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/income115, and IGNITE!
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Guest Resources
CPAOnFire.com – Accounting, Tax & CFO Services for entrepreneurs.
David Lizerbram – If you want to discuss the legal ins and outs, feel free to contact David!
3 Value Bombs
1) Taxes either are, or will, become one of your largest expenses, and tax planning should be an ongoing priority.
2) Very often, in the case of a business purchase, the seller and buyer aren’t immediately on the same page about what exactly is being bought and sold, so it’s advisable to be very clear about this point upfront.
3) There’s so much to be learned when we look at where we’ve been and how our actions have positively – or in some cases negatively – impacted where we are now.
Sponsors
HubSpot: HubSpot’s all-in-one CRM helps you automate tedious tasks, keep track of all your deals in one place, and make sure your whole team has access to the same data. Get started for free at HubSpot.com!
Thrivetime Show: Is this your year? Visit ThrivetimeShow.com/eofire to see how Clay Clark’s business coaching has helped thousands of entrepreneurs to dramatically increase profitability!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[01:17] – Income review
- Gross Income for March: $157,349
- Total Expenses for March: $18,030
- Total Net Profit for March: $139,319
- Difference b/t March & February: +$8,181
- % of net profit to overall gross revenue: 89%
[01:53] – Ron’s March Tax Tip: Your calendar of tax planning
- Four Key Items for the right Tax Saving Strategy
- Meet with your Tax Professional in the May/June 2023 time frame
- Push beyond One Year – Aim for 3-to-5 year strategy!
- Plan for Quarterly meetings with your Tax Professional
- Have that “Last Call” with your Tax Professional in December.
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs
[7:46] – David Lizerbram’s Monthly Legal Tip – What to Consider When You’re Selling a Business
- When selling a business, some other important factors to consider are:
- Market value: Determine the fair market value of the business, taking into account factors such as revenue, expenses, assets, liabilities, and industry trends.
- Legal and financial due diligence: Conduct a thorough review of the business’s legal and financial records to ensure that everything is in order and to identify any potential liabilities. Your attorney can help with the legal side.
- Tax implications: Consider the tax implications of selling the business, including capital gains tax, income tax, and other relevant taxes. This should be discussed with your CPA.
- Transfer of ownership: Plan for the transfer of ownership, including the transfer of assets, liabilities, and employees.
- Business brokers and escrow agents: A business broker and/or an escrow agent can be valuable assets in the process of selling your company. However, in most cases, neither of these parties is strictly on your side. They are there to make sure the deal gets done, without looking out for your specific interests. So it’s always important to make sure you have your own legal representation.
[12:07] – Thanks to our sponsors!
- HubSpot: HubSpot’s all-in-one CRM helps you automate tedious tasks, keep track of all your deals in one place, and make sure your whole team has access to the same data. Get started for free at HubSpot.com!
- Thrivetime Show: Is this your year? Visit ThrivetimeShow.com/eofire to see how Clay Clark’s business coaching has helped thousands of entrepreneurs to dramatically increase profitability!
[14:02] – What Went Down In March: Interview of the Month w/ Owen Video!
- 7 Figure Sales from Simple YouTube Videos with Owen Video
- 3 Value Bombs
- Having a vision for the future and being willing to refine it consistently to get where you want to go is essential.
- A revenue strategy is a pathway to 6-figures on YouTube within your first year.
- Focus on your goal, help your viewers experience transformation, and your best content will appear every time you press record.
- The Video Marketing School: Get The Exact System for Producing YouTube Content to Scale Brand Visibility, Authority, & Revenue!
[15:18] – Our trip to Japan!
- Day 1 in Osaka: Osaka Castle, America-mura, Dotonbori
- The things that stood out the most for us included:
-
- How CLEAN it is!
- How amazing the subway system is (trains come in every direction pretty much every 4 minutes)
- How polite and helpful people are (some Japanese speak very decent English, and those who don’t will speak Japanese until they’ve helped you), and
- It’s COLD! (We woke up to 29 degrees!)
