March 2024 Income At-A-Glance
Gross Income for March: $162,345
Total Expenses for March: $17,013
Total Net Profit for March: $145,332
Difference b/t March & February: +$23,757
% of net profit to overall gross revenue: 90%
Why We Publish An Income Report
This monthly income report is created for you, Fire Nation!
By documenting the struggles we encounter and the successes we celebrate as entrepreneurs every single month, we’re able to provide you with support – and a single resource – where we share what’s working, what’s not, and what’s possible.
There’s a lot of hard work that goes into learning and growing as an entrepreneur, especially when you’re just starting out. The most important part of the equation is that you’re able to pass on what you learn to others through teaching, which is what we aim to do here.
Check out all of our monthly income reports – from the very beginning!
Let’s IGNITE!
**We’ll receive a commission on the affiliate links below. If you click on my affiliate link and sign up for the products and services I trust and recommend, then I will earn a commission.
Ron Parisi’s Monthly Tax Tip
Hello, Fire Nation! Ron Parisi from CPA On Fire here with our March 2024 Tax and Accounting tip.
At CPA On Fire, we specialize in working with entrepreneurs to minimize their tax liability while keeping them in line with the ever-changing tax laws.
Our firm has been working with JLD & Kate at Entrepreneurs On Fire for years now, and they’ve included me in these monthly income reports with unlimited access to all their accounts so I can verify that what they report here is complete and accurate.
And because they believe in delivering an insane amount of value to you, my job doesn’t stop at the verification level; I also provide a new tax and accounting tip every month!
Ron’s March Tax Tip: Tax Estimates
As we find ourselves in mid-April, I want to dive into a topic that’s often misunderstood but crucial for business owners: tax estimates.
Why Tax Estimates Matter
Tax estimates are the installments you pay throughout the year to the IRS based on your previous year’s tax liability. This proactive approach helps avoid underpayment penalties and spreads out your tax burden.
For instance, if you anticipate making over $150,000 in 2024, you’ll need to pay 110% of your 2023 tax liability by January 15, 2025, in equal quarterly installments (usually).
Calculating and Planning Ahead
To calculate these estimates, consider factors like salary withholdings and projected income.
As an example, if your 2023 tax liability was $50,000, and you plan to have $7,000 withheld from your salary, you’d need to pay the remaining $48,000 in installments throughout the year.
Planning with tax projections and setting aside funds in a dedicated account can help manage cash flow and avoid unnecessary surprises come tax time.
Staying Ahead with Tax Projections
It’s not just about meeting deadlines; it’s strategically planning for your future growth.
As your business expands, your tax liabilities will increase, requiring adjustments in your estimated payments.
Regular tax projections can provide better insights into expected tax obligations, empowering you to make informed financial decisions throughout the year.
By working closely with your tax professional and staying on top of quarterly obligations, you can ensure your business’s financial health and avoid unnecessary penalties.
Hopefully you had a rocking Quarter 1, and I wish you all the best as we start Quarter 2. Keep up the great work, Fire Nation! Stay fired up, folks!
CPA on Fire offers vCFO and fractional financial operation services. We have vast experience working with high-growth entrepreneurs. If you recognize the need to level up your financial operations to improve growth, profitability and free your time, let’s connect! We can show you how we help our amazing clients and what we can possibly do for you and your business.
Check out our website at CPAOnFire.com.
David Lizerbram’s Legal Tip: Should I Register My Logo as a Trademark?
Every once in a while we’ll be pulling some of David’s most relevant and evergreen legal tips from the archive. This legal tip was originally from our March 2019 income report.
In theory, anything that identifies your business as the source of your products or services can be a trademark. But in practice, when we talk about trademarks, we’re usually referring to business names, brand names, slogans, and logos.
Logos can function as trademarks just like any other brand identifier can. In the world of trademark law, we refer to logos as “Design Marks” as opposed to “Word Marks”.
Of course, a logo can be a pure design or it can be a design that includes words, letters, and/or numbers.
In either case, if your logo is an important brand identifier – meaning, if the logo is strongly identified with your company, products, or services, then it’s worth protecting by registering it as a trademark. This is particularly true when it comes to visually distinct logos.
Logos that are just a brand name in a particular font and color may not be as visually distinct, and therefore may not be as important to protect, as long as the brand name itself is registered.
In the U.S., trademarks are registered with the United States Patent and Trademark Office (“USPTO”). Note that the same rules apply to all trademarks, including logos.
The proposed logo trademark must satisfy the USPTO’s requirements and it must be unique in connection with the listed goods and services. Meaning, if someone else is already using the same or a similar logo, it can’t function as your trademark, and you can’t register it with the USPTO.
