Laura dives into a listener's question about how to pay yourself as a business owner, as well as increasing that amount as the business grows. She discusses why she reinvested 100% of her profits in the early years to then eventually paying herself a salary and taking owner's draws. She also shares her own experiences and gives advice on separating business and personal finances, maintaining a conservative approach to reinvestment, and the gradual increase of her salary over the years. Tune in for an unfiltered, behind-the-scenes look at the financial decisions she’s made throughout her entrepreneurial journey! Plus, Laura touches on the book 'Profit First' and why she doesn't follow its advice to a tee.

Key Topics:

• (02:00) Initial startup cost; reinvesting 100% of profits
• (04:40) The first business investments made
• (08:20) Transitioning to an S Corp and making salary decisions
• (13:35) Laura’s decision to pay off her home mortgage
• (16:10) Laura’s salary as a CEO; putting financial strategies in place
• (18:10) Following the Profit First model for financial management
• (26:40) The importance of paying yourself for your hard work

Listen to Episode 08: Top 5 Financial Mistakes Entrepreneurs Make

Listen to Episode 09: Business Finances 101: Money Topics Every Entrepreneur Should Understand

Connect with Laura:

Getprofitablehq.com

Getprofitablehq.com/the-profit-posse

Ready to turn those freebie seekers into loyal buyers? Laura gives strategies for getting those non-buyers excited about what you have to offer! She talks about how to nail your launches and create a sense of urgency, really get to know your audience and understand what they want, and play around with your pricing to get those sales numbers climbing. There’s no doubt that getting freebie seekers to actually buy can be a daunting task. But, with the right strategies and mindset, it is entirely possible to turn them into not just followers, but happy, paying customers!

Key Topics:

• (02:25) Analyzing your email list
• (05:05) The value of non-buyers
• (08:05) Strategies for persuading people to buy
• (12:55) Effective advertising techniques
• (16:50) Creating urgency and motivation
• (19:10) Tips for successful launches

Connect with Laura:

Getprofitablehq.com

Getprofitablehq.com/the-profit-posse

Ever find it hard to really take time off as a business owner? How much time off should you really be taking? And how do you make that happen? There’s no doubt that taking a break from your business can be hard when you’re the one responsible for the whole thing! In this episode, Laura shares tips on how to take breaks and manage time off effectively. She talks about setting boundaries, the benefits of taking both short and long breaks, and the importance of listening to your own needs and those of your family. She also gives advice for managing work during busy seasons and the summer with kids home from school, advocating for planning and setting realistic expectations to maintain a healthy work-life balance.

Key Topics:

• (01:10) How much time off should you take?
• (07:25) Reasons why rest is important
• (10:00) Tips for taking a break from your business; setting boundaries
• (15:20) Taking time off as a mom - maternity leave and summertime
• (19:00) Planning for slower, less profitable months in business
• (22:20) How Laura plans her summer with kids home from school

Listen to Episode 16: Achieving a Better Work-Life Balance

Connect with Laura:

Getprofitablehq.com

Getprofitablehq.com/the-profit-posse