- Day 2: Nara Park, Todai-ji Temple, Osaka Station
[21:16] – Day 3: Hattori Ryokuchi Park
- Day 4: Osaka aquarium
- Day 5: Hiroshima
- Day 6: “The Split”
[25:41] – Day 8 – 13: Tokyo with the girls!
- Day 14: Reunited!
- Day 15 – 18: And then there were two!
- Check out John and Kate’s Japan Pictures here!
[28:38] – March 2023 Income Breakdown*
- Gross Income for March: $157,349
- Total Expenses for March: $18,030
- Total Net Profit for March: $139,319
- Difference b/t March & February: +$8,181
- % of net profit to overall gross revenue: 89%
[29:49] – Biggest Lesson Learned: The power of reflection and recaps
- There’s so much to be learned when we look at where we’ve been and how our actions have positively – or in some cases negatively – impacted where we are now.
- We can identify things that are working really well for us and choose to double down on those things.
- We can also identify things that aren’t working that well for us and choose to pivot and to spend our time differently.
- Answering just a few simple questions can go a LONG way.
- What happened in your business over the past month?
- Where did you spend a majority of your time?
- What ROI do you have to show for it?
- What were some of your biggest wins?
- What were some decisions you made that you’re now rethinking?
- Are there pivots you can make moving forward to improve the operations of your business – and maybe your own productivity? If yes, what are they?
[32:43] – Thank you to our Sponsors!
- HubSpot: HubSpot’s all-in-one CRM helps you automate tedious tasks, keep track of all your deals in one place, and make sure your whole team has access to the same data. Get started for free at HubSpot.com!
- Thrivetime Show: Is this your year? Visit ThrivetimeShow.com/eofire to see how Clay Clark’s business coaching has helped thousands of entrepreneurs to dramatically increase profitability!
Transcript
0 (2s):
Boom. Shake the room. Fire Nation, JLD here and welcome to the March, 2023 Income at a Glance. We had a heck of a month. We've got a great tax tip coming your way from Ron of CPA on fire. We've got a great legal tip coming your way. We're gonna be talking about our trip to Japan, Kate and my first time ever and that's amazing country and wow that we have fun and a lot of other cool things. As soon as we get back from thinking, our sponsors Outbound Squad hosted by Jason Bay is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. Tune in for convos with leading sales experts and top performing reps to help you land more meetings with your ideal clients.
0 (45s):
One of my faves, The Monthly app with Jason Ethan, where they share hacks, tips and tricks. Listen to Outbound Squad wherever you get your podcasts. Is this your year? Visit thrivetimeshow.com to see testimonials of how Clay Clark's Business Coaching has helped over 2000 entrepreneurs to dramatically increase profitability. It's month to month and less money than an average minimum wage employee. Schedule your free consultation today at thrivetimeshow.com. All right, Fire Nation, we are gonna kick into this like we always do. Our gross income from March was $157,349. $18,000 was our expenses for $139,000 profits.
0 (1m 26s):
An increase of $8,000 over the previous month with a net profit to overall gross revenue percentage of 89%. So close to that magical 90% number. And we have, as I mentioned in the intro, a lot of fun things to talk about. But we're gonna start off with Ron, Mr. CPA on Fire himself, his monthly tax tip, your calendar of tax planning, take it away.
1 (1m 52s):
Hello John and hello Fire Nation. This is Ron Parisi with CPA on Fire for your March, 2023 tax and accounting tip. Hey John. Hey Fire Nation, always a pleasure to be with you. Here we are, it's late April 2023. I thought we'd explore kind of our annual tax planning calendar by this time. Hopefully everybody has had a chance to file their taxes or at least file extensions and I thought it would be a good time to kind of regroup, look at our tax planning and strategy for 2023 and kind of plan a calendar or maybe a playbook for the rest of the year.
