When Should You Take Profits In Your Company?| Ep. #983

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Business, Marketing, Careers

4.6 • 1.4K Ratings

🗓️ 10 April 2019

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

In episode #983, we discuss when or if you should take profits from your company. Tune in to hear when you should plan for this. We have committed to throwing a FREE Marketing School Live Event in Los Angeles, once Marketing School reaches 1M downloads in a 30 day period. Take action: Rate, review, subscribe, and SHARE. Check the progress here! TIME-STAMPED SHOW NOTES: [00:27] Today’s Topic: When Should You Take Profits In Your Company? [01:02] Neil started a company when he was 16 and didn’t start taking profits until he was 20/21. [01:21] He thinks he was foolish for waiting so long. [01:35] If you need the money, take what you need to survive. [02:24] It’s also wise to reinvest your profits. [02:50] Things can go wrong, so putting profits aside for emergencies is smart. [03:35] Know your living expenses, so you can determine what you need. [04:05] Maybe you want to travel or live a good life; if that is important, take the profits. [04:41] Some companies don’t do dividends, because they are re-investing them. [05:20] Don’t expand beyond your core business. [06:46] That’s it for today! [07:30] We hit our goal of 1 Million downloads! So, we will be throwing a free event in Los Angeles this June. Check out this website if you would like to attend. Remember: we are capping the event at 500 people, so sign up now, if you’re interested! DM Eric if you would like to participate in the VIP dinner. Leave some feedback: What should we talk about next? Please let us know in the comments below. Did you enjoy this episode? If so, please leave a short review. Connect with us: NeilPatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Get ready for your daily dose of marketing strategies and tactics from
0:06.8	entrepreneurs with the guile and experience to help you find success in any
0:11.4	marketing capacity. You're listening to marketing school
0:14.5	with your instructors Neil Patel and Eric Sue.
0:19.4	All right guys before we start we got a special message from our sponsor.
0:27.0	If you want to rank higher on Google, you got to look at your page speed time.
0:31.5	The faster your website loads, the better off you are. With
0:34.4	Google's core vital update, that makes it super, super important to optimize your
0:38.5	site for low time. And one easy way to do it is use the host that Eric and I use dream
0:44.5	host so just go to dream host or Google it find it check it out and it's a
0:49.3	great way to improve your load time.
0:51.6	Welcome to another episode of Marketing School.
0:55.0	I'm Erritu.
0:56.0	I'm Neil Patel.
0:57.0	And today we are going remote and we are going to talk to you
1:01.0	about when you should actually take profits in your company.
1:04.7	So Neil, in your early days with your first business, well let's talk about your first agency,
1:09.6	I'm not going to count your CD business, where you burn CDs or whatever.
1:14.0	I am going to look at ACS, so your Advantage Consulting Services,
1:17.2	which is the first marketing agency that you started,
1:19.8	or you can use another example.
1:21.5	So I'm curious, when did you actually start taking profits
	...

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