0 (2s):
Boom shake the room Fire Nation. JLD here and welcome to Entrepreneurs On Fires. June 2022 Income Report brought to you by the HubSpot Podcast Network with great shows like My First Million. And today Fire Nation, we will be bringing on our CPA on Fire to talk about future-proofing your business for uncertain times. What are we talking about? Keeping your financials, current cash management, dynamic budgets, writing out your plans. Very important stuff. We're also going to be talking about our interview of the month. Kate. Nice, great trip to Yosemite and San Francisco and so much more. When we get back from thanking our sponsors. Still think you can create an online course the same way you did five years ago?

0 (47s):
Think again! Thinkific has looked at the top 20% of course, creators to see what they're doing now to be so darn successful. Find out for yourself at thinkific.com/firetrends. Business made simple hosted by Donald Miller, takes the mystery out of growing your business. Recent episodes, like how to attract and retain top talent and how to make more money with your current products are straight fire. Listen to business made simple wherever you get your podcasts. All right, Fire Nation. We have a lot to get you today. So let's dive right into our June 2022 income at a glance. Our gross income for June was $176,198.

0 (1m 29s):
Our expenses were 14,000 8 96 for a total net profit of $161,302 for a difference between June and may of negative $64,009. However, our percentage of net profit overall gross revenue was at 92%. So anytime we're in the nineties, it is a good month and we have some cool things to talk about. Like I mentioned, the pre intro. We're going to be bringing our CPA on Fire, Ron, to talk about future-proofing your business for uncertain times. So Ron, take it away.

1 (2m 2s):
Hey John, and hello, Fire Nation. Hey, this is Ron Parisi with CPA on Fire for your June 2022 tax and accounting tip. Hey, as we see from John and Kate's Income Report, EOF still continues to crush it, but you know, John, you wrote a piece last week about sort of the uncertainty. We're hearing a lot of chatter with maybe some uncertainty in our economic situation going forward. And I thought it would be a really good time to talk about how to future-proof your business for uncertain times.

1 (2m 45s):
And as I advise my clients, right, we specialize in online entrepreneurs who are particularly growing, scaling their businesses. You know, each business cycle has its opportunities. So it's not the time to sort of Batten down the hatches, but it is a time to really do a check on your business. And I'm going to give you four items today to sort of go back to and look at your business. And I think it will really help you navigate the waters ahead. Nobody knows really what's going to go on in the future, but I think this is a good time to sort of check in with the financials of your business to help you.

1 (3m 30s):
Future-proof your business. One, as we saw, you know, in the beginning in 2020 with COVID, it was extremely important to have your financials. Current, a lot of entrepreneurs unfortunately caught themselves in a position where they didn't have accurate financials, had difficulty taking advantage of some of the government programs had difficulty really adjusting to sort of the new economic climate. So number one, you know, let's keep all your financials. Current. What I think is every month you should have your, you know, within the first 10 days of the next month, everything should be done.

1 (4m 13s):
Your PNL, your balance sheet, maybe even the cashflow analysis should be done. You should know exactly where you stand financially through the past month. So number one, number two is your cash position. And I'm not just talking about signing onto your bank and figuring out what your current balances are. Of course that's important, but really having what I like to see a rolling 12 months going forward of your balances. So, you know, if you're buying a piece of software that renews in three months and it's going to be a cash lay of five figures, you have that anticipated in those balances going forward. So, you know, you know, what type of cash that you have to deploy a new opportunities, maybe get through some bumps in the road.

1 (4m 59s):
So always be mindful of your cash position over projected over the next 12, 12 months. Number three is budget. And what I like to talk about is budget is we, you know, you've created a budget for year end or for the year you've maybe done some course correcting, but allow that budget to be dynamic. And what I mean by that is have it be changeable and to have different inputs. You know, if sales comes down, if maybe your conversion rate comes down, you know, what, what exactly impact does that have on your bottom line?

1 (5m 42s):
How can you sort of affect your bottom line, maybe with less spending with your both labor, with marketing, with other costs. So having a budget that can be changed and be dynamic, super important as potential you go into some rough periods. And then last, I really find like when I work with my clients, one-on-one super important. You know, we're all entrepreneurs, you know, not every day is an easy one, but I really find the exercise of like writing out your plans, documenting it, whether you type it up or journal it. And that's just, you know, okay, you know, if X happens, this is how we're going to approach it.

1 (6m 26s):
If Y happens, this is why we're going to approach it. And just getting it out of your head on paper, knowing that you have a plan for different scenarios. I can't tell you how much that's really helped. My clients just react quicker, better. Night's sleep, just feeling more prepared. So just to wrap this up, John in Fire Nation, let's, future-proof your firm one, keep your financials current, hopefully on a monthly basis to know your cash position on a rolling 12 months basis, and three have a budget that's dynamic, that's changeable.