1 (2m 34s):
Always be mindful of Fire Nation over time your taxes are gonna be your largest expense, so it's, it's a wise to put them as a priority as you're doing your business planning and you're going about the year. So let's just talk about sort of different points from here to the end of the year on how to sort of plan for your right tax saving strategy. So the first thing I believe is you should meet with your tax professional May June timeframe. You should review your past tax returns, both business and personal. You should evaluate your effective rate and your marginal rate.
1 (3m 17s):
Basically your effective is how much taxes is a percentage you paid and then your marginal rate is the next dollar you earn, what your rate, your tax rate would've been. And during this meeting you, you evaluate, you look for areas of improvement and also you kind of, you know, look forward. You look at where your business is going, what you think you guys are gonna be doing budget wise, forecasting what the business environment looks like for the rest of the year. And I think it's, it's good to kind of explore all those areas and then allow your tax professional to sort of re regroup, do their research and you have a second meeting and that's really where you set your 2023 and beyond tax strategy.
1 (4m 7s):
It's, I would like to see a written plan, something that's ready to be executed and you kind of, you know, dive deep with your tax preparer or tax professional looking for both what I ta what I term like easy, maybe some deductions that we missed or some opportunities we missed. And sort of those deeper opportunities, right? Those are where you actually have to change your behavior. You have to change your cash spend. You know, something along the lines of like retirement entity changes, you know, we covered on this call, on these calls r and d credits or Augusta rule, right?
1 (4m 51s):
So you kind of look at both the easy stuff and then the deeper stuff. And then two, I always believe in your strategy. We're all entrepreneurs, we're all looking to grow. So it should go beyond one year. At CPM fire we like five years, we always do kind of a five year tax plan because our clients are growing, right? With growth there's more opportunity to do more planning. Obviously as you make more money, rates potentially could go up. So it's always good to look at your strategy just not every year, but have a have a plan over over three, five years. So then once your plan is set, it's ready to be executed, I suggest you do quarterly meetings with your tax professional.
1 (5m 35s):
You sort of review your plan, making sure it's executed, it's being executed and then also, you know, look for changes, both changes in your environment, in the business environment, in the business itself. And then obviously look for any tax changes. I think the secure act of 2022 had some pretty significant changes, particularly in the retirement area that gets short shr, you know, among tax professionals and just in I guess the entrepreneurial community. But again, you know, as these tax changes come about, you know it's gonna change your strategy, it's gonna open up opportunities. So it's always good every quarter to sort of look at your plan, making sure it's executed, looking at any changes in our business environments and continue to do that every quarter.
1 (6m 26s):
But lastly, most importantly is you should always have a call or a meeting with your tax professional in December. It's really is almost the last chance to do anything from a tax planning perspective, right? Whether we're paying bonuses, whether we're buying assets, things like that. But it's very important they should at least have a conversation in December, kind of have some numbers, your financials maybe through November 30th where you guys think you're gonna end up. And this allows your tax professional to really kind of make sure you guys are taking advantage of every opportunity and then to execute by that 1231 December 31st deadline.
1 (7m 11s):
So there you have it. Fire Nation just wanted to kind of give you an annual tax planning playbook for the rest of 2023. I'm Ron Parisi with CPA on Fire. Always a pleasure being with you and until next time, we'll talk to you soon. Thank you
0 (7m 28s):
Ron. Thank you as always. In Fire Nation CPA on fire.com, ron@cpaonfire.com. They will serve you well. Now is on David Lizard's monthly legal tip, what to consider when you're selling a business. David, take it away.
2 (7m 47s):
What's up Fire Nation? David Lizard bra here and I'm excited to be back with another legal tip for you. I've been practicing law for 21 years and I have loads of free content over@lizardbramlaw.com. My website, this month's legal tip is all about selling a business. In the past I've talked about what to consider when you're buying a business, but of course there's two sides to every transaction. Let's take a look at the process of selling a business. Now this conversation won't cover the financial or tax aspects of selling a business. There are a lot of good resources out there to assist with those issues. My number one piece of advice here is to hire a good cpa. You might hear one on this very podcast instead we're gonna look at some of the legal points on the checklist.
