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/income131, 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) Now is the best time to leave rearview accounting behind and start shaping a more successful future for your business.
2) It’s always best to have a written Partnership Agreement, and it’s recommended that you work with a business lawyer who can help draw up the document.
3) The importance of having a schedule can help you be so much more flexible.
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[01:41] – Income review
- Gross Income for July: $170,866
- Total Expenses for July: $12,502
- Total Net Profit for July: $158,364
- Difference b/t July & June: +$46,443
- % of net profit to overall gross revenue: 93%
[02:53] – Ron’s July Tax Tip: Traditional Rearview Financial Reporting v. Proactive Forward-Facing Financial Insights
- What is Rearview Accounting?
- This outdated method leaves you with little room to act in real-time.
- The beauty of Forward-Facing Financials
- This approach keeps you focused on where you want to be—whether it’s a year from now, three months down the road, or even further into the future.
- Now is the best time to leave rearview accounting behind and start shaping a more successful future for your business.
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs
[08:36] – David Lizerbram’s July Legal Tip: Business Partnership Basics
- Types of business partnerships
- General Partnerships
- The partners all participate in the running of the business and assume liability for the company’s debts and obligations. So if the company is sued, all partners may be legally liable.
- Limited Partnerships
- One or more of the partners are actively involved in the business and have liability for the company’s debts.
- The other partners are sometimes called “Silent Partners.” They have an investment in the business, but in exchange for limited liability, they have less say over the day-to-day running of a business.
- General Partnerships
- Having a written partnership agreement
- It’s always best to have a written Partnership Agreement, and it’s recommended that you work with a business lawyer who can help draw up the document.
- Don’t afraid to talk to your business partner about the tough stuff.
- David Lizerbram – If you want to discuss the legal ins and outs, feel free to contact David!
[15:37] – What Went Down In July: Interview of the Month w/ Mike & Izabela Russell
- 3 Value Bombs
- Everything starts with passion in every industry.
- Attention to detail is incredibly important.
- If you do a lot of little things, you can never do anything big.
- Music Radio Creative Website – The Largest Professional Voice Over Agency In The World.
[17:10] – Headed to Maine!
- JLD, Kate, and Bo embarked on their first trip as a family of 3!
- They’ll be in Maine for six weeks, followed by four weeks in San Diego.
- Checkout photos here
[22:10] – July 2024 Income Breakdown*
- Gross Income for July: $170,866
- Total Expenses for July: $12,502
- Total Net Profit for July: $158,364
- Difference b/t July & June: +$46,443
- % of net profit to overall gross revenue: 93%
[23:30]– Biggest Lesson Learned: Schedules Equal Flexibility
- One lesson that stood out for Kate this month is the importance of having a schedule – and how this has helped her be so much more flexible.
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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