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For this example, we’re going to use the percentages suggested for a business that makes 250k or less per year. Owners compensation (read: what to pay yourself)ĭepending on the total revenue of the company, the percentages that get allocated to each category are different. Profit First advocates for dividing up your business revenue into 4 categories: Okay, so before I can explain how YNAB fits into this, I just want to give a quick review of the principles of what’s taught in Profit First in order for this whole system to make sense. The book is legitimately a joy to read, so I truly do recommend it to every business owner both for the legit info but also for a really enjoyable read! You bet my fiancé was giving me odd looks as I read a business finance book, laughing out loud the whole way.) Straight up, Mike could have a very successful side-hustle as a comedian. (As an aside, Profit First is hands down the funniest book on finances I’ve ever read.
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The good news is, Mike’s book walked into my life and answered all of those questions for me, along with giving me a super clear, easy-to-understand system for thinking about my business money, allocating it and spending it. How much should I be paying myself? Am I paying myself wayyy too much, or some measly small salary? Was I blowing the wad on business expenses excessively, or was I limiting the growth of my business by underspending on it? When I started my business, I really was stumped by some pretty basic business finances questions. If you’ve read any of my business finance posts before, then you now I’m a big fan of the financial management system explained in the book Profit First by Mike Michalowicz! (That’s an affiliate link!)