Mike Michalowicz's Blog, page 9

Your Money and Emotions – Breaking the Money Shame Cycle with Profit First

Not everyone talks about it, but everyone feels it: managing money is a source of anxiety. 

It’s easy to feel like your self-worth is tied to your business’s bottom line. “When my business makes a profit, then I’ll be successful,” you tell yourself. However, success doesn’t start when you have money in the bank. It starts with taking control of your finances from day one. That’s where Profit First comes in.

The old-school formula, “Sales – Expenses = Profit,” leaves you at the mercy of what’s left over. No wonder so many small business owners struggle to turn a profit. 

With Profit First, this outdated approach is flipped on its head. Instead, you take your profit out first: “Sales – Profit = Expenses.” This forces you to prioritize profit and become more resourceful with your remaining budget, creating a healthier financial foundation for your business. One that sustains it for the long game.

More than numbers – It’s about empowerment

The emotional impact of implementing Profit First is undeniable. It’s not just about numbers on a spreadsheet, it’s about taking back control and breaking free from financial stress. When you start prioritizing profit, you’re not just creating wealth for your business, you’re building confidence and peace of mind.

Imagine seeing actual profit accumulate in your bank account. That sense of control, combined with tangible results, empowers you to make smarter decisions. Whether it’s reinvesting in your business, giving yourself the salary you deserve, or simply knowing you have a financial buffer, Profit First gives you the stability and freedom to move forward with confidence.

How to get started

You don’t need to make massive changes right away. Start small—set aside 1% of your revenue into a separate profit account. Over time, increase that percentage and watch as your profits grow while your expenses naturally adjust.

Profit First is more than just about balancing the books. It’s about reshaping your mindset. It’s about breaking the cycle of financial shame and empowering yourself to build a business that thrives.

If you’re ready to regain control of your finances, Profit First offers a simple yet powerful approach to transform the way you manage money. If you haven’t already, take the first step today and start small, stay consistent, and experience the impact of putting your profit first.

Wishing you health and wealth always.

– Mike

Need more guidance? Grab your copy of Profit First on Amazon or your favorite bookseller.

Want some free resources? Get those here.

Have questions? Please email support@mikemichalowicz.com for a real human to help you!

Want to hire or become a certified Profit First Pro? Learn more here.

The post Your Money and Emotions – Breaking the Money Shame Cycle with Profit First appeared first on Mike Michalowicz.

The Profit-First Transformation: A Personal Journey

Once upon a time, I was a small business angel investor… and lost everything.When I met Debbie Horovitch at a speaking engagement, her struggles resonated with me. After going through her business’s financials, she broke down, saying, “I’m a fool. I am a FOOL.” It hit hard because I’d been there too – facing the painful truth about my bank account, my strategies, and my shattered dreams.My own financial come-to-Jesus moment was the start of a transformation. That’s how Profit First was born- initially to solve my own financial problems. And it worked, not just for me but for countless business owners facing the same economic stress.Most businesses follow the traditional accounting method, GAAP, which encourages spending first and paying yourself last. But that’s how I fell into a financial doom spiral. GAAP is essential for analyzing your business, but as a cash management tool, it fails most entrepreneurs.Look at a typical income statement. Revenue at the top, followed by expenses, with profit left at the bottom. No wonder most businesses struggle to make a profit.Profit First flips this script. You take your profit first, pay yourself, and leave expenses to be managed with what’s left. This method forces frugality and puts profit at the forefront. It’s simple but effective – deduct profit first and control expenses accordingly.Since implementing Profit First in my own business and for my clients, the results have been life-changing. Profit First allows you to consistently grow while staying in control of expenses. I’ve seen it work for 21 consecutive quarters, and it can work for you too.1. The core conceptFlip the traditional formula:Old way: Sales – Expenses = ProfitProfit First way: Sales – Profit = ExpensesThe idea is to prioritize profit by taking it out first, forcing you to run your business on what’s left.2. Setting up your bank accountsSeparate Accounts:Income account: All revenue goes here.Profit account: A percentage of your income is transferred here immediately.Owner’s pay: Another percentage goes to paying you, the owner.Tax account: Set aside money for taxes so you’re always prepared.Operating expenses: The remainder goes here, and this is what you run your business on.3. Allocating incomeThe allocation process:At regular intervals (e.g., bi-weekly, monthly), transfer percentages of your income from the Income Account to the other accounts.Suggested starting percentages (can vary based on your situation):Profit: 1% to start, gradually increase over time.Owner’s pay: 50%.Tax: 15%.Operating expenses: 30%.4. Pay yourself first – Prioritize your compensation: The system ensures you pay yourself first, reinforcing the idea that your hard work deserves reward and sustainability.5. Adjust and improve – Regular review: Every quarter, review and adjust your percentages based on your financial health. Aim to increase profit and owner’s pay over time while controlling expenses.6. Celebrate your success – Profit distributions: Quarterly, take half of the money in your profit account as a reward for yourself. Use the other half to reinvest in your business or build a safety net.7. Control your expenses –Lean operations: By restricting what you spend on operating expenses, you force your business to be more efficient and innovative.8. Stay disciplined – Stick to the plan: It’s easy to be tempted to dip into your other accounts, but the key to Profit First is discipline and consistency.When I faced financial struggles and felt the weight of my mistakes, I thought I was at the end. But that moment became the turning point. Profit First saved my business and allowed me to regain control, and I’m honored to share it with you today. Remember, you don’t have to be perfect, but you do have to take that first step toward financial clarity. Let’s keep moving forward, together.Wishing you profit, success, and peace of mind.-Mike

