Don't Make These 3 Small Business Money Mistakes

[@GrahamCochrane]

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[@austinmasters5825]

It is hard to find a business “podcast” where entrepreneurs are telling their audience to build wealth so you can give it away. It is amazing to hear a good person offering their advice and experience with running a business that cares about giving back. I’m just now starting my business and am planing out my financial plans (as best I can) and giving is the first category on my sheet, even before my emergency savings, because I want to own a business that is known for how it helps others. Do I want to be successful? Yes. Would not giving away 10% off the top be a huge boost to my projected profit after expenses? Absolutely. But if I’m only focused on me, then that’s all my business will be focused on. I’d rather it take twice as long to get to the point where I can run my business full time than to not do my duty to care for others. Thank you sir.

[@traceymoraleja4377]

please dont stop teaching us,,, we need you thank you for what you do..thank you for making it clear, explaining very well, and not talking too fast..

[@seanbeharry9319]

Wow i understood everything you said. am not from the US and am about to start my Business and willing to do all you explained before i found you. i really do appreciate that. am not an online daily but wow i respect you on the advice. God bless you and your family with success each day. Thanks again!!!

[@pasteurdavidthery]

Excellent !

[@EventDogs]

Give it away - absolutely!

[@Acyuta-Priya]

Invaluable knowledge. Thank you!🤎

[@CoachVT]

Great stuff👏👏👏 Thank you Graham for all your teaching!

[@NabilDzz]

Hey Graham. thx for all you do. I started my free landing page & email list with Converkit, I had 105 subs in a week so far. my youtube subs are waiting for the eCourses! what my next step should be? switch to Kajabi or prepare a mini-course or ..what? Thanks so much for what you do

[@AbbyGraceCo]

This was really good, Graham! I loved the third point- PLAN what to do with your profit. And I especially love that you and Shay are so enthusiastic about giving. One of our aims is to build up a "Yes!" fund so that as needs arise around us, we can give without hesitation- do y'all try and empty that giving fund at the end of each year, or do you continue to contribute a percentage each month and simply give as the occasion presents itself?

[@GrahamCochrane]

Hey Abby! So cool about your "Yes!" fund. Love that. Yes, we try to empty that extra giving account each year if we haven't already. Doing that this week as we speak!

[@julihouser7468]

I love what you said after minute 29, I'm planning to give away some profit too like sponsorships, donations, and other things that can help the community where I'm planning to have my business on.

[@dafingaz]

🙏🏾🙌🏾 so many gems here

[@simondrvaric8191]

Thanks for this insightful info Graham !!

[@beyondthescalehealthy]

Omg it is seriously scary how much you tell me everything I need to know exactly

[@rizab.9130]

wow brilliant advice! Now I see #2 is (was) my biggest mistake!

[@Acyuta-Priya]

The taxes and business emergency fund were golden tips!

[@ofudjehappiness9436]

Can you do a video on how to manage two or more businesses please

[@MidCityDigital]

Excellent video! Your work has been a real inspiration! Regarding your 3 main points.... on 1st common mistake - I was lucky enough to get ahead of the curve on the concept of taxes simply because my own mother happens to work for H&R Block, lol. But I constantly run into other startups all the time who have no idea where to start with all that and find myself sharing similar info with them. On the 2nd common mistake - I think a lot of that comes with learning to separate the two worlds of your personal life and your business life, by the very act of at least registering your sole proprietorship DBA or creating an LLC, then setting up separate bank accounts, etc. It all makes so much more sense once you do all that. On the 3rd mistake - this is the one that resonates with me, and I've got a curve ball for you - any time I seem to make any reasonable profit, I *try* to just pay down debts and/or put it right back in the business, but my first instinct is almost always to give it away - to my detriment - lol. Learning a proper balance of handling profit when it comes and goes has always been one of the toughest learning curves I've experienced over my years as a DIY solopreneur. .... THANK YOU AGAIN for all the great work you do here! Keep it up! (btw - you've got me super hyped on signing up for Kajabi in the new year)

[@GrahamCochrane]

Love your thoughts. On the profit thing: we work off of percentages. We commit a percentage of profit to charity, a percentage to investing, etc. might help make the decision for you a head of time. And yes on Kajabi! Do it!

[@tomstanely]

Tip: Insurance is also important. It's a better alternative to keeping cash reserves for certain things.

[@ngoziakubueze5115]

I borrow money to do my clothing business but to make profit and multiply it so I will be financially free is a challenge to me.

[@tomstanely]

Don't you think maybe keeping this much cash aside would mean that you're just wasting the money? It's important to keep a good amount of money aside, but not too much. Sometimes it may be better to prepare yourself to take a loan. This is if the return from money invest instead saving is greater than the amount of interest you would have to pay for a loan.

[@KathiAnnM]

What if the Business is currently "Off The Books"....

[@GrahamCochrane]

Maybe get "on the books" :-)

[@KathiAnnM]

@@GrahamCochrane Even if I just started the Business? Less than 3 months old?

[@karolinasur2417]

Great tips love your content BUT your intro is annoying when I listen on headphones it’s too loud and never ending( plus when you talk while the intro is loud it’s just annoying I can’t focus on what your saying but I have that problem with all you tubers) AND you tend to babble or talk about things off topic a bit and your videos could be 10 mins shorter for the content that is in them. Again love your videos and don’t take this personally but as constructive criticism. Thank you for sharing.

[@CBIWebServices]

I don't think the sound is Graham's fault. The past month or so I find that KZbin's sound has changed. It's as if the stereo field changed, and we're hearing more of one side than the other. Unfortunately, we get more of the music and less of the voice. I've noticed this on almost every music video I listen to as well. As for Graham babbling, I suppose that's a personal taste thing, 'cause even though he might stray a bit at times, I still get something out of what he says. And he doesn't stray for long. He speaks to us like a friend, not like a potential profit source. Friends babble, too. Personally, I'm 100% okay with that. :-)