3 SURPRISING facts every entrepreneur must know

Often times you will be in constant jeopardy of losing it all
The success or failure of your company will weigh heavily on your shoulders
There are times when you will forget the last time you actually paid yourself

PROFIT FIRST and why you’ll love it!

Recently I read the book, Profit First, by Mike Michalowicz.

Why this book means so much to me? OMG it’s exactly what I needed to read and showed up at THE perfect time.

I silently struggled for years. For years, I didn’t pay myself. I worked tirelessly, telling myself if I just work harder, if I just sell more, I’ll be ok. (Exhausted, is a mild description compared to the physical and metal breakdown I had been undergoing behind closed doors.) I was defeated.

In 2019, I was so broken I couldn’t event smile. I was a shell of a person. I felt like I couldn’t continue going on (but being the tried and true entrepreneur that I am, throwing in the towel isn’t part of my genetic make up).

In 2020, we landed an account with a corporate client that ultimately change the course of my company’s financial health. This opportunity brought on immense urgency to get Wylder’s cash flow under control. I desparately needed to learn how to manage lots of money coming in, because there was a LOT of money going out.

Often as entrepreneurs we feel isolated and alone. We think we’re the ONLY ones who suffer with cash flow & money management issues. Within minutes of reading Profit First, I understood that this is a universal problem that plagues all business owners, however, most people don’t have the guts to get honest about their financial situations.

If you’re tired, burnt out, beat down and at rock bottom - WELCOME! I promise you, you’re in the right place & I’m so glad you’re here. (Being in a state of defeat is such a gift, though it may not feel like it.)

I’ve included a link to the free resources from Profit First below and you can also check out our resource page directly on The Entrepreneurial Spirit website navigation bar. If you’re struggling, like so many of us are, I hope you order this book and take the steps to freedom.

In Todays Email, you’ll be able to get deeper resources for:

Upgrading your money mindset
Managing cash flow
“HOW” to grow!

MONEY TALK
Check your money mindset

How you think about money and your relationship with money will determine the success of your business. What old money stories have you been holding on to that prevent you from building a profitable business?

If you want to live a rich life, you’ve got to learn these 2 things:
1. You’ve got to understand the numbers
2. Simultaneously, you must work on your money psychology

There is a way for you to change the way you think about, relate to, and the psychology of money so that you have greater freedom. You have possibility. You can be more present, you can be more confident and effective in your decision making.

This is EXACTLY what we, as entrepreneurs need to learn.

Check out these resources for a deep dive

Mike Michalowicz Profit First (obsessed!!!!). This book has transformed my life!
Lynn Twist Soul of Money
Ken Honda Happy Money
Florence Scovel Shinn Game of Life and How to Play It
Alex Hormozi Entrepreneurship
Codie Sanchez Entrepreneurship & Money ⤵️

MANAGING CASH FLOW
4 Practices Business Owners MUST Grasp

Sales Vs. Cash Flow
One lesson for new business owners is that more sales don’t always mean better cash flow; as sales increase, expenses increase as well.

Weekly Forecasts
Make sure you’re not caught off guard by cash flow. Look ahead to see what costs are coming down the pipeline so that if you need to inject cash into your co. you can.

Forecast
Reduce your cost outflows (perhaps let contract workers go & keep your regular core workers busy before needing to do mass layoffs)

Build residual revenue through diversification
Cash flow can get the best of you, especially when you’ve got events coming weekly with lots of things to pay for. Rather than paying for this weeks events with next weeks deposits, diversifying and setting up residual streams of revenue to offset costs & lower risks will help immensely.

EXAMPLE: In 2024, subscription based models are all the rage- even in restaurants- look at Apple Bee’s Model that is launching in February.

GROWTH MINDSET
Want to see your business grow? Consider these 4 strategies

Depending on the kind of company you're building, your growth strategy might include aspects like:

Adding new locations
Investing in customer acquisition
Franchising opportunities
Product line expansions
Selling products online across multiple platforms

Organic Growth
Expanding on your own, utilizing your own resources. An example would be improving your processes, implementing better systems and procedures for execution.

Strategic Growth
Developing a plan for long term growth by creating a new product line or developing a marketing strategy. These typically require a significant amount of capital to get them going.

Internal Growth
Similar to organic growth, it relies on you using your own internal resources. Some examples would be cutting wasteful spending, running leaner and automating. It forces you to look at your own processes to make yourself more efficient.

Mergers, partnerships & Acquisitions
Although riskier, the reward is much greater. An example of this could be purchasing a catering co. in the surrounding areas to expand your customer base into new territory.

Wylder’s Food Philosophy

Wylder Space is based around the concept of bringing people together with good food. Food is our medium for connection. It’s an honor to cook for you and connect with you!

Watch and learn about the food philosophy at Wylder Space, our unique and boutique catering co. by clicking on this link 🙂.

This publication is in its infancy stage.

As a business owner, I’m sure you remember what it’s like to get the word out about your product or service. Please share this publication with anyone you think would find value in its content. We’re doing this grass roots style and would be so stoked to see the word get out simply because you find this material helpful.

By clicking the link below, you can help spread the word and get super cool thank you gifts in return.