Need more guidance? Grab your copy of Profit First on Amazon or your favorite bookseller.

Want some free resources? Get those here.

Have questions? Please email support@mikemichalowicz.com for a real human to help you!

The post The Profit-First Transformation: A Personal Journey appeared first on Mike Michalowicz.

A Step-by-Step Guide for Entrepreneurs to Achieve Prosperity – Breaking Down Your HUGE Goal Into Small Actions



Ah, we entrepreneurs. We have BIG dreams. BIG plans. And sometimes, they’re followed by one or two actions, and the BIG crickets sound. After all, big plans can get overwhelming.If you want momentum in your business, you need to break down your big vision into smaller, manageable goals to hold yourself accountable for achieving them. For some added guidance, here’s a breakdown of the action plans around prosperity, quarterly, and daily metrics I used in The Toilet Paper Entrepreneur:1. Prosperity planAction steps:Define prosperity: Clearly articulate what prosperity means to you. This includes financial goals, personal well-being, and impact on your community.Set long-term goals: Identify your long-term vision and the milestones that will indicate you are on the path to prosperity.Create a roadmap: Develop a high-level plan that outlines the major steps you need to take to achieve your long-term prosperity goals.2. Quarterly metricsAction steps:Break down long-term goals: Divide your long-term goals into quarterly objectives that are achievable and measurable.Identify key metrics: Determine the key performance indicators (KPIs) that will help you track your progress toward your quarterly goals. These might include revenue targets, customer acquisition numbers, or cost reduction goals.Develop a 90-day plan: Create a detailed action plan for each quarter that includes specific tasks, deadlines, and responsible parties.Review and adjust: At the end of each quarter, review your performance against your goals. Adjust your strategies and plans based on what you have learned.3. Daily metricsAction steps:Set daily goals: Break down your quarterly objectives into daily tasks that contribute to your overall progress. These tasks should be specific, actionable, and time-bound.Use a daily planner: Track your daily tasks and goals in a planner or digital tool. This helps you stay organized and focused.Measure daily performance: Identify metrics that you can measure daily, such as the number of sales calls made, tasks completed, or new leads generated.Daily review: At the end of each day, review what you have accomplished. Reflect on what went well and what could be improved.4. AccountabilityAction steps:Accountability partner: Find a mentor, coach, or accountability partner who can help you stay on track with your goals. Regular check-ins can provide motivation and support.Team accountability: If you have a team, ensure that everyone is aware of the goals and their individual responsibilities. Hold regular team meetings to review progress and address any challenges.Public accountability: Share your goals with a broader audience, such as through social media or within an entrepreneurial community. Public accountability can increase your commitment to achieving your goals.Track progress: Use tools like spreadsheets, project management software, or goal-tracking apps to monitor your progress. Regularly update these tools to reflect your current status.Reward achievements: Celebrate small victories along the way. Recognizing and rewarding progress can keep you motivated and focused on your long-term objectives.I know. Ugh. A list of action steps. But start and stick with them, and you’ll see how smaller actions effectively manage your progress and stay accountable. You’ll stay more focused, and that BIG dream will be a reality before you know it.Wishing you health and wealth always.-MikePS. For a swift kick in the, uh, pants to stop procrastinating, grab your copy of The Toilet Paper Entrepreneur here!

The post A Step-by-Step Guide for Entrepreneurs to Achieve Prosperity – Breaking Down Your HUGE Goal Into Small Actions appeared first on Mike Michalowicz.

