0 (2s):
Boom, shake the room, Fire Nation, JLD here, and welcome to Entrepreneurs On Fire brought to you by the HubSpot Podcast Network with great shows like being boss. And today we are talking about the Income Report for October 2021. We have some cool things that we're going to be talking about. As soon as we get back from thanking our sponsors. If you have ever thought about making an online course to reach a wider audience and make passive income, then Thinkific is the perfect partner. Learn how you can take advantage of Thinkific biggest deal of the year at thinkific.com/firefriday.

0 (42s):
That's T H I N K I F I C.com/firefriday. Turn your small e-commerce business into the next big thing with Klaviyo. Klaviyo is the easy to use email and SMS platform that gives you everything you need to build genuine relationships with your customers. Give it a try with a free account at Klaviyo.com/fire. That's K L A V I Y O.com/fire. All right, Fire Nation. Welcome back to the Entrepreneurs On Fire Income Report for October 2021. Our gross income for October was $249,212.

0 (1m 23s):
Total expenses were $18,693 for a net profit of $230,519 for a $34,444 decrease from September. But our net profit percentage to overhaul gross revenue was a staggering 92%. I don't know how much longer we can keep this up for, but it do feel good and did a Fire Nation. We got some cool things we'll be chatting about. Now. Our CPA On Fire, Josh Bauerle is in the middle of a big move right now. So he did write up an amazing monthly tax tip, but he wasn't able to get to the audio version of this.

0 (2m 5s):
So I'm going to go ahead and provide the audio for today's monthly tax step. And today we'll be talking about consideration when hiring a new tax or accounting professional, and of course fire an issue. You can get all the details, images, and everything that we're talking about at eofire.com/income nine, eight, somehow Fire Nation. We are nearing the end of yet another year. I know your end brings a lot of busy activity in many areas of your life. And one part that's often overlooked is taxes. Not only is your end, the last opportunity for tax planning. It's also the perfect opportunity to review who does your taxes. And if you should make a change, many of the best tax professionals won't even be taking on new clients by the time you go to actually do your taxes.

0 (2m 51s):
So the time to find a competent one is now. So if you're going to look for a new tax and accounting service, the next logical question becomes, what exactly should you be looking for considerations when hiring a new tax or accounting professional, number one, what designations do they have? The sad truth is that tax and accounting is an incredibly unregulated profession with no education, no experience and no qualifications whatsoever. You can start charging people to prepare their tax returns. What's I didn't know that that is why I would only hire a tax professional who is either a CPA certified public accountant or an EA enrolled agents. Having these designations doesn't guarantee, they are competent and ethical, but it at least guarantees.

0 (3m 32s):
They have a minimum amount of education, indoor experience, and no ethical problems on record. I'm not saying a tax professional without a designation is bad. It's just much more difficult to know what you are getting. Number two, what experience do they have? We all need to start somewhere. So this isn't to try to prevent newer tax professionals from getting work, but you want to make sure that either the person preparing your return or at least the person reviewing their work has a significant amount of tax experience. How much experience is enough, everyone's different, but I would look for a minimum of five years of true tax experience in the more, the better number three, what industry do they specialize in as a business owner, you want to find a tax preparer that specifically works with small businesses.

0 (4m 15s):
A small business return is substantially different from an individual return or a large corporate return. I would also look for a preparer who specializes in your industry for the most part, taxes are the same from industry to industry, but knowing your specific business will allow them to speak your language and better understand the tax savings opportunities available to you. And number four is, do they make vague promises about saving you tax money? And number five is what is their fee structure, Fire Nation to get more details on numbers four and number five was Josh does go into visit eofire.com/income 98.

0 (4m 57s):
Now what went down in October? Well, and if T's on fire launches, I will say, this is just a fun, very, very, very side project. For me, I've really been enjoying NFTs and having fun with it and doing a bunch of deep dives and research on the topic. So I said, Hey, why not launch a podcast around this? Now I'm not launching a podcast with the intent of doing it one day per week or two days per week or whatever it might be. It's just one of these things as, Hey, this is a side project I'm having fun with enough Ts. I think NFTs are here to stay. I think it's a fun topic to chat about. Let's go ahead and just whip a podcast off from time to time about things that I'm finding out in the NFT world.

0 (5m 42s):
And I love the Kevin Kelly quote, which is enthusiasm is worth 25 IQ points. And I definitely have enthusiasm when it comes to NFTs. So I went ahead and launched NFTs on fire. That's the letter N the letter F the letter T apostrophe S on fire and FTS on fire. So if you've heard about NFTs, if you've been in this world at all, non fungible tokens, all that jazz check out NFTs on fire, you can either search for just the name of the podcast. And if T's on fire or my name, John Lee Dumas in any podcast, directory and wallah, the podcast will pop up.

0 (6m 23s):
And if you enjoy it, of course, I would love a five star rating in review, for sure. So one more time. That's NFTs on fire. And again, I love hearing from people that listen to entrepreneurs on fire and or NFTs on fire. And I always check my email@johnateofire.com. So go ahead and reach out there and we'll have a blast in Fire Nation. We are going to have the October 2021 income breakdown and so much more. When we get back from thanking our sponsors, if you have ever considered making an online course, I can guarantee you, there might be one thing getting in your way. Self doubt is one of the most frustrating feelings as an entrepreneur.

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0 (7m 48s):
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0 (8m 31s):
And with e-commerce specific recommendations and insights, you can keep growing your business. As you go get started with a free account at klayvio.com/fire. That's K L A V I Y O.com/fire. Alright Fire Nation, October's 2021 income breakdown is as follows product and service income was $237,262. Our total journal sales were 187 journals sold for $6,500, 43 freedoms, 56 masteries and 86 podcast journals podcast journals winning once again, podcast is paradise brought in $17,778.

