PRIVACY NOTICE | TERMS OF USE
Interested in being a guest on Entrepreneurs on Fire? Click here to learn more!

Entrepreneurs on Fire with John Lee Dumas

Daily business podcast interviews

EOFire Stats:
Total Episodes 4,467
Total Listens 173,648,195
October 2024 INCOME
$
0.00
CHECKOUT THE REPORT

Blog

« Previous | Next »

Entrepreneurs On Fire November 2019 Income Report

Nov 2019 Income At-A-Glance

Gross Income for Nov: $146,249

Total Expenses for Nov: $38,781

Total Net Profit for Nov: $107,468

Difference b/t Nov & Oct: -$48,886

% of net profit to overall gross revenue: 73% 

eofire income report button

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 Nov Tax Tip: Should you pay your spouse a wage?

If you own a business and have a spouse, chances are you’ve wondered at some point if it would be beneficial to have the business pay your spouse a wage. After all, it would be a deduction for the business!

And since a Podcasters’ Paradise member had that exact question recently, we figured it was a great time to attack it on an income report!

On the surface, paying your spouse seems to make sense: you move income out of the business, increasing your business expenses, while putting more money in your own pockets.

But the truth is that doing so will actually COST you money, not save you money on taxes.

First, there is no actual tax deduction for paying your spouse.

While you would be able to deduct their salary in the business, you would then have to turn around and claim it as income on your personal return.

So the net impact on your taxable income would be nothing.

Second, the act of paying your spouse wages would subject that income to payroll taxes, which it otherwise would not have been.

Those payroll taxes are about 15 percent, so it’s no small number.

Part of those taxes will be deductible in the business, so the net tax impact isn’t quite that high, but it’s still an increase, not a decrease, in taxes when you pay your spouse.

So is it always a bad idea to pay your spouse?

Nope! There are always exceptions where it makes sense.

The big one being that you have a company retirement account (401k or SEP), are already maxing out your own contributions, and you want to continue contributing more.

By putting your spouse on payroll, you can now make contributions to their 401K as well.

As with most accounting and tax questions, the question of whether or not you should pay your spouse has a lot of “it depends” components.

But the big things to note are that doing so won’t decrease your taxable income, won’t decrease your taxes, and will very likely actually increase your taxes. So don’t make this decision lightly!

As always, please feel free to contact me if you’d like to discuss what would be best for YOUR business. I LOVE chatting with Fire Nation!

David Lizerbram’s Legal Tip

Who Should I Ask to Sign an NDA?

Non-Disclosure Agreements, or NDAs, are one of the most common types of business documents. The purpose is simple: to prevent one party from disclosing the confidential information of another party.

Business owners are sometimes confused about NDAs and who should sign them, so let’s go over some of the basics.

What is Covered?

An NDA can cover any information that your company owns that’s confidential. These are referred to as “Trade Secrets”.

Items covered by an NDA may include:

  • Lists and contact information of customers or clients
  • Business plans, including future product or service launches
  • New ideas and inventions
  • Fees and costs
  • Marketing and advertising information
  • Computer software
  • Confidential information of third parties, such as your company’s clients

Mutual or One-Way?

NDAs come in two basic flavors: mutual or one-way.

A one-way NDA is appropriate when your company is sharing information with someone but they aren’t sharing any confidential info with you. An example may be a potential employee – she is learning about your company through the hiring process, but she may not be bringing her own confidential information to the table, so asking her to sign one-way NDA would be appropriate.

A mutual NDA is recommended when both parties are sharing confidential information. For example, if your company is entering into a strategic partnership with another business, you may want to sign a mutual NDA so both parties’ trade secrets are protected.

Who Should Be Asked to Sign?

In most cases, anyone who’s going to be exposed to your company’s confidential information should, ideally, sign an NDA.

However, there are a few exceptions.

For example, attorneys don’t typically sign NDAs. Almost all information you share with an attorney is already privileged and confidential, so in most cases, there’s no need to have the attorney sign an NDA.

When to Ask?

This part can be tricky. For example, let’s say you’ve developed a concept to help a big company sell more of their products. If you call up their corporate office and ask them to sign an NDA before they even know who you are or what you have to share, you probably won’t get a good response.

So in some cases, part of the confidential information may need to be shared before the other party is likely to sign an NDA.

On the other hand, if your company is established and you have a solid professional reputation in your industry, you’re more likely to be able to get an NDA signed before you disclose anything.

Bottom line: use your best judgment, and if the other party is resistant to signing, discuss the details of the document with them to find out what the real sticking point is.

NDAs are an important part of a business owner’s toolkit. If you need assistance creating or reviewing an NDA, please feel free to contact me!