2 (8m 32s):
So as with buying a business, the first question to ask is whether you're selling the assets and potentially the liabilities of the business. Or instead, if you're selling the business entity itself, your business may have physical assets. So that could be everything from vehicles and equipment to paperclips as well as intangible assets such as accounts receivable, brand names, trademarks, patents, leases, computer programs, customer lists, contracts, domain names, phone numbers, trade secrets, all these things may be assets of your business. There's also liabilities to consider such as accounts payable, warranty obligations, employment liabilities, potential lawsuits, that kind of thing. And your business also probably exists as some sort of entity, like an LLC or a corporation, maybe a partnership which holds both the assets and the liabilities.
2 (9m 21s):
So getting to the question, are you selling the LLC or corporation with all the assets and liabilities included, or are you selling some or all of the assets and liabilities themselves? And the buyer will have their own LLC or corporation or partnership or whatever is gonna hold it or there could be some kind of blend of those. All these things need to be figured out. Now, very often I find that in the case of a business purchase, the seller and the buyer are not immediately or upfront on the same page about exactly what's being bought and sold. So it's advisable to be very clear at the outset about this point, what is for sale? What are you actually selling, what do you want to transfer and what do you want to keep for yourself?
2 (10m 1s):
So when selling a business, some other important factors to consider are, let's see, market value. You gotta determine the fair market value of the business. Taking into account factors like revenue, expenses, assets, liabilities, industry trends, all these things go into the value, legal and financial due diligence. You should conduct a thorough review of your business', legal and financial records to ensure that everything's in order and to identify any potential liabilities that you may need to disclose. Your attorney of course can help with the legal side tax implications. You gotta consider the tax implications of selling the business, including capital gains tax, income tax, other relevant taxes. This should be discussed in detail with your cpa, the transfer of ownership, how that's gonna take place.
2 (10m 46s):
You need a plan for the transfer of ownership, including the transfer of assets and liabilities if you have employees, how they're gonna be transferred to this new owner of the new business. There needs to be a plan worked out ahead of time so everything goes smoothly. And finally, business brokers and escrow agents, a business broker and or an escrow agent can be valuable assets in the process of selling your company. However, in most cases, neither of those parties is strictly speaking on your side. They're there to make sure the deal gets done without looking out for your specific interests. So it's also always important to make sure you have your own legal representation whenever you're selling a business, large, small, anywhere in between. That's always very important. Now of course, these are just a few of the points to consider when you're selling a business.
2 (11m 28s):
If you have legal questions about the process of selling your company, whether you're just considering it or you're actually in the process, feel free to be in touch with me. I'm david@lizerbramlaw.com. If you just Google David Lizer bra, you even get close to spelling my name, right? You're gonna find me. Always happy to talk with members of Fire Nation. Thanks a lot and I'll talk to you next time.
0 (11m 47s):
David, as always, thank you for that value bomb worth of content and Fire Nation. As always, reach out to David for all of your entrepreneurial and business legal needs. And we have a lot of cool things to talk about. Our interview of the month, our trip to Japan, a detailed breakdown of our revenue when we get back from thanking our sponsors. Tech is great, it can help us grow and scale our businesses in so many ways, but it can also be clunky, time consuming to manage and expensive. That's why I'm excited to introduce you to HubSpot CRM, the best platform to speed up your sales and scale your business without blowing your budget. HubSpot's all in one CRM helps you automate tedious tasks, keep track of all your deals in one place and make sure your whole team has access to the same data.
0 (12m 34s):
No need to worry about the management and cost of a massive tech stack. HubSpot gives you everything you need all in one place. Plus, with fast activation, HubSpot makes it easy for the entire team to get up to speed, saving you precious time. And best of all you can try before you buy. No commitment, no hidden fees, not even a credit card is needed to sign up. Get started for free at hubspot.com. That's hubspot.com. Are you ready to grow your business? Now what? If you could learn the proven systems and processes that have been used to grow thousands of multimillion dollar success stories at thrivetimeshow.com seat testimonials of how Clay Clark's proven business coaching has helped over 2000 clients to increase profitability dramatically.