A Step-by-Step Guide for Entrepreneurs to Achieve Prosperity

Ah, we entrepreneurs. 

We have BIG dreams. BIG plans. 

And sometimes, they’re followed by one or two actions, and the BIG crickets sound. 

After all, big plans can get overwhelming.

If you want momentum in your business, you need to break down your big vision into smaller, manageable goals to hold yourself accountable for achieving them. For some added guidance, here’s a breakdown of the action plans around prosperity, quarterly, and daily metrics I used in The Toilet Paper Entrepreneur:

1. Prosperity planAction steps:Define prosperity: Clearly articulate what prosperity means to you. This includes financial goals, personal well-being, and impact on your community.Set long-term goals: Identify your long-term vision and the milestones that will indicate you are on the path to prosperity.Create a roadmap: Develop a high-level plan that outlines the major steps you need to take to achieve your long-term prosperity goals.2. Quarterly metricsAction steps:Break down long-term goals: Divide your long-term goals into quarterly objectives that are achievable and measurable.Identify key metrics: Determine the key performance indicators (KPIs) that will help you track your progress toward your quarterly goals. These might include revenue targets, customer acquisition numbers, or cost reduction goals.Develop a 90-day plan: Create a detailed action plan for each quarter that includes specific tasks, deadlines, and responsible parties.Review and adjust: At the end of each quarter, review your performance against your goals. Adjust your strategies and plans based on what you have learned.3. Daily metricsAction steps:Set daily goals: Break down your quarterly objectives into daily tasks that contribute to your overall progress. These tasks should be specific, actionable, and time-bound.Use a daily planner: Track your daily tasks and goals in a planner or digital tool. This helps you stay organized and focused.Measure daily performance: Identify metrics that you can measure daily, such as the number of sales calls made, tasks completed, or new leads generated.Daily review: At the end of each day, review what you have accomplished. Reflect on what went well and what could be improved.4. AccountabilityAction steps:Accountability partner: Find a mentor, coach, or accountability partner who can help you stay on track with your goals. Regular check-ins can provide motivation and support.Team accountability: If you have a team, ensure that everyone is aware of the goals and their individual responsibilities. Hold regular team meetings to review progress and address any challenges.Public accountability: Share your goals with a broader audience, such as through social media or within an entrepreneurial community. Public accountability can increase your commitment to achieving your goals.Track progress: Use tools like spreadsheets, project management software, or goal-tracking apps to monitor your progress. Regularly update these tools to reflect your current status.Reward achievements: Celebrate small victories along the way. Recognizing and rewarding progress can keep you motivated and focused on your long-term objectives.

I know. Ugh. A list of action steps. But start and stick with them, and you’ll see how smaller actions effectively manage your progress and stay accountable. You’ll stay more focused, and that BIG dream will be a reality before you know it.

Wishing you health and wealth always.

-Mike

PS. For a swift kick in the, uh, pants to stop procrastinating, grab your copy of The Toilet Paper Entrepreneur here!

The post A Step-by-Step Guide for Entrepreneurs to Achieve Prosperity appeared first on Mike Michalowicz.