Logos also differ from Word Marks in that they also implicate copyright law. A logo, just like any other kind of visual image, is protected under copyright law at the moment of creation, pursuant to the U.S. Copyright Act. So if someone knocks off your logo, they may be committing both trademark and copyright infringement. This means you have two potential claims against the infringer.
However, it’s important to be sure that your company actually owns the logo both under copyright and trademark law.
If someone else created your logo – meaning, it wasn’t created directly by you or an employee of your company – it’s important that there’s a signed contract with the designer granting your company full rights in the image. This contract should be created or reviewed by an intellectual property lawyer to ensure that it’s in compliance with the law and that it’s effective in transferring the IP rights.
To summarize, if you have a logo that’s important to your business, here are the steps you should follow:
- Make sure that your company actually owns the logo and, if necessary, that there are contracts in place to prove ownership.
- Make sure that your logo is unique – if the image is being used by someone else, then it can’t function as your trademark or be registered with the USPTO.
- Once you’ve cleared steps 1 and 2, register your logo with the United States Patent and Trademark Office or the trademark office in your country or jurisdiction.
Trademark mistakes are easy to make and the consequences can be vast.
If you have questions about how to best protect your trademarks, please feel free to contact me. I can provide more information about your trademark issues or handle a full trademark registration.
What Went Down In March
Interview of the Month
How to Jump on a Direct Path to Making Millions with Clay Clark & JT Lawson
3 Value Bombs
- You’ll never drift to success. It’s either you live the life you designed, or live the life you don’t by default. You have to have your F6 goals – Faith, Family, Finance, Fitness, Fun, and Friendship.
- To have what other people have, you have to be willing to do what they did to get it.
- Not only surround yourself with people doing what you want to do, but also be humble enough and coachable enough to take what they’re telling you and implement what they are doing.
Attend the highest-rated and most reviewed 2-day, interaction business conference in the world! Meet me, JLD, Clay Clark, and Tim Tebow in person!
This guy emailed us for 100 days straight…
His name is Gregory, and he emailed us for 100 days straight!
Email subject line every. single. day…
Day 1 of 100
Day 2 of 100
Day 3 of 100…
Gregory is an elementary school music teacher in Qatar, originally from Massachusetts.
So why was Gregory emailing us every day for 100 days?
Because he was going through The Mastery Journal, and he wanted to hold himself accountable.
Smart man :)
Accountability will make or break your goals. That’s why masterminds are so powerful.
You’re able to share what you want to accomplish with others – and that’s a big deal. It puts you “on the hook” to doing what you said you’d do.
Did it work?
Well, let’s see…
On day 7 Gregory wrote:
As I write, I grow more confident every day, and here just on Day 7, that this focus will put everything in place for achieving my wide range of ambitious musical and educational dreams.
On day 20 he wrote:
As well as things have been going in the first 20 days of the 100-day challenge, my main reflections is: to really get to a CONSISTENT world-class level, I need to significantly improve my weekly planning routine(s) – so I’ll be focusing upon that this weekend!!
Very exciting to feel so much confidence and “centered-ness” in all my teaching and creative activities over these past 20 days!
Day 74…
I’m particularly grateful for that “call my mom every day” item in The Mastery Journal… Ever since then, I’ve been writing or calling my mom (in MA) almost every day!
Day 91…
It was a hugely successful day of celebration as we concluded the Qatari Heritage Week at school with some choir performances that I led again from the piano. Lots of praise from parents, administrators, and staff.
And on day 100:
It has been a wonderful experience of staying focused for me and has helped me to concentrate on my main goal of bringing world-class quality music to children of all ages.
Saying “no” to so many more things than ever before has kick-started a feeling of control, freedom, and enthusiasm that I intend to manifest daily throughout 2024.
But best of all, I think I have never been “enjoying the journey” towards achieving my outrageously ambitious goals (not mostly lamenting and beating myself up that I haven’t yet achieved them as I usually tended to do).
Ironically (?), my financial net worth reached an all-time high yesterday, so some reflection of my increasing confidence is even starting to be shown in a concrete manner!
So yeah… I’d say it worked!
Gregory is a perfect example of someone who not only took on the challenge of sticking to something for 100 days – he also took the time to reflect and recognize the many powerful lessons along the way.
From picking up the phone and calling his mom on a regular basis, to learning how to say “no” to more things than ever before, Gregory is growing leaps and bounds.
All because he committed to Mastery.
So is this the end of Gregory’s journey?
