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Entrepreneurs On Fire June 2019 Income Report

June 2019 Income At-A-Glance

Gross Income for June: $353,200

Total Expenses for June: $29,539

Total Net Profit for June: $323,661

Difference b/t June & May: +$181,901

% of net profit to overall gross revenue: 91.6% 

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Why We Publish An Income Report

This monthly income report is created for you, Fire Nation!

By documenting the struggles we encounter and the successes we celebrate as entrepreneurs every single month, we’re able to provide you with support – and a single resource – where we share what’s working, what’s not, and what’s possible.

There’s a lot of hard work that goes into learning and growing as an entrepreneur, especially when you’re just starting out. The most important part of the equation is that you’re able to pass on what you learn to others through teaching, which is what we aim to do here.

Let’s IGNITE!

**We’ll receive a commission on the affiliate links below. If you click on my affiliate link and sign up for the products and services I trust and recommend, then I will earn a commission.

Josh Bauerle’s Monthly Tax Tip

What’s up Fire Nation, my name is Josh Bauerle. I’m a CPA and the Founder of CPA On Fire, where we specialize in working with entrepreneurs to minimize their tax liability while keeping them in line with the ever-changing tax laws.

I’ve been working with JLD & Kate at Entrepreneurs On Fire for years now, and they’ve included me in these monthly income reports with unlimited access to all their accounts so I can verify that what they report here is complete and accurate.

And because they believe in delivering an insane amount of value to you, my job doesn’t stop at the verification level; I also provide a new tax and accounting tip every month!

Josh’s June Tax Tip: How to Form a Nonprofit

One of the most rewarding parts of being a successful entrepreneur is the opportunity it affords you to give back.

Because of the time and income flexibility a successful business gives you, many entrepreneurs are able to give more time and money to causes they’re passionate about.

Once in a while, I even get people who want to take the next step and form a nonprofit to contribute directly to causes they are passionate about. And since my wife Courtney and I just formed our own nonprofit a few months ago, I thought it was a great time to tackle this topic.

Before I share the steps involved, I’ll remind you that I always advise talking with a qualified CPA and/or attorney before doing something like this.

That said, my wife, who has no tax or legal experience, formed our nonprofit almost entirely on her own with just some very minor help from me. So I don’t think you need to pay big money for someone to do this for you.

If you want to form a nonprofit, here are the 3 steps you need to take

1. Register the nonprofit with your state

You will want to register your nonprofit in the state you will be living and operating the organization from. While each state is slightly different, registration will usually involve you submitting your board of directors, bylaws, which outline the purpose and details of the nonprofit (you can find easy-to-use sample bylaws online), and articles of organization.

Most states will allow you to register online, and I highly recommend Nolo for info on your state’s requirements. This was the most time intensive step of setting up our nonprofit.

2. Create separate bank accounts

We have talked about the importance of keeping separate finances for your business numerous times. When it comes to forming your own nonprofit, this is even more important.

You absolutely cannot mix your personal finances with your nonprofit’s finances.

As soon as the state approves your nonprofit, you need to immediately open a new bank account for it that all money will run through.

If you’re going to use an online merchant such as PayPal, then you need to open a separate account under the nonprofit’s name there as well.

Absolutely nothing involved with the finances of the foundation should be using your name instead of your nonprofit’s name!

3. Apply for tax exempt status with IRS

After your nonprofit is formed with the state you need to apply for tax exempt status with the IRS.

This will allow you to both not pay taxes on any donations/revenue you receive, and it will also make any donations people or corporations make to you tax deductible for them.

You apply for this by filling out Form 1023 with the IRS.

Before going through this process ourselves I had always heard this form was very difficult and took the IRS upwards of half a year to approve. While this is mostly true if you file the regular 1023, we discovered that if you anticipate having less than $50,000 per year in donations/revenue in the first 3 years, have less than $250,000 in assets, and have no foreign ties to the foundation, then you can file Form 1023EZ, which as the name suggests is significantly easier.