What Went Down In Nov

Knowledge Business Blueprint Bonus Mastermind

In February 2019 we teamed up with Tony Robbins and Dean Graziosi as affiliates for the launch of Knowledge Business Blueprint: an online course that teaches you how to create and run your own mastermind.

As a bonus for those who were early action-takers we offered a 2-day in-person mastermind here in Puerto Rico, and in November, we hosted that mastermind!

KBB Bonus Mastermind

This was the biggest in-person event we’ve ever hosted with 35 people in attendance, and we have a lot of takeaways from this experience, which we’ve outlined below for you.

At the end of the day, this bonus mastermind could not have gone any better!

From start to finish the energy was high, every individual showed up in such a BIG way, the value shared was off the charts, and we’re so confident that the connections and friendships made will last for years to come.

KBB Bonus Mastermind

Biggest Takeaways from Hosting our KBB Bonus Mastermind

1. The Lead Up

The lead up to your mastermind event is critical. During the lead up, which ideally will start at least 2 months prior to your event date, should include regular updates and communications with info to help your attendees feel prepared.

This could be anything from travel tips, to info about the area where you’ll be hosting the event, to details about your itinerary, and even simple notes just letting your attendees know you’re there for them if they have any questions!

2. Comfort + Connection

Making sure your attendees are comfortable within your mastermind environment and feel empowered to create connections on their own is HUGE.

Whether you create a Private Facebook Group leading up to your event – where attendees can get to know one another and introduce themselves beforehand – or you host a “pre-meetup”, like a mixer or dinner the night before your mastermind kicks off, creating a safe space where everyone is comfortable will make a huge difference.

3. Logistics

The planning and preparation that goes into hosting a mastermind cannot be understated. If you do not feel this is your strong suit, or you know you don’t have the bandwidth to do it right, then I highly encourage you to ask for support or delegate this part of the process.

  • How many people will be attending?
  • Where will you host your mastermind?
  • What meals will be included?
  • Where will people stay?
  • What extra touches will you provide?
  • How will you manage your budget for the event?…

These are just a few of the questions you should be asking yourself (or that someone on your team should be held accountable for).

4. Your Energy

How YOU show up to the mastermind will influence the space, the feel, and the attitude in the room. Make sure you’re 100% ALL IN on making your event everything you want it to be (and what your attendees expect it to be).

5. Switching Things Up

This is dependent on how long your event will last, and how active your event is meant to be.

The bottom line is: no one wants to be cooped up in a stuffy room with no windows for 8 hours. So whether you take an afternoon break outside, do lunch in a different room, or give your attendees sufficient breaks to move around, make sure you’re switching things up.

6. Above & Beyond

You’ve set a certain expectation for your mastermind – whether you know it or not. All of your marketing, communications, and your touch points leading up to your mastermind have set an expectation for those attending.

Make sure you not only understand what that expectation is, but be prepared to go above and beyond that expectation come mastermind time!

It’s hard to believe our Bonus Mastermind has already come and gone, and with all the lessons learned and the incredible feedback we got from those who attended, we’re already brainstorming what we can put together next time around!

Family Time

November was like a big sandwich: we hosted our own mastermind, hosted John’s parents in town for 2 weeks, and then participated in another mastermind!

Hi! JLD jumping  in here…

I remember seeing this post a few years ago focused on the time you have left with your parents. By the time you leave the house at 18 (for those who did) you have spent over 80% of the time you will ever spend with your parents.

That means that from 18 on, the time you have left in your parents presence is likely MUCH less than you think.

Since then, I’ve really made a point to not just spend time with my parents, but to be PRESENT when I do.

Card games, hikes, conversations.

You’ve gotta check out the day hike and cliff jump we did with a crew from our community to San Cristobal Canyon! Thanks to my buddy AJ Mida for filming the day!

For two weeks my parents visited us in Puerto Rico and I enjoyed waking my mom up with a coffee every morning, and going on a couple intense hikes and snorkel adventures with my dad.

For those of us with parents still alive, we’d like to think we have a lot of time left… and if we make a point to make the time, we do. Otherwise, time has a way of slip-sliding on by.

JLD Out ;-)

Mastermind x2

November was a mastermind-heavy month for us here at Casa Roble!

Towards the end of the month we were honored to be invited to participate in a peer-to-peer mastermind with some incredible entrepreneurs in the online space right here in our own backyard (literally!)

Mike Michalowicz, Sally Hogshead, Jon Berghoff, Mike Agugliaro, Carolin Soldo, Selena Soo, Chris Winfield, John Ruhlin, Tuan Nguyen, Jen Gottlieb, Team Fire, and our fearless leader, Amber Vilhauer all joined forces to spend an incredible 10 hours together.

Not only did we get to see Jon Berghoff’s genius in action with facilitating the day, we got to deep dive into truly getting to know each and every individual who was here.

