Every month we put together an income report to share a behind-the-scenes look at the ups and downs of running a 7-figure business. In full transparency, it’s not easy – but it IS possible. Through hearing about our mistakes, lessons learned, and our wins, we hope to inspire and motivate you to take action in your business with just one step forward every single day. For our full income report, visit EOFire.com/income102, and IGNITE!
Subscribe
Resources
CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
The Podcast Journal – Idea to Launch in 50 Days.
John and Kate’s Travesl – Check out some of our past travels!
3 Value Bombs
1) Spend time working yourself away from being the center of your business. That way, if/when the time comes, you can sell your business in a simple, smooth process.
2) Consider the type of business that you want to run.
3) While any type of product or service is going to require some level of upkeep and constant improvement, physical products require more.
Sponsors
HubSpot: Learn how to grow better by connecting your people, your customers, and your business at HubSpot.com!
ZipRecruiter: Find the right employees for your workplace with ZipRecruiter, the #1 rated hiring site in the US, based on G2 ratings! Try it for free at ZipRecruiter.com/fire!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[00:00] – Income review
- Gross Income for February: $180,988
- Total Expenses for February: $15,631
- Total Net Profit for February: $165,357
- Difference b/t February & January: -$23,127
- % of net profit to overall gross revenue: 91%
[01:15] – Ron’s January Tax Tip: Handling owners personal contributions post sale of your business
- There are 3 levels of an owner’s contribution post sale
- Simple and straight-forward
- Consulting agreement
- The third (and most complicated) is a pass-off or earn-out
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
[6:59] – What Went Down In February – Preparing for a BIG Trip
- John hit the road in early February for a week-long ski trip out in Utah with his dad.
- Kate jumped on her first international flight in over 2 years for her bachelorette party in Los Cabos, MX.
- John was full steam ahead preparing for a month-long European adventure!
[9:48] – Thanks to our sponsors, HubSpot and ZipRecruiter!
[11:53] – Kate’s shares a quick recap of her and John’s travels in February.
- Sneak Peak of John and Kate’s past travels here.
[14:26] – The Podcast Journal Inventory: LOW!
- In 2018 we launched our third journal: The Podcast Journal.
- Over the past 3 years we’ve sold nearly 5,000 copies!
[17:42] – February 2022 Income Breakdown
- Gross Income for February: $180,988
- Total Expenses for February: $15,631
- Total Net Profit for February: $165,357
- Difference b/t February & January: -$23,127
- % of net profit to overall gross revenue: 91%
[19:11] – Biggest Lesson Learned: Selling Physical Products
- While any type of product or service is going to require some level of upkeep and constant improvement, physical products require more.
- Anyone who has been involved in physical product sales knows that it’s not a set-it-and-forget-it type of business model.
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!
Subscribe