If you qualify for the 1023EZ it can all be done online by creating an account here. Unlike with the traditional 1023, it’s all done online, and we received confirmation of acceptance within 30 days.

So if you meet these qualifications, and most new nonprofits do, this is a FAR simpler way to go.

And that’s it!

Again, I will repeat that you need to talk to a qualified CPA and/or attorney while going through this process, and if you’re feeling overwhelmed it may be worth hiring someone to set it all up for you.

But my wife is proof that the filing can be done yourself with little to no prior experience.

If you want to check out our nonprofit and learn more about our journey with infertility and IVF, visit JemFoundation.org. We have a $5,000 grant application for those currently dealing with infertility plus options to donate.

What Went Down In June

Podcasters’ Paradise Updates

We launched Podcasters’ Paradise back in October 2013. Almost six years later we’re going strong as ever with the #1 online community for podcasters in the world!

And in order to make sure it stays that way, we’re constantly hard at work finding new ways to improve the experience in Paradise.

Constant improvements over time

A lot of people are intimidated by creating online courses and communities.

Questions like:

  • Who am I to teach this content?
  • What do I include in my course or membership?
  • What if it’s not good enough and people leave?

Legitimate questions, but all answerable…

Who AREN’T you to teach this content?

Have you ever stopped to think that every single day you DON’T share your knowledge with your audience you’re doing them a GREAT DISSERVICE?

What you include in your course or membership depends on what those who are investing in it want.

Know your avatar, and you’ll know exactly what to include in your course to get started. The rest of it comes from direct user requests and feedback!

Continuous improvements will ensure that it will be good enough for people to stick around.

Once you launch you’ll have the opportunity to find out exactly what your members are looking for!

What continuous improvement looks like for Podcasters’ Paradise

1. Each quarter we do a review of our membership site map to consider what tutorials and content we already have, and what might be missing.

In the podcasting space, there are new developments, softwares, and updates happening daily, so checking in to ensure our content is up to date is a critical part of making sure the community is providing our members with relevant info.

2. Every day we’re active and engaged in our Private Facebook Group.

This gives us an opportunity to LISTEN to what our members are talking about. What are they struggling with? What are the most commonly asked questions? We use this knowledge to help inform updates and changes within the membership and community.

3. We ask our members for their opinion

Whenever we’re at a loss, or wondering if our assumptions are accurate, we just ask! The easiest way to make sure you’re keeping your course, membership, or community up to date and exciting for your members is to ask them for their opinion. We never send a weekly email Digest out or wrap up one of our monthly Live Q&A’s without letting our members know that our door is open and we’d love to hear any recommendations or feedback they have about Podcasters’ Paradise.

Creating a course, running a mastermind, and keeping a community engaged is hard work. There isn’t a day that goes by when we’re not thinking about, creating for, or engaging in our community. And typically, it’s all 3 of those things.

But the rewards are priceless.

Hearing our member’s launch stories, their wins and breakthroughs, and seeing them step up to the plate for one another every single day is what makes us want to keep doing what we do.

If you’re looking for a community of like-minded people who are on the same journey you are, and ready to dive into a treasure chest of video tutorials, templates, and systems for your podcast, check out Podcasters’ Paradise today!

Daily Fire

In June we added a daily podcast to the lineup! It’s called Daily Fire, and it’s 60-seconds of inspiration from yours truly, JLD.

If you follow John on Instagram then you know he shares an inspiring quote to help you start your day ON FIRE.

In June John thought “well, I’m already producing and uploading to Instagram, why not start a podcast so I can repurpose that content?” 

And that’s exactly what he did.

Daily Fire is live on Apple Podcasts, Google Podcasts, and more. If you’re looking for a quick 60-seconds of inspiration to be sure you start your day off right, be sure to click here to subscribe!

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

June 2019 Income Breakdown*

Product/Service Income: $156,308

TOTAL Journal sales: 435 Journals for a total of $11,747

The Freedom Journal: Accomplish your #1 goal in 100 days!