0 (9m 14s):
And our podcast sponsorships are just crushing it $212,537. Our affiliate income, we brought in $8,480 from ClickFunnels. We did $797 from the Tony Robbins course in a lot of other little ones that you can check out at eofire.com/income98. Our total business expenses were 18,693, which is a lot of money. So, you know, we have Kate always, always looking through all of our expenses to see what we really need and what we really don't need. So if you want to see the list of all of the expenses that we think are essential to run our business, check it out.

0 (10m 1s):
eofire.com/income98. Now we're going to end with a being here and finally, and I mean, finally bring the lovely Kate Lynn Erickson on to entrepreneurs on fire's income report with her biggest lesson learned. But I guess before we do that, I got to just say the total net profit, which I just now see that I missed, which has $230,519. So lovely month, we loved October. Hopefully we're going to end it the year, just as strong with November and December, but only time will tell. But again, back to Kate's biggest lesson learned, if it's not broke, improve it, Kate, take it away.

1 (10m 44s):
What's up Fire Nation. I had a little bit of fun with this month. Biggest lesson learned, we all know this thing. If it's not broke, then don't fix it. And more often than not, I definitely subscribed to that, but I was thinking this month, just because of the activities we had going around behind the scenes, that just because something isn't broken doesn't mean there aren't ways that you can improve it. In other words, just because something has, or is that working well in your business? That doesn't mean that you should just forget about it and say, oh, it's working great. It's fine. I can move on to something else. There are a lot of things.

1 (11m 26s):
And this is what made me think of this lesson learned on a week to week or a month to month basis in our business. That they're not always forward-facing. So a lot of the times that's coming up with ways to constantly improve. What's not necessarily broken. That's working really well for us, but that we want to continue to improve upon because we know that when we continue to improve things and continuously find ways to, I guess, provide just a higher level of service that not only helps the forward facing stuff that you do end up seeing, but it also helps us improve our processes. So a couple of things that we've been focusing on improving this month, that aren't broken, but that we know are working really well for us and could use improvements are our sponsorship systems and our email newsletter.

1 (12m 18s):
So for our sponsorship system, we're currently trying to find better ways to communicate upfront all the expectations and the entire flow of what happens from the start of communicating with a potential sponsor all the way till the campaign is completely finished. And of course, this is helpful so that the sponsor, or if we're working through a broker, knows exactly what to expect, knows what system we work with because we're noticing, and this has been the case sometimes that when things aren't communicated clearly or they're received in a way that you didn't intend in this case, that you know, myself or John didn't intend, then that can cause a lot of extra work and frustration and time in a situation that doesn't really need any extra work or frustration.

1 (13m 8s):
When that stuff comes up, we're able to take a step back and find ways to improve whether that's the communication, the system that we have in place, the follow-ups et cetera. And for our email newsletter, we all love communicating with you Fire Nation. If you're not signed up for our newsletter, we highly recommend it because we're about to come out with something pretty cool. We currently send out two newsletters per week, and that's one at the start of the week that shares what's coming up on the podcast. And then we also have one that we send at the end of the week. That's kind of a look back on, on the episodes from that week. So kind of like a recap, and we feel that this is a great way to share episodes, to promote and brag on our guests and also to share with you our sponsors.

1 (13m 54s):
But we know that there's even more that we could do with these newsletters. But one of my favorite newsletters is one that is super short, concise. And so instead of thinking, what can we add to our already existing newsletters that we send out? We're currently brainstorming what a third email would look like. And again, I'm a huge fan of very short, simple, succinct, but value added where we can share maybe a tip or a resource, a tool, and maybe even a quote, something that you can read and under three minutes. And that again, just adds immediate value to your life, whether it be personal or in business, maybe a quote that gets you thinking about something that is helpful for your mindset, et cetera.

1 (14m 43s):
So stay tuned for that. And again, if you're not subscribed to our email list yet now would be a great time to do so, so that you can see what this third newsletter is going to be looking

0 (14m 53s):
At. Well, I'm really excited about that as well. In fact, I've just gotten my first draft of it and it looks spectacular Fire Nation because Kate and I were talking about, Hey, how do we add even more value, but in a very concise and meaningful way to you, our listeners and the consumers of our content Fire Nation. And I think Kate hit the nail on the head with this because it's super valuable, just like the newsletter we're modeling ourselves after, which is James clears 3, 2, 1. And I'm really excited to get your feedback on that Fire Nation. So Kate take us off.

1 (15m 29s):
Yeah. So I bring up this lesson learned because I think it's an important one to consider and something that we should all be thinking about as entrepreneurs and business owners, because there are a lot of shiny objects. There are a lot of ideas you're probably working with. There are a lot of different paths that you can take, but sometimes it's not always about launching or creating something new. I believe that as important, if not even more, once you've found something that actually works for your business is to continuously improve that thing instead of using your bandwidth to start something new.

0 (16m 6s):
And with that Fire Nation, we'll talk to you next month on the income reports and keep your fire burning. If you have ever thought about making an online course to reach a wider audience and make passive income, then Thinkific is the perfect partner. Learn how you can take advantage of Thinkific biggest deal of the year at thinkific.com/firefriday. That's T H I N K I F I C.com/firefriday. Turn your small e-commerce business into the next big thing with Klaviyo. Klaviyo is the easy to use email and SMS platform that gives you everything you need to build genuine relationships with your customers.

0 (16m 47s):
Give it a try with a free account at Klaviyo.com/fire. That's K L A V I Y O.com/fire.