Don’t Let Limited Resources Hold Your Business Back



What you don’t have doesn’t have to stop you.Read that again.When we feel we have limited resources or are starting with next to nothing, it’s no excuse to put our dreams and plans aside. Instead, it’s the perfect time to get innovative.Creating something from practically nothing is what makes you a true entrepreneur. That’s where the magic happens. If you can do something with less, imagine what you can achieve with more.The Problem: ProcrastinationWhen you think you don’t have what you need to start something, your first instinct may be to do nothing. I wrote The Toilet Paper Entrepreneur after realizing the connection between having very little to work with and getting innovative. Was this sparked by a bathroom experience with only three squares of toilet paper? Whether that’s true or not, the outcome is clear: there are no excuses, no rationalizations, and no good reasons that you can’t do something. You may have to pivot a little, but you can always take action.Does this sound familiar? “I’ll start that business one day,” or “I’ll take that leap when the time is right.” We convince ourselves that we need the stars (and money) to align perfectly before moving forward. We think we need more money, better support, or that magical stroke of luck.This mindset is a barrier. Waiting for the “perfect time” is a huge wall standing between you and your potential. Worst of all, you had a hand in building it.I know. Ouch. But I say this because I’ve been there. I still find myself naysaying myself sometimes. But more often than not, when I find myself at that crossroads of trying or not trying, I grab my box of tools I’ve gathered over the years and start to whittle away at what I think is standing in my way.The channel of enabling beliefsTo be a successful entrepreneur, you need to train your mind and heart to have enabling beliefs. Just like when you have an off day and come back harder and stronger the next day, your enabling beliefs create a path that moves you forward toward your goals, even when things go awry. I call this belief conduit The Channel.Let’s create a new belief set:You have no money, which enables you to focus your ingenuity and energy to market your product better than any competitor.You have never done this before, allowing you to come up with out-of-the-box, unheard-of ideas that will outshine your competition.You are a professional, commanding huge respect in the business community.No one has discovered a fast-growth method in your industry, so your innovative talent will accelerate your growth and put you ahead of the pack.By revising the beliefs that built The Wall, you not only remove limitations but also create The Channel. With The Channel, your momentum is pushed forward. Even if you get bumped off track, your enabling beliefs keep you moving forward.Tips for creating a channel of enabling beliefs Realize nothing’s impossible
When you say and believe something is impossible, you set up a giant roadblock to success. Today, if I told you that teleporting is possible, you would laugh at me. If I told you flight was possible, you would say, “Of course it is.” But the same statement about flight in the 1800s made people laugh. Stop saying something is impossible. There is always a way, and you need to seek it out. Ask better questions
We’ve all heard the statement, “There is no such thing as a stupid question!” Wrong! There are stupid questions, and they are everywhere. One of my favorites is, “How do I get an investor to give me money?” Instead, ask, “How can I SHOW an investor a 200% ASSURED return on her money?” or “How can we both come out as winners?” Better questions get better answers. Watch someone else doing it
Often, if we just open our eyes, we’ll see that someone is already doing what we thought was impossible. The Wright brothers looked at birds to see the possibility of flight. If someone or something else is already doing it, it sure isn’t impossible. Ask how
I once thought photographic memory was something a few weirdos were born with. I saw a demo where a guy memorized a detailed list of fifty things in order. I thought he was a freak. Then I asked him how he did it, and he actually told me. Once I understood it, I could do it too. Now, I can memorize a list of fifty things. Challenge yourself and try something that is contrary to your limiting beliefs. Don’t try to prove yourself right; instead, try with the absolute commitment to prove yourself wrong. Take baby steps
If you need to make a 180-degree change in your beliefs, start changing one degree at a time. Put the majority of your energy into making the first small change. Once it is accomplished, congratulate yourself for being one degree closer, and then go for the next one. Address it one small step at a time. View the glass as half-full
Focus on finding the benefits in any situation. Even if your glass has only one drop of milk in it, there is still something to drink. Or if just one sheet hangs from the roll, you can still wipe. You get the picture. Write and research
When you have a belief that is preventing strong progress, write it down. Then research it. The information you find will often destroy your belief and get you into The Channel of strong momentum. When it’s over, move on (The French Toast Incident)
Just because something happened in the past doesn’t mean it will happen again. Until I was eighteen, I avoided eating French toast because I got sick after eating it once as a child. At eighteen, I was forced to eat French toast, and it was delicious. Years later, I learned that I had the flu back then. Don’t let past experiences stop you from trying again.When it comes to entrepreneurial success, it’s crucial to defeat or change your limiting beliefs. Only once you have The Channel of enabling beliefs can you march forward and build your desires.Action assignment: Expose your wallI want to leave you with a small, actionable goal for this week. Take some time to expose your wall. Write down your limiting beliefs and excuses. Then, identify your channel—your path to breaking through these barriers. What steps can you take to move past these beliefs? How can you start making progress today?Remember, nothing can stop you unless you let it. Your dreams are within reach, and the power to achieve them lies within you. Walls be gone!Wishing you health and wealth always.-MikePS – The Toilet Paper Entrepreneur is the guide to eliminating the beliefs that hold you back, making you more innovative in your business, and giving the action steps to apply today. Grab your copy HERE.

The post Don’t Let Limited Resources Hold Your Business Back appeared first on Mike Michalowicz.

Are Limiting Beliefs Holding Your Business Back?

