August
09
2016

Episode 40: Mike Michalowicz of Profit First, The Pumpkin Plan and Surge

By Chris 5

EPISODE 40Mike Michalowicz is author of The Toilet Paper Entrepreneur, The Pumpkin Plan, Profit First and Surge.

In this episode of Two-Brain Radio, Mike shares how to build a business with profit in mind; how to identify your BEST clients and build your business around them; how to fire the rest; and how to stay atop the new fitness wave.

6:30 – “83% of small businesses are surviving check by check”

8:30 – How to use the Profit First strategy

16:00 – How to identify your BEST clients and focus on them

19:30 – How to fire everyone else

25:45 – What to do with those best customers to reshape your business

29:00 – What’s the SURGE in fitness?

33:00 – Is gamification the next surge?

37:00 – “To stay on top of your wave, look at the customers who break the rules.”

43:00 – “Action is the ultimate truth” – what does it mean?

Besides his own, Mike recommends Influence, by Robert Cialdini.

Shannon Simmons is the CrossFitter who introduced me to Mike. She’s a Profit First professional and owner of NetBooks Accounting. Want someone to teach you the Profit First mindset? She’s the one: shannon@netbooksaccounting.com.

Music in this episode by The Vivisectors.

Recorded on August 7, 2016.

Two-Brain Business is now available on Audible.com!

Listen to Stitcher
Comment
5
Episode 45: The Prescriptive Model – Two-Brain Business

[…] 16:19 Identifying your Best Clients – (here’s the Mike Michalowicz interview) […]

How To Charge What You’re Worth – Two-Brain Business

[…] 4. Know who your clients are. You are probably not your best client. Your best clients come from the top 10% of professionals in your area. They make more than you do, but have different constraints (schedule, family, stress.) Your best clients have different goals (fat loss, stress reduction, “turn off my brain”) than you do. The “average” household income in your area is irrelevant. To determine who your BEST clients are, and what THEY want, use the “Pumpkin Plan” formula outlined in this podcast. […]

How to Sell Out ANY Specialty Program – Two-Brain Business

[…] Host a free 30 minute clinic with your mavens (your seed clients). If you’re not sure how to identify your mavens, click here for more information on that. […]

The Trade Deadline – Two-Brain Business

[…] strategy we teach in the Incubator. We tailor it for gyms, of course. But when Michalowicz was on our podcast,  he also talked about what do with your WORST […]

The Salary Cap – Two-Brain Business

[…] model is supported by data from other industries, as well as accounting strategies like “Profit First“. And even though we get more granular with our breakdown, most consultants in the CrossFit […]

Leave a reply