
S3 EP53 Making $1M as an Electrician… But Where’s the Profit? | Rachel Siegel
Want to stop wondering where all the money from your electrical business goes? Grab Rachel Siegel's Path to Profit tools and start making your money work on purpose: https://gofigureaccounting.net/tools/ And if you want to build a million-dollar electrical business without becoming a slave to the truck, the phone, or the chaos… Watch here: • https://youtu.be/T8wHmb56FwE ———————————— Most electricians run their businesses like a checking account with a license… Land a big job. Celebrate the deposit. Pay the suppliers. Pay the employees. Pay the taxman. Forget to pay themselves. Repeat until you're running a million-dollar electrical company and eating gas-station hot dogs to save money. Meanwhile… We've spent years helping electricians build stronger pricing, sales, and service systems. And Rachel Siegel, CPA, has more than 25 years of accounting experience. Her firm, Go Figure Accounting, won Profit First Firm of the Year in 2024. She's Profit First Mastery Certified. And she's seen the same financial mess play out again and again. Like Groundhog Day. Same cash-flow problems. Different electrician. Because a great electrical business shouldn't feel like an expensive job you can't quit… It should feel like freedom. But behind the scenes? The best businesses are built more like a well-wired electrical panel. Every dollar has a place. Every circuit has a purpose. And you know exactly what's carrying the load. In this video, we break down the Profit First system to help you: pay yourself intentionally instead of taking whatever's left • separate profit, taxes, owner's compensation, and operating expenses • build cash reserves before hiring another electrician • price your services to support growth instead of just covering today's bills • uncover where revenue disappears inside your business Inside, we'll show you: the 5-account Profit First framework that changes where your money goes • how a childhood envelope system explains one of the smartest cash-flow strategies in business • why "sales minus expenses equals profit" is a broken way to run your company • how to save three months of wages before hiring your next technician • why a $1.5M electrical company can still be stuck at 4% net profit • how to spot the expenses quietly chewing through your margins • why showing up in a professionally branded van doesn't automatically mean you're overcharging • how to decide whether that next truck, employee, or van wrap is actually affordable • why your accountant should be helping you make decisions, not just filing taxes • how to build a business someone might actually want to buy when you're ready to exit Also… There's a debate about whether a wrapped Sprinter van means you're ripping people off. Joe remembers his mom budgeting with actual cash envelopes. Clay remembers a childhood where the family budget involved borrowing from practically everyone on the block. Rachel explains how one landscaper went from planning to shut down his business to attracting three buyers and a sale worth over $4 million. And somehow we end up discussing Broadway's The Producers , two sets of books, and what you definitely shouldn't show the IRS. If you're new here, binge the channel. If you own an electrical service business, steal the framework. If you want to scale to $1M+ with less chaos… Watch the Million Dollar Plan below. ———————————— And if you want to see our Million Dollar Plan — how we help Electric Service Business Owners build $1M+ companies without becoming a slave to the truck, the phone, or the chaos… Watch here: • https://youtu.be/T8wHmb56FwE Rachel Siegel's books: Profit First for Optometrists: https://gofigureaccounting.net/profit-first-book-resources/ Profit First for Managed Service Providers: https://www.amazon.com/s?k=Profit+First+for+Managed+Service+Providers+Rachel+Siegel Profit First for Cybersecurity Firms: https://www.amazon.com/s?k=Profit+First+for+Cybersecurity+Firms+Rachel+Siegel