What you don’t have doesn’t have to stop you.Read that again.When we feel we have limited resources or are starting with next to nothing, it’s no excuse to put our dreams and plans aside. Instead, it’s the perfect time to get innovative.Creating something from practically nothing is what makes you a true entrepreneur. That’s where the magic happens. If you can do something with less, imagine what you can achieve with more.The Problem: ProcrastinationWhen you think you don’t have what you need to start something, your first instinct may be to do nothing. I wrote The Toilet Paper Entrepreneur after realizing the connection between having very little to work with and getting innovative. Was this sparked by a bathroom experience with only three squares of toilet paper? Whether that’s true or not, the outcome is clear: there are no excuses, no rationalizations, and no good reasons that you can’t do something. You may have to pivot a little, but you can always take action.Does this sound familiar? “I’ll start that business one day,” or “I’ll take that leap when the time is right.” We convince ourselves that we need the stars (and money) to align perfectly before moving forward. We think we need more money, better support, or that magical stroke of luck.This mindset is a barrier. Waiting for the “perfect time” is a huge wall standing between you and your potential. Worst of all, you had a hand in building it.I know. Ouch. But I say this because I’ve been there. I still find myself naysaying myself sometimes. But more often than not, when I find myself at that crossroads of trying or not trying, I grab my box of tools I’ve gathered over the years and start to whittle away at what I think is standing in my way.The channel of enabling beliefsTo be a successful entrepreneur, you need to train your mind and heart to have enabling beliefs. Just like when you have an off day and come back harder and stronger the next day, your enabling beliefs create a path that moves you forward toward your goals, even when things go awry. I call this belief conduit The Channel.Let’s create a new belief set:You have no money, which enables you to focus your ingenuity and energy to market your product better than any competitor.You have never done this before, allowing you to come up with out-of-the-box, unheard-of ideas that will outshine your competition.You are a professional, commanding huge respect in the business community.No one has discovered a fast-growth method in your industry, so your innovative talent will accelerate your growth and put you ahead of the pack.By revising the beliefs that built The Wall, you not only remove limitations but also create The Channel. With The Channel, your momentum is pushed forward. Even if you get bumped off track, your enabling beliefs keep you moving forward.Tips for creating a channel of enabling beliefs Realize nothing’s impossible
When you say and believe something is impossible, you set up a giant roadblock to success. Today, if I told you that teleporting is possible, you would laugh at me. If I told you flight was possible, you would say, “Of course it is.” But the same statement about flight in the 1800s made people laugh. Stop saying something is impossible. There is always a way, and you need to seek it out. Ask better questions
We’ve all heard the statement, “There is no such thing as a stupid question!” Wrong! There are stupid questions, and they are everywhere. One of my favorites is, “How do I get an investor to give me money?” Instead, ask, “How can I SHOW an investor a 200% ASSURED return on her money?” or “How can we both come out as winners?” Better questions get better answers. Watch someone else doing it
Often, if we just open our eyes, we’ll see that someone is already doing what we thought was impossible. The Wright brothers looked at birds to see the possibility of flight. If someone or something else is already doing it, it sure isn’t impossible. Ask how
I once thought photographic memory was something a few weirdos were born with. I saw a demo where a guy memorized a detailed list of fifty things in order. I thought he was a freak. Then I asked him how he did it, and he actually told me. Once I understood it, I could do it too. Now, I can memorize a list of fifty things. Challenge yourself and try something that is contrary to your limiting beliefs. Don’t try to prove yourself right; instead, try with the absolute commitment to prove yourself wrong. Take baby steps
If you need to make a 180-degree change in your beliefs, start changing one degree at a time. Put the majority of your energy into making the first small change. Once it is accomplished, congratulate yourself for being one degree closer, and then go for the next one. Address it one small step at a time. View the glass as half-full
Focus on finding the benefits in any situation. Even if your glass has only one drop of milk in it, there is still something to drink. Or if just one sheet hangs from the roll, you can still wipe. You get the picture. Write and research
When you have a belief that is preventing strong progress, write it down. Then research it. The information you find will often destroy your belief and get you into The Channel of strong momentum. When it’s over, move on (The French Toast Incident)
Just because something happened in the past doesn’t mean it will happen again. Until I was eighteen, I avoided eating French toast because I got sick after eating it once as a child. At eighteen, I was forced to eat French toast, and it was delicious. Years later, I learned that I had the flu back then. Don’t let past experiences stop you from trying again.When it comes to entrepreneurial success, it’s crucial to defeat or change your limiting beliefs. Only once you have The Channel of enabling beliefs can you march forward and build your desires.Action assignment: Expose your wallI want to leave you with a small, actionable goal for this week. Take some time to expose your wall. Write down your limiting beliefs and excuses. Then, identify your channel—your path to breaking through these barriers. What steps can you take to move past these beliefs? How can you start making progress today?Remember, nothing can stop you unless you let it. Your dreams are within reach, and the power to achieve them lies within you. Walls be gone!