The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!

The Podcast Journal: Idea to Launch in 50 Days!

Podcasters’ Paradise: The #1 Podcasting community in the world!

  • Recurring: $21,588 (186 monthly, 1 annual)
  • New members: $11,495 (35 new members)
  • Total: $33,083

Real Revenue: Turn your BIG IDEA into Real Revenue

  • New members: $495 (11 new members)

The Revenue Crew: An Elite Mastermind ON FIRE!

  • Currently closed to new members

Podcast Sponsorship Income: $105,760

Podcast Websites: $5,000

Podcast Launch: Audiobook: $172 | eBook: $51

Free Courses that result in the above revenue:

Your Big Idea: Discover your big idea in under an hour!

Free Podcast Course: Create and launch your own podcast!

Funnel On Fire: Create a funnel that converts!

Affiliate Income: $196,892

*Affiliate links below – if you click on my affiliate link and sign up for the products and services I trust and recommend, then I will earn a commission.

Resources for Entrepreneurs: $18,625

Courses for Entrepreneurs: $173,151

Resources for Podcasters: $2,792

Other Resources: $2,324

  • Amazon Associates: $304
  • Other: $2,020

Total Gross Income in June: $353,200

Business Expenses: $26,764

  • Advertising: $803
  • Affiliate Commissions (Paradise): $2,861
  • Accounting: $1,572
  • Cost of goods sold: $2,597
  • Charitable Contributions: $1,500
  • Fulfillment (Shipwire): $1,678
  • Design & Branding: $308
  • Dues & Subscriptions: $179
  • Education: $517
  • Legal & Professional: $0
  • Meals & Entertainment: $1,287
  • Merchant / bank fees: $114
  • Amazon fees: $6,139
  • PayPal fees: $168
  • PushCrew: $234 (annual fee)
  • Shopify fees: $9
  • Office expenses: $174
  • Community Refunds: $485
  • Promotional: $0
  • Travel: $4,036
  • Virtual Assistant Fees: $1,779
  • Website Fees: $200

Recurring, Subscription-based Expenses: $2,775

  • Adobe Creative Cloud: $100
  • Boomerang: $50 (team package)
  • Bonjoro: $45
  • Authorize.net: $70
  • Cell Phone: $264
  • Dropbox: $99 (annual fee)
  • Google Suite: $50
  • Internet: $80
  • eVoice: $10
  • Infusionsoft CRM: $309
  • Insurance: $648
  • Libsyn: $197
  • Chatroll: $49
  • Shopify: $68
  • Linktree: $6
  • Sumo: $29
  • TaxJar: $19
  • Telestream: $43
  • TextExpander: $19 (1-time)
  • Taxes & Licenses: $523
  • Thrive Cart: $37
  • Zapier: $15
  • Xero: $30
  • Zoom: $15

Total Expenses in June: $29,539

Payroll to John & Kate: $15,900

In our May 2014 Income Report and our June 2016 Income Report, Josh focuses on how to pay yourself as an entrepreneur. Check them out!

Wondering what we do with all of our net revenue? We share all in our April 2017 Income Report :)

Total Net Profit for June 2019: $323,661

Biggest Lesson Learned

Your time is limited

While I typically present our biggest lesson learned with a story and conclusion, I thought it best and most powerful for this month’s lesson learned to just be the quote that inspired it.

This is one of my favorite quotes, and I often revisit it when I’m feeling stuck, frustrated, or lacking confidence and/or power in decision making. So after I read it – whether it be right now, later today, or sometime this week – I encourage you to really think about it.

Let it sit in.

“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become.” ~ Steve Jobs

Alright Fire Nation, that’s a wrap!

Until next month, keep your FIRE burning!

~ Kate & John

Note: we report our income figures as accurately as possible, but in using reports from a combo of Infusionsoft & Xero to track our product and total income / expenses, they suggest the possibility of a 3 – 5% margin of error. 

Click here for all of EOFire’s Income Reports

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