Founder of Incite Tax and the author of Profit First For Microgyms, John Briggs has a theme: “The IRS Sucks”. Business owners should keep more of their money to build long-term wealth. John joins the podcast today to share how he has built an amazing team of nontraditional accountants to help combat IRS bullying. John is a man on a mission to give entrepreneurs an actual work-life balance so they don’t get burned out. He helps them increase their cash immediately so they can have confidence in their choices and become financially resilient.
Key Takeaways:
[2:19] – John shares his background and why he founded Incite Tax.
[3:40] – He is passionate about helping entrepreneurs stay in business.
[4:41] – Not enough capital and mismanaging capital are the number one pain points for franchisees.
[5:33] – The demand for something expands to match its supply.
[7:23] – John shares a way to manage money through multiple types of accounts.
[8:53] – The first step of the Profit First method is to do a cash flow analysis.
[12:03] – It is never too late to start thinking about a cash flow system. Start now.
[14:06] – John explains why gyms and fitness businesses are a niche for Incite Tax.
[17:23] – Because they are so experienced with the business model, Incite Tax can see the challenges before they do.
[20:18] – You can negotiate lease agreements.
[22:45] – John explains the systems he has built that help people avoid burnout.
[26:37] – When is it time to think about adding another location to a business?
[30:16] – Think about how to maximize the space you are in.
[35:02] – It’s not always the best idea to open a second location.
Mentioned in This Episode:
Profit First For Microgyms by John Briggs