1 (7m 7s):
And for, you know, write out your plans with maybe some foreseeable scenarios to allow you to be prepared when it does happen. And again, this is Ron Parisi, CPA and fire. John, always a pleasure being with you. Fire Nation wish you the best of luck and until next time, thank you very much,

0 (7m 24s):
Ron, thank you as always for rocking the mic much appreciated and Fire Nation as mentioned, CPA on Fire.com is where you can learn more email Ron ron@cpaonfire.com for all your questions. Now let's move into our interview of the month with Austin Nestle. I've known Austin since back in 2013, when I launched Fire Nation elite, a masterminds on fire and Austin was one of the first 50 people to join my mastermind. I can still remember chatting with him and in my old, old apartment in San Diego and seeing if he was going to be the right fit for this mastermind and we had a blast and he's gone on to do amazing things. And our interview together was all about how to create a seven figure business without working 60 plus hour work weeks because we know nobody really wants that.

0 (8m 11s):
And we put the top three value bombs on the Income Report. You'll fire.com/income106. And one that I want to highlight here today is that systems make things much more repeatable, consistent, and not relying on you. So we really dive into that topic as well as many more. And so if you want to check out the value bombs, go to the Income Report, make sure to go search Austin, Nestle that's N E T Z L E Y. And either your podcast app or our website to listen to the full episode. Cause it was an awesome one. It was one that you definitely want to go back and listen to if you did miss it. And before we get into the next topic, which is our vacation to Yosemite and San Francisco, we're going to take a quick break to thank our sponsors.

0 (8m 52s):
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0 (9m 38s):
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0 (10m 24s):
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0 (11m 4s):
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0 (11m 58s):
Fire Nation, we are back. And as I mentioned in the intro, Kate and I also took an amazing trip to your 70 National Park in San Francisco at the end of June into early July. And we're really excited to talk about this but guess what? You've been hearing my voice a lot. You have them here in Kate. So Kate you've been hanging out very patiently, say hello, say what's up to Fire Nation and talk to us about our trip.

2 (12m 21s):
What's up Fire Nation. Excited to be on the mic with you again this month. And, oh my goodness. Did we ever have a blast in Yosemite and San Francisco Northern California holds a pretty special place in my heart. I spent a lot of time there growing up and I went to university of San Francisco for my first two years of college. So it was really fun to be back up in the bay area. And oh my goodness. Did it ever deliver Yosemite? If you haven't been to Yosemite, please put it on your list. This is like one of the most naturally beautiful places I've ever been.

2 (13m 1s):
And you guys know that John and I travel a ton. So that's saying a lot. We spent three full days in Yosemite at a beautiful Airbnb, which I must say we usually camp and I love camping, but it was so nice to have a hot shower, a comfy bed and a kitchen that was such a treat. Plus we were traveling with, let's see, four other adults and three kids. So there are nine of us total. We got this huge Airbnb cabin, which was, it was just epic and to all be able to stay together and wake up together and have dinners together and do happy hour together.

2 (13m 43s):
For me, that was such a big part of the overall experience. So that was super great. The hikes that we did, oh my goodness. These kiddos were such troopers. We spent two days in the valley. So we had three days in Yosemite. Overall. Two of them were in the valley. We did Vernal falls the first day on the mist trail. Oh my goodness. We could not have asked for better weather that day. We hit mirror lake after that. And so that was our first day is miss trail to Vernal Falls. We hung out at the top. There went to the Emerald pool, went to the bridge beyond that. And then we did mirror lake that afternoon. John of course found a rock to jump off from that looked like you definitely should not be jumping off from it.

0 (14m 29s):
And then by the time we left, all the other kids were jumping off of it

2 (14m 33s):
And we have a picture to prove it too. So definitely head over to EOFire.com/income106. You will see John tempting all these children to jump off this rock, but wow, what a big backdrop, holy cow. So that was day one. And then day two, we did lower Yosemite falls, Columbia rock, which was such a tough bike. And we were all a part of that. And then myself, John, my sister and our friend Scott, we kind of broke off from the crew because we were really, really determined to do upper Yosemite falls.

2 (15m 16s):
And we knew the kiddos probably wouldn't be in for that. It's a good thing. We broke off. That was a tough hike. It was also one of the better hikes I've ever done in my life. What would you say John?

0 (15m 28s):
Definitely up there. I mean, the switchbacks were pretty grueling, but the end result was outstanding. There was actually a little cold plunge, natural cold plunge at the top of upper Yosemite falls that we all jumped into that was very refreshing and enjoying. And man, it was definitely a life experience.

