{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Planning on a Profit First Creative Business with Amy Laliberte - 56","description":"Today we\u2019re talking all about the money, honey. It\u2019s a crucial part of business success and yet it\u2019s an area that a lot of creative entrepreneurs feel all the emotions over. Learning to separate your income and expenses from emotions is an important first step and one that Amy Laliberte teaches to her clients.  Amy is a virtual CFO for hire. Numbers are her jam and she provides bookkeeping services and CFO services for six and seven-figure business owners. But she also shares strategies that any business owner can put in place. So, if you\u2019re not a six figurer earner, don\u2019t worry\u2014this message is still for you! Today we\u2019re discussing the strategy from the Mike Michaelowicz book, Profit First, and the positive impact it will make on your business finances.  In this episode, you will learn: What the Profit First strategy is and how to implement it in your business The five bank accounts that your business needs to have set up right off the bat Why it\u2019s crucial to address your money mindset in order to take control of your finances How to approach finances if you\u2019re just working your side hustle right now and are thinking of going full-time The importance of separating your self-worth from your bottom line What professionals you want on your financial team  How all those courses and software free trials are eating into your profit (I know, I know\u2014I love a good online course as much as the rest of you.) The importance of choosing your clients instead of simply letting them choose you (hint-hint: not everyone in your niche is right for you) LINKS Amy\u2019s profit calculator: DOWNLOAD HERE Check out the book Profit First: https:\/\/profitfirstbook.com\/ Amy\u2019s Website: https:\/\/myvirtualcfo.co\/ Facebook: https:\/\/www.facebook.com\/thewellnessbookkeeper\/ Instagram: https:\/\/www.instagram.com\/myvirtualcfo\/ LinkedIn: https:\/\/www.linkedin.com\/in\/alaliberte\/ QUOTES \u201cIf somebody claims that they don\u2019t have a good relationship with money, I would argue that you need to take a timeout and really unpack what that\u2019s about.\u201d \u201cIn order to grow, we need to turn around and examine what those thought patterns are and really decide, \u2018Do we make money from and are we willing to step into an area of discomfort in order to become a better creative and to have a better relationship with your money.\u2019\u201d \u201cWhatever is in your bank account, or not in your bank account, doesn\u2019t have any correlation to you. It\u2019s just a number.\u201d \u201cOftentimes, people think that to get from their nine to five to their side hustle is something that has to take a very long time. If you\u2019re really pragmatic and in relationship with your numbers, even if it\u2019s just from a very simplistic way, to get there, it\u2019s really not going to take that long. It\u2019s just your limiting beliefs that are causing you to have that pause and question whether or not that\u2019s possible.\u201d \u201cIf you know that you\u2019re going to be working a good chunk of the time for six months out of the year, you can use Profit First to create a vault that will just tuck your money away so that you can then not be in a panic come January\/February when you\u2019re not getting paid.\u201d \u201cSo often, we\u2019re telling the stories of our past when we really should be addressing them presently so that we can make better future decisions.\u201d  \u201cI pay myself because I work hard and I provide a quality service for my clients. And as a result of that, I reward myself with deliberately providing for, mentally myself, but for my family.\u201d \u201cIt\u2019s not about you having to pay yourself in order to be a contributor to your family, but it could be that I pay myself as a token of appreciation for the work that I do for my clients.\u201d \u201cYou are great, no matter what your bank account says. You\u2019re human. You\u2019re worthy of everything just as much as the next person ad the next person and the next person.\u201d \u201cIt\u2019s not about, \u2018Oh, I need to get to $100,000.\u2019 It\u2019s, what is this? What is the one step I can take today? That will get me closer to that destination.\u201d \u201cI think it\u2019s always smart for you to work with someone like a bookkeeper just to get you started. I\u2019m not saying hold them on as a retainer because I think there are other ways that you can leverage your money from that. But if you have your books set up properly at the getgo, it will help you when you are ready to bring on that person on your team.\u201d \u201cA bookkeeper is the person that\u2019s working in your day to day business and can see all the different nuanced micro things that are happening. A CPA, an accountant, is really looking at your business from a tax lens.\u201d \u201cOne of my things is to not buy any course for the sake of buying a course. I only buy courses at the present moment that I\u2019m actually going to utilize them.\u201d \u201cYou need to make sure that the people that you have in the bus are sitting on the right seats.\u201d \u201cIf you\u2019re really digging into your numbers and you can\u2019t tell yourself what that thing was for, then chances are, it\u2019s probably not essential to the benefit of your business.\u201d \u201cIf you\u2019re holding space with a client who isn\u2019t the right fit, you are missing out on a chance to fill that space with a client who is.\u201d \u201cYou could very well be serving a niche, but there are people within that niche that are not a good fit for you.\u201d ","author_name":"Creative Counsel with Brittany Ratelle","author_url":"http:\/\/brittanyratelle.com\/podcast\/","html":"