0 (13m 16s):
Clay's proven business coaching program is month to month and less money than hiring a minimum wage employee. Sound too good to be true? Go to thrivetimeshow.com to see over 2000 documented success stories. Because Clay only takes on 160 clients, he personally designs your business plan for you. Then Clay's team of talented designers, videographers, web developers, workflow mappers and accounting coaches will help you implement that proven plan. See over 2000 verify success stories and schedule your free one-on-one 13-point assessment with Mr. Clay Clarke himself today at thrivetimeshow.com. Knowledge will not attract money unless it is organized and directed through practical plans of action.
0 (13m 56s):
Become the next success story. Schedule your free 13-point assessment today at thrivetimeshow.com. Alright, Fire Nation, we are back and we're gonna start with our interview of the month seven Figure sales from Simple YouTube videos with none other than Owen Video. How's that for branding in Fire Nation? This is one thing by the way that I have really been focusing on. I see the power of YouTube, I've seen it for a while and we are definitely making moves to make a bigger splash and impact on this platform and I hope you are too. The three value bombs from this episode was all about having a vision for the future and being willing to refine it consistently to get where you want to go.
0 (14m 36s):
This is Essential Fire Nation. Also a revenue strategy is a pathway to six figures on YouTube within your first year and he talks about that revenue strategy. And then number three, focus on your goal, help your viewers experience transformation and your best content will appear every time you press record. Focus on that transformation. And Owen has the video marketing school where you can get the exact system for producing YouTube content to scale brand visibility, authority and revenue. Check that out at our show notes page. And now we're gonna bring Kate Lynn Erickson on the mic cuz we're gonna talk about our trip to Japan.
3 (15m 18s):
What's up? Fire Nation excited to dive into our trip to Japan and share with you this incredible adventure that honestly like not that long ago I never imagined would happen because Japan has never been on my radar. I've always been so blown away and so impressed by Europe and John. We've gone to Europe, I don't know at least a handful of times now, if not more, and spend significant time there. And what I love about going to Europe is you're there and you can easily hop around to so many places that are so close and Japan just feels so far out there and it is so far out there.
3 (15m 59s):
But you might be wondering how on earth we ended up in Japan. Since I'm going on and on about how Japan has never been on my radar, was it ever on yours, John?
0 (16m 7s):
I knew I always wanted to get to Japan, just didn't really have a plan to do it.
3 (16m 12s):
Yeah, so funny how the world works. So this trip actually came about because of a mastermind that I'm a part of with two other entrepreneurial women. Nicole Bald from the $100 b, a podcast and webinar Ninja Software and Cassandra Satie, she's the founder of Next Level Wardrobe and the three of us have been in a mastermind together for three years now. We meet online every month for an hour and a half. We chat business, we support one another. Sometimes it's catching up and laughing, sometimes it's having really hard conversations about hiring and firing people and sometimes we're celebrating our wins together. We kind of mix it up. It's really fun mastermind. So we've grown such a special relationship over those three years and we've been trying to plan a girls trip since 2020.
3 (16m 58s):
So the fact that we actually made this trip happen and in Japan no less was so exciting for all of us. When we finally found the date range that would work, it just so happened that Nicole and her partner Omar were going to be in Japan already. So I chatted with John Cass was all in and so we decided to make it happen. So after 29 hours of travel, total travel time, that includes the layovers and everything, we made it to our first stop where myself and John met up with Omar, Nicole for five days together in Osaka and we landed in Osaka super late. Nicole and Omar were so sweet to stay up and wait for us and gosh, it's been at least five years since we've seen Omar and Nicole.