2 (15m 47s):
Refreshing is the word for her. We also made stops at Wawona swinging bridge, which was off the beaten path and a really, really cool spot. Of course, we had to bust the Frisbee out and play a little bit of Frisbee and there is almost like this. It was a natural rock slide really. And so a bunch of kids had tubes and they were tubing down this natural rock slide area, like down into the river. And so the kids got to do that, which was a really nice unexpected treat for that. And we went swimming. Did you jump off the bridge there as well?

2 (16m 27s):
Jong

0 (16m 28s):
I actually did not jump off that bridge. Just seems a little too tight even for me. So I, I pass

2 (16m 34s):
Good call, good call. I did watch a couple other people do. And usually that is about the time that you go do it as well. So I'm glad that you didn't because they were definitely playing navigator to figure out where they were jumping into. We also stopped at artists' point, the Ahwahnee Hotel, which was a super cool hotel, right in the valley designed and built in the 1920s. It had a really incredible history. We walked around that. We got to see these fireplaces, like I've never seen before, just the decor and everything about that hotel was really, really cool.

2 (17m 15s):
It did feel like you were stepping back in time. And then as I mentioned, we did spend three days in Yosemite. So that third day we actually went hiking in Mariposa Grove amongst the giant sequoias of Yosemite. And I was so heartbroken to read just this past week, John, that area actually completely closed now due to fires.

0 (17m 39s):
Oh wow. It's a not here that,

2 (17m 41s):
Yeah. So hopefully they have that under control now, but very grateful for our timing and being able to have that experience. It was just a really meandering pathways and walkways. We, we did decent hiking that day. I mean, we probably walked about seven miles or so. And just seeing all these different epic Sequoia trees was really puts your size into perspective. Well, that's a wrap on Yosemite. I'm happy to dive into San Francisco. Anything to add on Yosemite, John. No,

0 (18m 19s):
I think you absolutely nailed it. It was just splendor all the way. I mean, natural wonder what was crazy to me is driving up from Fresno is like, you're looking around. You're just like, man, this is the most boring landscape in the world. It's just like desert dry, nothing flatness. You're like, I can't imagine where anywhere close to something that is supposedly as special as Yosemite national park. And then you just get blown away when you actually drive into the valley. It's stunning. There's a fantastic picture of myself and Kate underneath both upper and lower Yosemite falls. And if you look at that at EOFire.com/income106, you'll see at the top of Yosemite falls, the very, very top of it.

0 (19m 0s):
We hiked all the way to that actual point where the water's coming out of the rock. And we're literally almost able to lean over and touch that water at this one area. They're so crazy pictures over on the Income Report. You'll fire.com/income106. It kind of really give some pretty amazing grand jury. Although, you know, of course you have to be there to really, you know, have your head popped off, but that was about as good a job as possible. So I think that can wrap it up on Yosemite, but I will say absolutely stunning.

2 (19m 32s):
I mean that pic of us in front of half dome is pretty insane

0 (19m 36s):
Insanity.

2 (19m 37s):
All right. So definitely make sure you head over and check out those pictures. So from Yosemite, we actually made a quick stop in between to visit some family friends. We did a day in Sonoma, which was super cool, really cute little town, enjoyed walking around there. We got to visit the mission there, which was really neat and had a great lunch beautiful day. And then we made our way into San Francisco and holy cow, we did so much stuff. We saw so many things. Anyone who's been up to San Francisco before knows that it's like tourist paradise because there's 7,000,000,001 things to do. And we took full advantage of that. We said goodbye to our friends and their daughter, Jenelle Scott and Ellie.

2 (20m 20s):
And we said hello to my parents. So it was myself and John, my sister, her husband, my niece and nephew and my parents. And we did a stop in Berkeley. We went into the city, we ran across the golden gate bridge. We went to a giants game and it was giant versus tigers. And my brother-in-law is from Michigan. So that was kind of fun. Great game. The giants ended up pulling it off three, two, it a really fun evening and a great way to kick off our time in San Francisco. The following day we did Alcatraz. We did pier 39 to Garrett Lee square and obviously a, a lot of ice cream yum.

2 (21m 0s):
And then the next day we did the cable car, the ferry market building, which they have really, really like rehab that big time. I think we saw on the outside of that when they actually opened that up the way that it is now, John was that just in 2019.

0 (21m 20s):
I do not remember seeing that, but it was quite an experience.

