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/income117, 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) Having documentation that supports the proportionate size of your business space is important for accurate calculation and your peace of mind.

2) By choosing a distinctive and unique brand name, conducting preliminary research, and consulting with a trademark attorney, you can ensure that your trademark is strong and defensible.

3) Sometimes you have to experience it in order to understand it. Fail in order to figure out the best next step. Take action – even if you’re not sure whether what you’re doing is the right thing – because you know that’s the best way to learn.

Sponsors

HubSpot: Join us in Boston from September 5 – 8, 2023 for an event like no other! INBOUND brings together leaders across the business space including sales, marketing, customer success, and operations teams. Visit Inbound.com to get your ticket today!

NetSuite: Take advantage of their special financing offer today! Defer payments of a full NetSuite implementation for six months – no interest, no payments. Visit NetSuite.com/fire to get the visibility and control you need to weather any storm!

Show Notes

**Click the time stamp to jump directly to that point in the episode.

[01:56] – Income review 

• Gross Income for May: $173,293
• Total Expenses for May: $19,065
• Total Net Profit for May: $154,228
• Difference b/t May & April: -$11,465
• % of net profit to overall gross revenue: 89%

[02:37] – Ron’s May Tax Tip: The “Home Office” tax deduction for business owners

• “Home Office” Buzzword Definitions
  1. “Exclusively”,
  2. “Regularly”, and
  3. “Principal Place of Business”

[07:37] – What are Typical Types of “Home Office” Expenses and How Much is Deductible?

• Common Types of Qualifying Expenses
  • Rent
  • Mortgage Interest
  • Property Taxes
  • Homeowners’ Insurance
  • Utilities
  • Repairs & maintenance
  • Snow Removal
  • Lawn care
• How Much is Deductible?
  • Having documentation that supports the proportionate size of your business space is important for accurate calculation and your peace of mind.
• CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs

[10:11] – David Lizerbram’s Monthly Legal Tip – How to Avoid a Descriptive or Generic Trademark

• The Perks of a Powerful Trademark
• Trademarks and the Branding Battlefield
  • A strong trademark can be a valuable asset, as it helps customers recognize and trust your brand.
  • Not all trademarks are created equal. Some are weak and vulnerable to challenges, especially those that are merely descriptive or generic.
• The Slippery Slope of “Merely Descriptive”
  • A “merely descriptive” trademark is one that merely describes a characteristic, feature, quality, or function of the goods or services it represents.
• The “Generic Trademark” Dilemma
  • A “generic trademark” refers to a term that the relevant purchasing public understands primarily as a common name for the goods or services, rather than a brand identifier.
• Steering Clear of Descriptive and Generic Pitfalls
  • To avoid having your USPTO trademark application refused or challenged, you should strive to create a distinctive and unique brand name.
• Conclusion: Navigating the Trademark Terrain
  • By choosing a distinctive and unique brand name, conducting preliminary research, and consulting with a trademark attorney, you can ensure that your trademark is strong and defensible.
• David Lizerbram – If you want to discuss the legal ins and outs, feel free to contact David!

[17:42] – Thanks to our sponsors! 

• HubSpot: Join us in Boston from September 5 – 8, 2023 for an event like no other! INBOUND brings together leaders across the business space including sales, marketing, customer success, and operations teams. Visit Inbound.com to get your ticket today!
• ZipRecruiter: Get your job noticed by the best and brightest candidates – with ZipRecruiter! Go to this exclusive web address to try ZipRecruiter for free: ZipRecruiter.com/fire!
• NetSuite: Take advantage of their special financing offer today! Defer payments of a full NetSuite implementation for six months – no interest, no payments. Visit NetSuite.com/fire to get the visibility and control you need to weather any storm!

[20:30] – What Went Down In May: Interview of the Month w/ Stephen Cabral!

• 7 Figure Sales from Simple YouTube Videos with Owen Video
• 3 Value Bombs
  1. No matter what health issue you are dealing with, someone just like you has overcome that.
  2. Inflammation is one of the body’s defense mechanisms. It turns on because it sees something foreign in the body, like a bacteria or virus.
  3. Optimizing inflammation: you have to discover the true underlying root causes that are creating the symptoms that you feel.
• The Rain Barrel Effect – Get Stephen Cabral’s book on Amazon – it’s a game-changer!
• Gift for Fire Nation – Get a free inflammation lab test!

[22:20] – Exciting news: We’re expecting!

• On March 5 of this year – days after returning from our trip to Japan – Kate and I found out we’re expecting!
• Watch our gender reveal video.

[26:01] – Our 23-day River Cruise!

• The May 2023 sail date with Viking Cruises.
• Check out the highlights from our 23 days cruise here.

[34:40] – May 2023 Income Breakdown*

• Gross Income for May: $173,293
• Total Expenses for May: $19,065
• Total Net Profit for May: $154,228
• Difference b/t May & April: -$11,465
• % of net profit to overall gross revenue: 89%

[35:43] – Biggest Lesson Learned: Being OK with Not Knowing

• Sometimes you have to experience it in order to understand it. Fail in order to figure out the best next step. Take action – even if you’re not sure whether what you’re doing is the right thing – because you know that’s the best way to learn.

[38:58] – Thank you to our Sponsors!

• HubSpot: Join us in Boston from September 5 – 8, 2023 for an event like no other! INBOUND brings together leaders across the business space including sales, marketing, customer success, and operations teams. Visit Inbound.com to get your ticket today!
• NetSuite: Take advantage of their special financing offer today! Defer payments of a full NetSuite implementation for six months – no interest, no payments. Visit NetSuite.com/fire to get the visibility and control you need to weather any storm!

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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