The Step-by-Step Guide to Implementing Profit First (Without Overwhelm)

Starting something new can be daunting, especially when it comes to money. But Profit First is designed to be simple, flexible, and effective.

Step 1: Open five bank accounts—Profit, Owner’s Pay, Tax, Operating Expenses, and an external account for profit/tax.



Step 2: Set your initial allocation percentages. Don’t worry about perfection; even 1% to profit is a powerful start.

Step 3: On the 10th and 25th of each month, allocate income according to your percentages. This rhythm builds discipline and makes profit a habit.

Step 4: Every quarter, review your allocations and adjust upward as you gain confidence and stability.

Step 5: Celebrate your wins! Take profit distributions as a reward for your risk and effort.

Many banks will waive account fees if you explain your system. Use external accounts to make it harder to dip into profit or tax funds.

Remember, the goal is progress, not perfection. Start small, stay consistent, and watch your business transform.