3 (17m 45s):
They came down to Puerto Rico and visited us after we moved here, but that's the last time we saw saw them. And so it was really cool to meet up with them, to see them in person even though we chat online a lot and exploring Osaka was really cool. What made this trip extra special as well is that Nicole used to live in Japan, so she kind of had like that insider, like these are the places to go. It's almost like gives you a little bit of a head start when you're traveling with someone who either knows the place really well or has lived there before. So man, I break down in such great detail. Every single thing that we did in Osaka day by day, we had a packed schedule we really got to do and see a lot of stuff.
3 (18m 30s):
John, maybe you could share like one or two of your favorite spots in Osaka.
0 (18m 36s):
I really loved that main strip. I think it's like Donna Tar Bay or something along those lines. And it's just so much action. So many things were happening during it, or I should say on that street and just mostly during the nighttime. I mean we'd go, we'd walk and there's just a lot of activity, you know, a lot of, a lot of motion, just a lot of people. And you know, I don't always love being in crowded areas. I don't dislike it per se, but I don't like seek it out. But you know when in Japan I wanted to experience that and that that street really gave us I think a great opportunity for that. And honestly just besides that, like I just really enjoyed kind of walking the, the different streets and alleyways, going to some really cool areas and experiencing the subway, which was incredibly impressive in Osaka.
0 (19m 22s):
I mean Osaka is the second biggest city in all of Japan. So Tokyo, subway every, everybody loves rightfully so, but Osaka is just as impressive in a lot of ways for what it does too. So we were able to get around so seamlessly and with ease and efficiently and everything was just super clean and super fun. So couple things that I loved.
3 (19m 42s):
Yeah, I really enjoyed that Dohan Bori Street as well. We had a really cool dinner there our first, our first full day and night in Osaka. Remember when we went up to kind of like that second story and then they like grilled those things on the thing like right at our table. I don't re, I don't remember whether you called those, but they were really yummy. I also really loved Nara Park. We took the train out to Nara one day and we got to explore this beautiful park area. They had bowing deers that you could feed crackers and they would bow to you. I know that that's like the most touristy thing ever, but I thought it was so cool.
3 (20m 25s):
I really enjoyed that. And that's the same day that we saw the to Todi, Todi G Temple. We're probably butchering all of these names, but John you'll remember that's where that huge bronze Buddha statue was.
0 (20m 41s):
Oh yeah, that was special. And we're doing our best with the names. That's all we can do.
3 (20m 44s):
Yeah, we have so many what I mean, maybe I'm biased, but we have some really amazing pictures over on the post that accompanies this episode. We also included a couple of videos, like I have a video of John and the bowing deer at Nara Park. We've got pictures of, you know, you can see how massive this bronze Buddha was John standing in front of it and it's just like towering behind him. Also, another amazing experience we had in Osaka is when we went to Hattori re ra Raucci Park, that was where all the old Japanese farmhouses were.
3 (21m 24s):
And we just so happened to like walk up on this actual tea ceremony opportunity where we got to go into this cottage. I, I mean it was a farmhouse, right? But it was a little tea room and these delightful women like helped us make our own matcha tea from scratch. It was like, it was a really cool experience and something that we did not expect. So that really stands out to me about Osaka as
0 (21m 54s):
Well. Great memories.
3 (21m 55s):
All right, so we spent the time in Osaka when Nicole and Omar had a grand time. And then on day six we end up splitting. So John and Omar went to hit the slopes up north. So they spent three days in Nasco, three days in Ferrano. And while they were doing that, Nicole and I made our way to Tokyo via the Shink, the bullet train to meet up with Cass and myself. Nicole and Cass spent the next six days just exploring Oko. We went to a couple of shrines, visited so many parks, we had this really amazing art exhibit experience at this place called Team Lab in Tokyo.