My biggest takeaway of the day was that you can still take action and make meaningful moves towards your goals without having to build a detailed plan for every single step of the way. Your plan will reveal itself if you just start taking action.

Hi! JLD jumping  in here…

My biggest takeaway of the day was you can’t try to resonate with everyone. There were so many diverse personalities in the room. Everyone appeals to different people for different reasons.

Remember this quote: “Love me or hate me, there is no money in the middle.”

Stop trying to live in the middle.

Yes the audience is ‘bigger’ there, but they’ll never be YOUR audience.

Go find your 1,000 true fans who LOVE YOU!

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

Nov 2019 Income Breakdown*

Product/Service Income: $117,450

TOTAL Journal sales: 522 Journals for a total of $14,068

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

  • Amazon: $4,426 (176 Freedom Journals sold!)
  • Total: $4,718

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

  • Amazon: $2,618 (109 Mastery Journals sold!)
  • Total: $2,753

The Podcast Journal: Idea to Launch in 50 Days!

  • Amazon: $6,597 (228 Podcast Journals sold!)
  • Total: $6,597

100 Day Goal Journal: $2,397

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

  • Recurring: $15,490 (209 monthly)
  • New members: $9,334 (22 new members)
  • Total: $24,824

Real Revenue: Turn your BIG IDEA into Real Revenue

  • New members: $630 (14 new members)

The Revenue Crew: An Elite Mastermind ON FIRE!

  • Currently closed to new members

Podcast Sponsorship Income: $75,350

Podcast Launch: Audiobook: $136 | eBook: $45

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: $28,799

*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: $20,394

Courses for Entrepreneurs: $6,004

Resources for Podcasters: $2,081

Other Resources: $320

  • Amazon Associates: $245
  • Other: $75

Total Gross Income in Nov: $146,249

Business Expenses: $35,476

  • Advertising: $0
  • Affiliate Commissions (Paradise): $2,865
  • Accounting: $961
  • Cost of goods sold: $2,932
  • Charitable Contributions: $100
  • Fulfillment (Shipwire): $1,173
  • Design & Branding: $0
  • Dues & Subscriptions: $92
  • Education: $4,336
  • Legal & Professional: $272
  • Meals & Entertainment: $1,331
  • Merchant / bank fees: $1,905
  • Amazon fees: $10,215
  • PayPal fees: $644
  • Shopify fees: $10
  • Office expenses: $1,025
  • Community Refunds: $1,191
  • Promotional: $1,616
  • Travel: $1,771
  • Virtual Assistant Fees: $2,942
  • Website Fees: $95

Recurring, Subscription-based Expenses: $3,305

  • Adobe Creative Cloud: $100
  • Backblaze: $110 (annual fee)
  • Boomerang: $50 (team package)
  • Bonjoro: $45
  • Authorize.net: $70
  • Cell Phone: $675
  • Google Suite: $50
  • Internet: $80
  • eVoice: $10
  • Infusionsoft CRM: $309
  • Insurance: $648
  • Libsyn: $223
  • Chatroll: $49
  • Shopify: $68
  • Soundcloud: $144 (annual fee)
  • Linktree: $6
  • Sumo: $29
  • TaxJar: $19
  • Taxes & Licenses: $523
  • Thrive Cart: $37
  • Zapier: $15
  • Xero: $30
  • Zoom: $15

Total Expenses in Nov: $38,781

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 Nov 2019: $107,468

Biggest Lesson Learned

Setting Boundaries

Setting boundaries and getting clear on what YOU want in your life is the fastest way to time freedom.

Feel busy?

Wish you weren’t so overwhelmed all the time?

It’s up to YOU to choose how you spend your time.

If you continue to say yes to things that don’t light you up – and that aren’t helping you get closer to your goals – how do you expect to feel when you have no time left for you?

You can change that with boundaries. 

I just finished reading a great book by Tonya Dalton called The Joy of Missing Out.

There are so many incredible tips and points she makes throughout her book, and this one stuck with me in relation to setting boundaries:

“Give each role in your life the opportunity to shine. Boundaries allow you to do that. When we don’t clearly stake our boundaries, we end up being overrun by the demands others put on us. And to be honest with you, it’s not really their fault. If we don’t communicate our boundaries, how do others know when they’ve crossed them?”

Think about the boundaries you’ve set in your life. Are they truly representative of the way you want to be spending your time? If not, it’s time to sit down, take out a piece of paper, and start brainstorming how you’re going to give each role in your life the opportunity to shine.

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

« Previous | Next »

Trackbacks

Fire Nation Newsletter
 

Can I send you emails with helpful info about products and resources? If you click 'Yes' below, you're giving me express consent to send these types of emails - yay! You can opt-out anytime.