Wishing you health and wealth always.

-Mike

PS – The Toilet Paper Entrepreneur is the guide to eliminating the beliefs that hold you back, making you more innovative in your business, and giving the action steps to apply today. Grab your copy HERE.

The post Are Limiting Beliefs Holding Your Business Back? appeared first on Mike Michalowicz.

6 Myths About Starting (or continuing) Your New Business

“To succeed, we must first believe that we can.”

– Michael Korda

Maybe you’re just starting your business, or maybe you’re trying to make it more successful. At this juncture, it’s important to recognize the limiting beliefs that will hold you back from achieving your goals. 

Obliterate All the Excuses, Except for One

“Excuses are like (insert expletive here). Everyone has one, and they all stink.” 

I don’t know who came up with this quote, but I have a feeling I would really like the guy. Excuses are a great mechanism to apply logic to our fears. They are simply the systems we go through to defend our inner fears. I have heard and experienced them all. And they are all B.S. All, that is, except one, but I’ll save that one for last.

Tips from The Toilet Paper Entrepreneur

Everyone is experiencing the same economy as you are, so you are on equal footing. If the economy is in a recession, buyers may slow down their activity, but competitors will also fall by the wayside. A weak economy is like a forest fire; it kills off many of the plants, but the seeds that take hold now have the most room to grow as the forest comes back to life. A weak economy is often the best time to start.

Entrepreneurship is very risky – Anything that you go into without preparation and knowledge is risky. So go in prepared! The funny thing is, you are already mostly prepared and don’t even know it. If you listen to your inner emotion and your calling, you will naturally be led down a path where you already have strengths. You probably have mastered many of the critical learning steps, and you’ll pick up all the new stuff like a sponge.

The only limit to your success is you.

But here are some excuses I’ve heard (and have had).

I’m too old to start a company – So what are you going to do about it? Wait until you are younger? There is no time like the present. Life has yet to offer a rewind or a redo. Don’t live with regrets. Get started now, regardless of your age. The self-discovery process you will go through creating your new company is well worth it. Plus, you can leave a little inheritance to the next generation.I am too young to start a company – What? Did you know that you could legally start and incorporate your own business at any age? You can start your own company before you can legally work for someone else. One of my friends, Cameron Johnson, started his first business at age seven and incorporated his first company by age twelve. Why don’t you be the first to start a business at age six? No matter how old or how young you are, start today!I don’t have enough money to start – That’s great! If you had enough money to “properly” launch your company, I would fear you might go bankrupt. The fact that you have no money (or very little) simply means you need to apply your head right from the get-go. There is a reason they say necessity is the mother of invention. Money covers up problems and weaknesses. Without money, you’ve got to bring your A-game every day. Lack of funds forces you to optimize everywhere and grow the right way.The competition is too strong – My mother always told me that no two people are alike. She was right. If you think the competition can do a better job than you ever can, then you aren’t properly positioned to exploit your strengths. Find an angle to apply your strengths, your innate talents, and your passion in a way that no one else is doing, or no one else is doing well.No one will buy my product or service – Good thing you caught that now, but it’s not an excuse not to launch a company. It simply means you need to reinvestigate what you want to do and determine a new way of delivering it so that you can build a customer base.I am not ready – I agree; you’re not. You never will be. This excuse is simply a combination of all the others. When I ask people why they think they’re not ready, they resort to some semblance of one of the other excuses listed. They are all nonsense. 

Go time is now! I am sure you can think of many other creative excuses not to start a business. You need to put these rationalizations (AKA EXCUSES) aside, look ahead, and take action now. We rarely regret the things we did in life when we have followed our passion and taken risks. Too often, though, we regret the things we didn’t do. If your heart is calling you to take action, don’t use any one of these excuses to squash your desire.

There is one reason not to start a business. 

Don’t start a business if your reason is simply to get rich quickly. Greed is not becoming and does not have lasting results. No matter when you are presented

with barrels full of money, you DO pay for them. Even if you collect your money prior to any effort, like a lottery winner, for example, nature still has an uncanny way of making you earn it. If you’re lucky, your windfall may be earned through the rapid mastery of a new financial discipline. But all too often the earning comes in the

Remember, your mindset impacts your life before anything else.  You may even have heard Tony Robins say that success is achieved through a plan that is 80 percent psychological and 20 percent strategic.

From my experience and seeing the success of others, I believe it. Next up – ways to shift some of those mindsets and break down those walls holding you back.

You’ve got this – I believe it!