3 (22m 39s):
If you ever visit Tokyo, I so highly recommend going to team lab. It was an interactive art exhibit where they had different rooms set up and every room that you went into you were interacting with art in a different way through different senses, whether it be like touch or smell or sight. You were walking through water for parts of it. Like really, really impressive and cool experience. And again, I have some great pictures of all of this over on the posted accompanies this episode because Cass is a personal stylist. We also set up an Airbnb experience with a personal stylist from Tokyo and he took us around to a lot of different shops and that was a really cool experience.
3 (23m 25s):
And John, why don't you share about your time up north skiing?
0 (23m 30s):
Hokkaido is an island north of the main island of Japan. And it's a different world. It is a different world. It is very not populous and it's very rural. And myself and Omar, he is a border, I'm a skier. We spent seven or eight days just traipsing around all of Hokkaido. We went to three different resorts. We drove hundreds of miles a lot of times through Blizzard, snow conditions to get to these resorts. And just had fantastic experiences at each resort getting really cool accommodation experiences, mountain experiences. The snow was fantastic, it snowed a lot so the food was great.
0 (24m 13s):
Hokkaido is actually the birthplace of ramen, so we had a lot of ramen. The the resorts were very cool. Like I mentioned, the snow was incredible. The skiing was a lot of fun. We got to meet up with a couple cool friends who were more or less locals cuz they had been on these mountains quite a bit. So they were able to show us some really cool runs. And overall we just had a blast the entire time. It was very different from the main Islands. It was kind of like a Siberia esque wilderness of just snow and skiing. But a lot of fun. We had nothing but good times. I did a lot of Onsens, which is Japanese, the Japanese version of like a spa where there's coal plunges, obviously hot plunges and hot tubs.
0 (24m 56s):
And when I say tubs I mean an actual tub and a lot of great things that go along with that. So we enjoyed all of Hokkaido had a great time before we met the ladies back in Tokyo.
3 (25m 8s):
And you guys visited like this Stonehenge of Japan. Is that technically what it was called or what was that place that you guys saw?
0 (25m 16s):
It was a version of the Stonehenge up in Hokkaido. It looked very similar and had a lot of similar meaning to it as well. And it was definitely a cool experience. It would've been a lot more enjoyable how we've been able to get to it and access it, which can happen when the snow is melted. But unfortunately with the snow where it was, we had to just admire it from afar.
3 (25m 38s):
Mm. It looked really, really cool from the pictures. So as you mentioned, then we all met up in Tokyo again and we had this fantastic night out. Cass's husband Ramit came in and we met up with two different Andys. Both Andys are currently living in Japan and have for several years now. So they're kind of like our quote unquote local guides. They're, neither of them are from Japan, but they have wealth of knowledge about great restaurants and places to see and things to do. So it was really cool to meet up with them. We did a prefix dinner that was absolutely fantastic. I believe it was a Mediterranean restaurant, but they kind of had a full array, what was it like a seven or eight course dinner, John?
0 (26m 23s):
Yeah, it was pretty intense.
3 (26m 24s):
Oh, it was so yummy. And it was just really cool to bring all of us back together after you and I had spent that time with Nicole and Omar and then you and Omar spent time together. Me, Nicole, and Kass spent time together and then we got to bring Ramit and the Andys into the fold and we just had such a blast at that dinner. And then we had a cool walk around town the next day together, a brunch. And then there were two, John, you and I spent our last few days in Tokyo together and we hit a ton of awesome parks. We did a really cool walking tour that you found for Nihombashi, which I really enjoyed walking around that area.
3 (27m 8s):
I thought that was a really fun walking tour that you found. Was that from what, what website was that? From
0 (27m 15s):
G p s? My city.
3 (27m 16s):
Oh yeah. G p s my city. We got to do the Shinjuku Gardens, which were amazing and and by that time I was so maxed out on going out to eat and like I'd had so much sushi and ramen at that point that I think both of us were so excited to Uber Eats Indian food, had some of the best Indian food. It was so, so yummy. And then that was it all. All in all our time in Japan was so incredible. It's a place that has never been on my radar again, but now I think it is a definite must visit.
