UNCENSORED: Everything I pay for to run my multi six figure business. Today I pull back the curtain and quite literally show you my numbers. My goal is to keep profit high.
In the chart below, you’ll see my monthly expenses, as well as some larger one off purchases I make in a year.
Keep in mind, how you run your biz is YOUR choice.
I am 0% telling you want to do or providing financial advice. But simply sharing some transparency and behind the scenes in hopes that it provides nothing more than perspective.
There is context to be considered. If I wanted to grow a team and have more employees, I’d likely pay out more, and yeah, maybe make more. But I always wanted high profit, and I don’t desire to manage people. So I keep my overhead as low as possible. I personally follow a version of the Profit First Method.
In the beginning, it can be terrifying to pay for a website host, a payment portal, a training platform, Quickbooks etc.
It can feel hard to justify expenses when you’re barely bringing in revenue.
But you learn, with time, that these are like your first employees. You pay for platforms to work for you or make your life + the client experience better/easier/smoother. This perspective in important.
I kept my monthly expenses under $1,000 for almost 5 years, until I hired my assistant.
Swipe for my monthly expenses + some one off expenses. These were pulled in 2020.
I once followed someone making just a bit more than me, but spending 12-17k per month on expenses…that ain’t it FOR ME.
Let’s be clear that there is no right or wrong way.
This is the point I want people to understand. There is not one way to do fitness, business, life, your finances – personal or otherwise. You don’t need a finance degree to know that. The goal is YOUR WAY, and ideally, that’s profitable. Finding what gets the taxes paid and works for your life.
Always remember that.
Keeping with the fitness/life theme, I’ve always been a fan of minimal dose effect. Do/spend the least in order to make the most.
And I’ve never a fan of “you have to spend money to make money” mindset. It’s not inherently wrong or bad. It’s more of a me thing. Just like when people say “you can sleep when you’re dead” or “Beyonce has the same 24 hours in a day as you do, what are you doing with them.” I get the idea, I get the message. I just like sleep and think things are nuanced. That’s all.
What questions do you have about expenses? Do you like transparency with topics like this? I know I always loved when mentors of mine were open with “the back end” of systems and such in biz.
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