-Mike

PS – Grab your copy of The Toilet Paper Entrepreneur HERE for more steps on building a new business or scaling what you have, with what you have.

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Tough Love for Business Owners – No One is Coming



Maybe you know of Mel Robbins. She is one of our favorite motivational speakers in our office (aside from me, of course). One of Mel’s famous quotes is, “No one is coming”.By this Mel means that no one is coming to save you. No one is coming to do the work for you. No one is coming to make you lucky.My version? Stop waiting for “one day”. It’s up to you to take action. It’s up to you to make your dream a reality.Are you a lucky YouTuber, a Google Darling, or sitting on a trust fund?Me neither. You are now – or once were – a Toilet Paper Entrepreneur. You may think you have too little to work with, but no matter how much you do or don’t have, you do have every opportunity to make it work.You might be sitting there thinking, “How can I build or scale a business when I barely have the resources to get started?” That’s the wrong question. The right question is, “How can I take what little I have and turn it into something amazing?”The typical approach: procrastinationMost people in your shoes will procrastinate. They wait for the perfect moment, the perfect idea, the perfect amount of money. They wait for a sign from the heavens or some magical intervention. They tell themselves that they need more time, more research, more planning. And in all that waiting, nothing happens.The disruptive approach: stop making excusesEnough with the excuses! It’s time to break down those limiting beliefs and get innovative. You don’t need a perfect start; you need to start. When I was building my businesses, I didn’t have a lot of money or resources. What I had was grit and the determination to make it work, no matter what.Here’s what you need to do:1. Get real with yourselfAcknowledge what you have – and what you don’t. Then, get creative with how you can use what’s available. You’d be amazed at how resourceful you can be when you stop wishing for more and start working with what you’ve got.2. Create a kick-ass action planDon’t overthink it. Write down your goals, break them into manageable steps, and start tackling them one by one. It doesn’t have to be perfect; it just has to move you forward.3. Get some tractionThe best way to build momentum is to get some quick wins. Focus on small, achievable goals that will give you confidence and proof that you’re on the right track.The outcome: A flippin’ awesome businessWhen you stop making excuses and start taking action, something magical happens: you build a flippin’ awesome business. A business that serves your community, not because you were lucky, but because you had the grit and skill to make changes as needed. You learn to pivot, to adapt, to innovate. And in that process, you create something sustainable and impactful.Why I wrote The Toilet Paper Entrepreneur I’ve been where you are, where you’ve been, where you’re going. I’ve struggled.I’ve failed.I’ve had to get back up and try again with even less than I started.I wanted to share my experiences, my failures, and my triumphs with you. I wanted to give you a roadmap to follow, one that shows you how to make the most out of what you have, no matter how little it might be.So, if you’re ready to stop procrastinating and start building the business of your dreams, know that it is truly possible.And a huge shout out to Mel Robbins – your no-nonsense messaging is just what so many of us need.Wishing you health and wealth always.-Mike

Your copy The Toilet Paper Entrepreneur is waiting for you here.

 

 

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Tough Love for Business Owners – Say Buh Bye to Waiting for the Perfect Time and Use What Little You Have

Maybe you know of Mel Robbins. She is one of our favorite motivational speakers in our office (aside from me, of course). One of Mel’s famous quotes is, “No one is coming”.By this Mel means that no one is coming to save you. No one is coming to do the work for you. No one is coming to make you lucky.My version? Stop waiting for “one day”. It’s up to you to take action. It’s up to you to make your dream a reality.Are you a lucky YouTuber, a Google Darling, or sitting on a trust fund?Me neither. You are now – or once were – a Toilet Paper Entrepreneur. You may think you have too little to work with, but no matter how much you do or don’t have, you do have every opportunity to make it work.You might be sitting there thinking, “How can I build or scale a business when I barely have the resources to get started?” That’s the wrong question. The right question is, “How can I take what little I have and turn it into something amazing?”The typical approach: procrastinationMost people in your shoes will procrastinate. They wait for the perfect moment, the perfect idea, the perfect amount of money. They wait for a sign from the heavens or some magical intervention. They tell themselves that they need more time, more research, more planning. And in all that waiting, nothing happens.The disruptive approach: stop making excusesEnough with the excuses! It’s time to break down those limiting beliefs and get innovative. You don’t need a perfect start; you need to start. When I was building my businesses, I didn’t have a lot of money or resources. What I had was grit and the determination to make it work, no matter what.Here’s what you need to do:1. Get real with yourselfAcknowledge what you have – and what you don’t. Then, get creative with how you can use what’s available. You’d be amazed at how resourceful you can be when you stop wishing for more and start working with what you’ve got.2. Create a kick-ass action planDon’t overthink it. Write down your goals, break them into manageable steps, and start tackling them one by one. It doesn’t have to be perfect; it just has to move you forward.3. Get some tractionThe best way to build momentum is to get some quick wins. Focus on small, achievable goals that will give you confidence and proof that you’re on the right track.The outcome: A flippin’ awesome businessWhen you stop making excuses and start taking action, something magical happens: you build a flippin’ awesome business. A business that serves your community, not because you were lucky, but because you had the grit and skill to make changes as needed. You learn to pivot, to adapt, to innovate. And in that process, you create something sustainable and impactful.Why I wrote The Toilet Paper Entrepreneur I’ve been where you are, where you’ve been, where you’re going. I’ve struggled.I’ve failed.I’ve had to get back up and try again with even less than I started.I wanted to share my experiences, my failures, and my triumphs with you. I wanted to give you a roadmap to follow, one that shows you how to make the most out of what you have, no matter how little it might be.So, if you’re ready to stop procrastinating and start building the business of your dreams, know that it is truly possible.And a huge shout out to Mel Robbins – your no-nonsense messaging is just what so many of us need.Wishing you health and wealth always.-Mike