3 (27m 57s):
I just really enjoyed the culture. The people were incredible, the cleanliness, the subway, the shops, the presentation of everything, the food. I mean I really did not have not one negative experience in Japan the entire time. Everything was just such a joy and really fun to experience.
0 (28m 20s):
And Fire Nation. You're doing yourselves a grave injustice if you don't head over to eofire.com/income 15 because the photos that Kate has posted on this post are absolutely incredible. Moving on to our income break breakdown, our product service income was $131,471. Total journal sold was 67. We did a total of 32 Freedom journals and 24 mastery journals. And sorry, our podcast journal physical copies are sold out forever. So congratulations to those who have that limited edition podcast journal.
0 (29m 2s):
We did sell seven digital packs, paradise brought in $9,000 podcast sponsors brought in $119,000. Our affiliate income was 25,878, mostly thanks to the Clay Clark event that we promoted. And then I was a main speaker of and attendee of where we brought in over $20,000 in revenue from that. Our total gross income was brought up to one 57,349. With that, with our total expenses at $18,030 for our net profits in March for a hundred and thirty one, a hundred and thirty $9,319.
0 (29m 43s):
And Kate's gonna talk about the power of reflection in recaps and the biggest lesson learned.
3 (29m 49s):
I know that this isn't the first time that I've brought this up, but I'm a big believer in sometimes it just needs to be the right time for you to hear something. So I will continue talking about the power of reflection and recaps. Cause I'm such a huge fan. I just feel like there's so much to be learned when we look back at where we've been and how our actions have positively or in some cases negatively impacted where we are now because I believe there's so much growth in that space. And oftentimes we don't give ourselves that space. When we do give ourselves that space, we can identify things that are working really well for us and we can choose to double down on those things. We can also identify things that aren't working that well for us and we can choose to pivot or to spend our time differently.
3 (30m 35s):
And I thought about reflection and recaps mostly because of this post that was really looking back at our time in Japan, thinking about how incredible the trip was. We've shared a ton about that in this income report. We've definitely been excited to share our travels with you, just like we're always excited to share what's been going on at the EO Fire studios each month in these income report. But we've also been doubly transparent and let you know that's not the only reason why we publish these income reports. There is another reason, and that is to hold ourselves accountable to reflecting and recapping where we've been and where we are now. It also serves as an incredible timeline.
3 (31m 16s):
Imagine being able to look back at your business growth, your personal growth, your leadership growth, all the missteps and the lessons learned along your journey. That is so invaluable. And if you take the time to do this every month, you'll have that. I have referred back to income reports from seven, eight years ago to try and remember when something happened or a milestone in our business. And that's been really cool to be able to do that so quickly and easily. So again, this isn't the first time we've encouraged this, and you certainly don't have to publish a monthly income report for your business, but that doesn't mean that you can't still follow a simple format internally.
3 (31m 57s):
You could do this just for yourself. You could do it for your team, you could do it for your business. And answering just a few simple questions can go a really long way. Like what happened in your business over the past month? Where did you spend a majority of your time? What ROI do you have to show for it? What were some of your biggest wins? What were some decisions you made that you're now rethinking? And are there any pivots you can make moving forward to improve the operations of your business, maybe your own productivity. And if yes, what are they? Accountability is so huge. And if you start using reflection and recapping each month to your advantage, I can guarantee you, you will thank us later.
0 (32m 39s):
And until next time, Fire Nation, keep your fire Burning. Outbound Squad hosted by Jason Bay is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. Tune in for convos with leading sales experts and top performing reps to help you land more meetings with your ideal clients. One of my faves, the monthly app with Jason Ethan, where they share hacks, tips and tricks. Listen to Outbound Squad wherever you get your podcasts. Is this your year? Visit thrivetimeshow.com to see testimonials of how Clay Clark's business Coaching has helped over 2000 entrepreneurs to dramatically increased profitability. It's month to month and less money than an average minimum wage employee.
0 (33m 21s):
Schedule your free consultation today at thrivetimeshow.com.
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!