would love to be helped with throughout the session as we got to know each other.

The Second Mastermind Session is scheduled for October 30th, and everybody is welcomed! We will have a clear structure to address specific topics that seek to teach lessons to members as we also share some insightful experiences and tips around specific topics.

Remember: Mastermind Session is not about selling anything to anyone. It focuses on helping members become better individuals.

How To Build A Circle That Creates Success

“The place to begin building any relationship is inside ourselves, inside our circles of influence, or our own character. – Steven Covey.

Even before you think of building a circle of people that are going to help you get to the next level, you first have to start getting to the next level. You need to have a mentality switch that says, “I want to be that person.”

Can you have multiple circles?

It’s not about losing friends to allow yourself to grow up. But it’s possible to lose touch with some of them.

The good thing is that you can have multiple circles for every part of your life that you want to build on. This is important because you won’t find yourself losing friends because they don’t buy into your thoughts and ideas.

For instance, you can have the following circles in your life and not lose anything:

• Family
• Volleyball friends
• Golfing friends
• Business friends
• Growth mindset

Even spending a day with somebody once a month that you think isn’t a good company will not hinder you from getting to where you want to be. Sometimes you need time off to shake off things in your life and be free.

“It’s so easy to get into a circle if you just put some effort into where you want to go.”

Building a circle can be easy when you involve social media.

Just add a post advertising your intentions and the type of people you’re looking to have. You will probably get one or two people that are interested, form a group, plan for a meetup talk about it, and get started! Other people will join later once you’re rolling.

Whatever circle you want to build, most people really want to be part of it but they just don’t know how they can. Sometimes people just wait for you to ask!

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This week, how to man up with Bedros Keuilian! Strength and growth only come through continuous effort and struggle. While the dream of every entrepreneur is to live on top of the mountain, all the happiness and growth occurs while climbing it. But in the absence of resources, you need to be resourceful and work yourself to where you want to be. You need to break out of mediocrity and take control. If you’re wondering how to make the U-turn and head towards success, this episode is for you. 

Man Up! How To Break Out Of Mediocrity And Take Control With Bedros Keuilian

Bedros Keuilian is a performance coach, speaker, and also business consultant. He has invested in dozens of businesses and companies, ranging from digital media agencies, software, education, and consulting firms. Bedros is also the founder and CEO of a four-time Inc.

In episode 53 of the Brofessional Development podcast, we interview Bedros Keuilian, a performance coach, speaker, business consultant, and the author of Man Up: How to Cut the Bullshit and Kick Ass in Business (and in Life). Bedros has invested in several companies in the digital media, software, education, and consultation industries. He is also the founder and CEO of the Fit Body Boot Camp, one of the fastest-growing franchises in the US. 

Bedros Keuilian’s Early Life Struggles

But all these were not an overnight success. From escaping Russian Communism with his family at the age of six, Bedros and his family found themselves in Italy before entering the United States “legally.” He remembers the hardships the family went through while he was young, getting infected with lice, and even eating expired food from the groceries. 

“We were so broke. My mom had my dad siphon gasoline from a parked car, and she washed my hair with gasoline because it kills lice and it was free.”

But the early life struggles taught him many lessons about becoming an entrepreneur. He says the first lesson he learned was to become resources in the absence of resources such as food and money.

The Turning Point & Becoming An Entrepreneur

Growing up, Bedros Keuilian lived a life of violence in his late teens and early twenties until they were busted by the police attempting to rob a woman, and all his other friends getting sent to jail. He was left free after the woman didn’t identify him. This was Bedros’ turning point which made him address his inner self to relieve stress that was as a result of being molested while still young. 

He decided to seek 16-weeks therapy to help him cope with the stress and anxiety so he could grow his business. 

While working as a personal trainer, Bedros met Jim Franco who asked him about owning his own gym. Being frank with him, he said he knew nothing about entrepreneurship. That’s when Jim started mentoring him to become an entrepreneur. 

Bedros says anyone can become an entrepreneur. You only need to:

• Figure out what you can do better than others because the odds are that people are doing what you want to do.
• Find someone that’s doing what you want to do and model success. 
• Work for successful individuals and learn from them.
• If you don’t want to work for them, hire them as mentors.

Finding a mentor

With several mentors in the market, it can be hard to find the right one to help you grow and become successful in whatever you’re doing. Bedros says that in order to find a mentor, you need to:

• Ask the potential mentor to give you three or four names of their previous clients in the field you are in and talk to them to see the results.
• Ask to be referred to them.
• Go work for someone you respect in the industry you want to be in, and learn from them.

He has worked with several mentors on his journey to success on how to Man Up!. Some include:

Joe Weldon- speaking coach

Dan Kennedy- copywriting coach

Joe Polish- marketing coach.

“I paid so much money to mentors and it’s literally the best investment I’ve made in terms of business. Mentorship on every level of business, marriage, mindset, and psychology is necessary”

 Managing your business

As a business owner, there will be so many duties and work to do. The best way is to delegate some things to your employees and only be left with the ones you can only do. Bedros advises that you pay people to do 95% of work and only be left with the 5% that you can only do. 

After delegating, you need to motivate your partners, employees, and partners to realize sales. 

To build a strong team, you need to be a great communicator and lead from the front, while taking care of them. If you don’t, they will soon leave to join your competitors or even biome one.

He says that as a business owner, don’t be quick to fire and so slow to mentor and develop. 

We hope you enjoyed learning how to Man Up with Bedros Keuilian!

Contact the Brofessional Development: CLICK HERE!

“If you want to turn your employees into high-performing team members, develop them. If it still doesn’t work out, give them the gift of goodbye.

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Transcript!