Your copy The Toilet Paper Entrepreneur is waiting for you here.

 

 

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How to Stay Relevant in Your Niche



The nagging problem of staying relevantYour business is off the ground, and you’ve captured the attention of your niche market. But how do you maintain that momentum? How do you avoid becoming obsolete and master the market?Small business owners usually stay on autopilotThe typical approach is to go into autopilot mode, relying on the strategies that initially brought success. But, and you may have experienced this already, relying on your one-hit wonder can lead to the stagnation of your business.It’s not enough to simply get your business up and running; the real challenge lies in staying relevant to your niche. In Surge, I refer to the concepts of gathering and expanding as a means to ride the waves of market trends and customer needs effectively.After your initial success, you may find that it’s easy to fall into the trap of complacency. You continue to use the same methods that once worked, assuming that what brought you here will keep you here, or maybe even help you scale. This autopilot mode is detrimental because customer needs and preferences and market dynamics change over time. But you’re going to have to be a little more limber than that.Make a move – gather and expand“Once you’re up on the wave, you look for the pocket. You need to always know where it is because that core of the wave has the most strength, height, and power. You can ride your board up and down the pocket for the entirety of the wave.” – Holly Beck, pro surferIn business terms: get in the pocket. It’s a far more proactive approach when you gather customer information and expand on it. This involves getting into the “pocket” of the wave (known to you by now as your niche) – the core of market trends that hold the most strength, height, and power.Gathering customer information – To stay relevant and noticeable, you need to be where the action is – right in the pocket of the wave. This means actively gathering customer information. Ask and track their responses to understand their evolving needs and preferences. Be a fly on the wall, observing and listening without interfering, to gain genuine insights.Early adopters and scaling – Get your early adopters pumped about your product or service. These are the customers who are most enthusiastic and willing to try new things. Use their feedback to fix problems and refine your offerings. Simplifying the delivery of your service is crucial here, as it prepares you for scaling. By addressing the industry’s pain points and offering streamlined solutions, you can capture every ounce of energy from your wave, allowing it to carry you as far as possible.Stay alert and adaptive – Being alert to the wave means continuously monitoring market trends and customer feedback. When you’re this vigilant you can alter your position or morph your business strategy as needed. Flexibility and adaptability are key to staying relevant.“You will know when you’re in the pocket because customer demand for your offering continues to grow on it’s own.” – SurgeAction stepsDefine the unique needs you’re serving for your current market. Then make a list of “clone” markets to which you could expand.Now brainstorm ideas for reaching your market. Who are the key influencers in that market? Who are the “cool kids” – and how an you get their attention?Start a document and title it, “Going Mainstream”. Jot down notes about what you’ll have to do to prepare your company to sell out. Will you have to systemetize even more aspects of your business? Will you have to stop catering to your original niche? What can you do to still show your original fans that you love them?Outcome: Constant relevanceBy gathering and expanding, you ensure that your business remains relevant to your niche. You’ll  constantly satisfy their changing needs and positioning yourself to grow alongside them. This approach not only keeps you in the game but also gives you a competitive edge in your industry. Grab your board. Let’s go!Wishing you health and wealth always. -Mike

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