How to Start a Business from Broke with Mike Michalowicz - author of the Pumpkin plan

alright I'm on with Mike McCalla wits he is the author of four absolutely amazing books that are going to impact your life I consent what I just want the most challenging issues that most businesses have a lack of resources either you lack money you lack contact you lack of network you can't find the employees what I found is actually black is your best tool is your best advantage if you do know how to use so that's what paper entrepreneur I explained how that adversity of not having you can leverage to springboard from your competition so you teach contractors and business owners in general how to start with absolutely no money whatsoever and then to grow their business but what they're learning while they're starting with no money is how to survive but then you take it in the very next book the pumpkin plan and you go hey you know what you grew you started it's time to stop surviving and it's time to start thriving yeah exactly and this is a pumpkin plan was for readers of the toilet paper entrepreneurs said all right I'm in business now I really want exploding growth so I studied of all things pumpkin farmers and found that there's a small faction I know you know they are those colossal pumpkin farmers that grow pumpkins as big as a car and start what they did what's interesting is this it's only a small shift or change from what you're doing now I thought the closet roads required everything to change and that's not true it's a small 5% change you have the fire bad clients it's courageous but bad clients getting rhythm avails access and availability of new clients you need to clone your best clients once you identify a client that's great how do you get more of them there's certain steps 5% this change they all documented prata in the pumpkin plant to grow colossal II the riches are in the niches that's right that's totally right plain and simple Mike would you really want to refine your profits that's where you go to do it you're gonna find your market you're gonna refine your market and then you're going to dominate your market if you focus on building up your weaknesses you will become mediocre at best but when you focus on your strengths you will dominate and it's what the pumpkin plan talks about and then this prophet first is the only book that actually gives you the system it doesn't talk about creating a system like you actually have now trained instructor instructors on how to create a prophet first system yes it is a step by step sequence this hands-down my most popular book and I've been very blessed my other books are doing extremely well but this book I think is the game-changer maybe it's the most important book I'll write in my lifetime here's the idea most businesses run their business baseball is called bank balance accounting we look at our bank count we log it to our iPhone or something we see what our bank balances are we don't read the income statement the cash flow statement the balance sheet will time in we don't do kpi's we know about those things but to run your business every day and understand that it's too difficult so we revert to we'll get our bank balance the problem is you don't really know what money is available for what purpose so I didn't profit first was I took the old envelope system something my mom actually did when she got income should separate some for food some for the apartment she rented some for other categories and then when she went food shopping for example she only worked with the food envelope this same opportunity exists for our business what we do and I explained all profit is you go to your bank and you set multiple accounts with predetermined uses some of these be reserved for your taxes right should your business pay your taxes we're gonna pay you as an owner to business with reserve your owners pain profit we have to run the business of course in taxes so we set these different jobs look in your bank account and now before you access your money you know what Spri allocated to and you work in a much more frugal but also much more innovative manner if businesses that take their profit first and then run their business off the remainder inevitably our far more profit with any other type of company I actually have a profit first bank account set up my bone-eating yearbook surge tell me about surgery latest and greatest work yeah it's just right now being released surged I studied the phenomena of being in the right place the right time you know one of my readers of my past books approached me said I love all these philosophies but man if I could just be in the right place the right time on the lottery winner I'll explode how do you do business well that that question treated me for years and I've been studying for years and I found the formula now there is no perfect solution I can't guarantee you you're gonna be the next lottery winner but I can't guarantee you can improve the odds significantly now of course this isn't playing the lottery this is building a business in the right place at the right time search is an acronym it's the five steps you need to take to put yourself in the position for explosive growth as separate pick a niche community you unify with what that communities need is our rally cry have a message that's consist of that community wants so they can enable and market for you G gather knowledge as you kick cater to that market and get critical feedback so you can improve your offering in E is expand once you have those first four steps mastered you can now expand explosively but the interesting thing is expansion to take two paths you can be bigger but bigger isn't that so you can take that path if it suits your objectives or you can expand in your niche and dive deeper sometimes there's more wealth there it's all explained it search yes Mike we had we had and I want to encourage people to go to the podcast we just got done recording a show where we cover this in detail absolutely phenomenal show Mike I want to thank you for being a guest on and your schedule they're going to go there they should also go check out your website and check out his podcasts the Prophet first podcast Mike interviews amazing people but he also get small doses of mic every show and this guy is brilliant it speaks quickly tips it's a lot of information package one minute thanks for watching God bless love you guys let me get