2 (21m 23s):
Maybe it was earlier than that. It's probably been around for longer than that, but it certainly was not like that when I was going to school up there, the ferry market building is now filled with this incredible market. Like not a farmer's market, but you know, cute little shops and great bakeries. Coffee was awesome. I had a pond, a chalk a lot. Oh my gosh, it was incredible. Lots of yummy stuff. So we walked through the ferry market building, had some great food hopped back on a cable car. We went to city lights, bookstore and peruse that for a bit, which was great. We went to USF to check out the campus, which took approximately five seconds.

2 (22m 5s):
And then we made our way across the panhandle over to hate. And we went up to Haight, Ashbury made a stop and amoeba music. And, oh my goodness, we walked our booties off every day that we were like actively on the trip and not like a travel day. I think we crushed at least 25,000 steps. And so we really just like went all out for this trip. We had such a fantastic time. I couldn't think of a better trip or better stops or better things to do anything.

2 (22m 47s):
Oh. And then our final day, actually, John and I are my family left and John and I had a final day together in San Fran. So we actually went and checked out the Sutro baths, which were once insanely like well-built and beautiful set of baths, like public, like a public bath house that you could go to. I actually have a picture of what it looked like when it was a functioning bath house. And now it's just complete runes right up on the Pacific ocean. And it's pretty crazy to look at this picture of what it used to be and think that that's what we were walking on because it was just so utterly, not like that now, but that was a really cool day.

2 (23m 32s):
We actually did that and then walked all the way up through golden gate park, which was really beautiful. We had a lot of nice stops on park benches and a great meal, a great breakfast at this place called outer lands. Oh my goodness. Jamo. And that wrap the trip for us. Then we were headed on back home to Puerto Rico to see our sweet little Gussie pill,

0 (23m 57s):
Gussy poo. I mean, you did a great job breaking down her whole trip. The only thing I'll say is I was kind of shocked at how freezing cold San Francisco was in July. So just for a warning, if you think you're going to California in July for some nice warm weather, San Francisco is not the place San Diego is, but San Francisco is not the place more of like, I guess September timeframe. They start to really warm up August, September. So interesting fact about San Fran, it was super cold, but again, I want to encourage everybody to head over to EOFire.com/income106, these pictures that Kate posted are incredible.

0 (24m 37s):
And Kate, before I get into the income breakdown, any last thing you want to add? Cool, June 2022 income breakdown, product service, 1 63, 0 11, our total journal sales were 87. We did 35 Freedom Journals, 21 mastery journals in 31 podcast journals. Pretty even across that board. Podcaster's paradise brought in just under $14,000 podcast. Sponsorships brought in 122 K appearance fees about 25 K our affiliate income was over $13,000. ClickFunnels itself was over 11 K this month. So a big month for ClickFunnels and our expenses for the entire month were 14,000 8 96.

0 (25m 22s):
And we list all those out so you can check them out. This is stuff that we think is worthy of paying for. And our total net profit was 1 61, 3 0 2 for that 92% net profit percentage. And I just want to have Kate take us home with our biggest lesson, learns mental toughness.

2 (25m 44s):
I am a big fan of James Clear. And if you know James Clear and you are signed up to his newsletter, then you know that he does a newsletter called 3, 2, 1. He calls it the three to one newsletter. So each week he sends out an email that includes three ideas, two quotes, and one question to consider. And I love his newsletter because it isn't long, but it packs a super powerful punch. It's easy to get through. And I, every single week I walk away with at least one thing that I think on for an extended time. So actually linked it up in our Income Report. So if you're interested in signing up to this newsletter, you could do so via the link in the Income Report.

2 (26m 27s):
Again, EOFire.com/income106. And in June, one of his ideas that really stood out to me was this. He wrote mental toughness is often portrayed as determination and persistence, but it can also be flexibility and adaptability. I can be happy anywhere I can work with what I have. I can have a good day with anyone. You are tough when your mood is not dependent on your conditions. Now we all know that mental toughness is important, whether it's having the strength to battle your imposter syndrome, getting back up and trying again, after a failure or going back to ask again, even when the answer was no, the first time mental toughness, isn't something that comes easy.

2 (27m 14s):
And I certainly understand that personally as well. That's why this idea really stuck out to me though. And I hope that like it did, for me, it gives you something to think about this week

0 (27m 26s):
Fire Nation until next month, keep your fire burning. Still think you can create an online course the same way you did five years ago? Think again. Thinkific has looked at the top 20% of course, creators to see what they're doing now to be so darn successful. Find out for yourself at thinkific.com/firetrends. Business made simple hosted by Donald Miller, takes the mystery out of growing your business. Recent episodes, like how to attract and retain top talent and how to make more money with your current products are straight fire. Listen to business made simple wherever you get your podcasts.