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/income116, and IGNITE!
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Guest Resources
CPAOnFire.com – Accounting, Tax & CFO Services for entrepreneurs.
How to prepare for your next trip (whether it’s 3 days or 90!) – 4 Part Series
The Mastery Journal – Master Productivity, Discipline & Focus in 100 days.
3 Value Bombs
1) Venture Capital firms are checking in on how well you’re able to predict your own businesses.
2) At the end of the day, you have to come back to what your goals are and how you’re spending your time.
3) The best part is, preparation isn’t that hard. You just need a plan to follow, and the focus and discipline to execute that plan.
Sponsors
HubSpot: HubSpot CRM’s powerful tools will help marketers WOW prospects, sales teams lock in deals, and service teams improve response times and overall service. Get started for free at HubSpot.com!
FranBridge: Many EOFire listeners have launched franchises in a variety of industries outside of food – and FranBridge Consulting has guided them to these premier opportunities! Sign up for a free consultation with Jon – or get a free copy of his book, “Non-Food Franchising” – at FranBridgeConsulting.com!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[01:35] – Income review
- Gross Income for April: $181,607
- Total Expenses for April: $15,914
- Total Net Profit for April: $165,693
- Difference b/t April & March: +$26,374
- % of net profit to overall gross revenue: 91%
[02:26] – Ron’s April Tax Tip: Venture Capital (VC): What you need to know
- Two main topic areas
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- Why you should be familiar with VC, and why VC may be interested in your company; and
- The VC process, and how to prepare yourself for a possible exit.
[3:35] – Why Be Aware of VC Firms? Why Are They Interested in You?
- Most recent VC deals we’ve seen are on a consolidated/aggregated basis.
- They excel in increasing profit margins and generating cash flow.
- This is something important to remember, especially if planning a potential exit: VC is a valid option to maximize your company’s value.
[5:40] – The VC Process and How to Prepare
- There’s a due diligence stage where the VC firms dig deep – especially when they see any variations within the organization.
- VC firms are checking in on how well you’re able to predict your own businesses.
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs
[9:20] – What Went Down In April: Interview of the Month w/ Taylor Conroy!
- How to Do a TEDx Talk in the Next 90 Days (even if you aren’t a speaker) with Taylor Conroy
- 3 Value Bombs
- You have a message inside you. Don’t let it just stay inside until the day you die. It’s meant to come out to the world and impact the people that it is meant to reach.
- Your higher perceived value correlates to how much you get paid to speak. So, if you want to do free gigs, don’t do a TEDx talk. If you want to get paid gigs, do a TEDx talk.
- In reality, the one thing that matters, and the one thing that will contribute more to a paid speaking career than anything else, is having one authority-building, credibility-building talk that you can send to the right people who have a budget to pay you to speak.
- Thought-Leader.com: You’re One Step Away From Becoming A Speaker On The World’s Biggest Stage. Book a free call today!
[12:26] – Preparing for a month away
- Come May 1 we will be off on our next epic adventure: a 23-day river cruise across Europe on the Danube and Rhine!
- We batched A LOT of work ahead of time!
- Prepping for our 90-day European adventure (from 2018)
- How to prepare for your next trip (whether it’s 3 days or 90!) – 4 Part Series
- We know traveling – even when it’s meant to be a relaxing vacation – doesn’t always provide a smooth transition back into your daily life and work routines. So whenever we travel, we’re not only batching for our time away, but also for a block after we return.
[18:47] – Saying Goodbye to our Freedom, Mastery, and Podcast Journal Facebook Group
- Running an engaged Facebook Group is not easy.
- Since we launched The Freedom Journal in 2016 we’ve been dedicated to running a Facebook Group, which grew to over 10,000 members.
[20:56] – Last month Kate had a bit of an ah-ha moment about the group
- Kate realized that despite her 100 Day Goal Challenge (where she published an episode and posted in the group every single day for 100 days), plus her consistent twice per week (and sometimes more) posts to try and get the community to engage (even after the 100 days had finished), 99.5% of group members still weren’t active.
- John and Kate had a quick chat, and made the easy decision to sunset the group.
- At the end of the day, you have to come back to what your goals are and how you’re spending your time.
[23:09] – Thanks to our sponsors!
- HubSpot: HubSpot CRM’s powerful tools will help marketers WOW prospects, sales teams lock in deals, and service teams improve response times and overall service. Get started for free at HubSpot.com!
- FranBridge: Many EOFire listeners have launched franchises in a variety of industries outside of food – and FranBridge Consulting has guided them to these premier opportunities! Sign up for a free consultation with Jon – or get a free copy of his book, “Non-Food Franchising” – at FranBridgeConsulting.com!
[25:13] – April 2023 Income Breakdown*
- Gross Income for April: $181,607
- Total Expenses for April: $15,914
- Total Net Profit for April: $165,693
- Difference b/t April & March: +$26,374
- % of net profit to overall gross revenue: 91%
[26:17] – Biggest Lesson Learned: Preparation makes all the difference!
- Our preparation has been a success!
- The best part is, preparation isn’t that hard. You just need a plan to follow, and the focus and discipline to execute that plan.
- Preparation can work magic in every area of your life.
- If you need a little helping hand, The Mastery Journal is an awesome companion for helping you prepare for any project or life event.
[32:43] – Thank you to our Sponsors!
- HubSpot: HubSpot CRM’s powerful tools will help marketers WOW prospects, sales teams lock in deals, and service teams improve response times and overall service. Get started for free at HubSpot.com!
- FranBridge: Many EOFire listeners have launched franchises in a variety of industries outside of food – and FranBridge Consulting has guided them to these premier opportunities! Sign up for a free consultation with Jon – or get a free copy of his book, “Non-Food Franchising” – at FranBridgeConsulting.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!
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