Not even close.
He’s already ordered 5 more Mastery Journals so he can continue to stay productive, disciplined, and focused on his goals!
Gregory, thank you for your 100 emails!
It has been an honor to be a part of your journey, and we’re so happy The Mastery Journal has had such a profound impact on you and your work.
Fire Nation, let’s join Gregory in crushing 2024!
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March 2024 Income Breakdown*
Product/Service Income: $157,300
TOTAL Journal Sales: $1,816 | Total Journals Sold: 50
The Freedom Journal: Accomplish your #1 goal in 100 days!
- Total: $1,226 (33 Freedom Journals + 1 Digital Packs sold)
The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!
- Total: $510 (10 Mastery Journals + 4 Digital Packs sold)
The Podcast Journal: Idea to Launch in 50 Days!
- Total: $80 (2 Digital Packs sold)
Podcasters’ Paradise: The #1 Podcasting community in the world!
- Recurring: $1,946 (27 recurring)
- New members: $3,691 (3 new members)
- Total: $5,637
Real Revenue: Turn your BIG IDEA into Real Revenue
- Total: $75
Podcast Sponsorships: $149,772
Podcast Launch: Audiobook: $ | eBook: $
Free Courses that contribute to the above revenue:
Your Big Idea: Discover your big idea in under an hour!
Free Podcast Course: Create and launch your own podcast!
Funnel On Fire: Create a funnel that converts!
Affiliate Income: $5,045
*Affiliate links below – if you click on my affiliate link and sign up for the products and services I trust and recommend, then I will earn a commission.
Resources for Entrepreneurs: $4,388
- Audible: $18
- Bluehost: $0
- Click Funnels: $4,365
- CovertKit: $5
- Coaching referrals: $0 (email me for an introduction to a mentor for overall online business or a Podcast focused mentor!)
Resources for Podcasters: $179
- Podcasting Press: $0
- Splasheo: $0
- Fusebox: $0
- Libsyn: $69 (Use promo code FIRE for the rest of this month & next free!)
- Repurpose House: $95
- UDemy Podcasting Course: $15
Other Resources: $478
- Amazon Associates: $56
- Other: $422
Total Gross Income in March: $162,345
Business Expenses: $12,807
- Advertising: $249
- Affiliate Commissions (Paradise): $0
- Cost of goods sold (Journals): $259
- Fulfillment: $0
- Consulting: $1,193
- Design & Branding: $0
- Dues & Subscriptions: $96
- Legal & Professional: $0
- Meals & Entertainment: $255
- Merchant / bank fees: $791
- Amazon fees: $1,385
- PayPal fees: $17
- Office expenses: $50
- Community Refunds: $0
- Promotional: $0
- Travel: $4,082
- Virtual Assistant Fees: $4,430
- Website Fees: $0
Recurring, Subscription-based Expenses: $4,206
- Adobe Creative Cloud: $60
- Accounting: $1,602
- Boomerang: $90 (team package)
- Authorize.net: $26
- Google: $75
- Cell Phone: $162
- CookieYes: $10
- Chat GPT: $20
- Internet: $68
- Analytics: $70
- eVoice: $15
- OnceHub: $162 (annual fee)
- Keap CRM: $232
- Insurance: $669
- Libsyn: $209
- Linktree: $6
- Taxes & Licenses: $505
- Patreon: $40
- Shopify: $36
- Zoom: $79 (one-time fee)
- Xero: $70
Total Expenses in March: $17,013
Payroll to John & Kate: $15,900
In our May 2014 Income Report and our June 2016 Income Report, Josh focuses on how to pay yourself as an entrepreneur. Check them out!
Wondering what we do with all of our net revenue? We share all in our April 2017 Income Report :)
Total Net Profit for March 2024: $145,332
Biggest Lesson Learned
Rinse and Repeat: Repetition is Key
After hearing from Gregory for 100 days straight – and being a big fan and user of The Mastery Journal myself – I thought it appropriate to share a lesson I’ve learned over and over again every month for nearly ten years now: repetition is key.
And I find this especially true in entrepreneurship. While building your business, there are a lot of tasks you’ll do over and over again. Sometimes these tasks aren’t the most fun, but they’re critical to the success of your business.
Take bookkeeping as an example. Unless you’re a real numbers person, bookkeeping can be kind of boring and tedious. But there’s not much else more important in business than knowing your own numbers.
Email is another example. It can feel laborious to create new emails every week to send to your email list – especially if you’re not a writer. But communicating with your audience on a consistent basis is incredibly important when it comes to building know, like and trust with them.
The Mastery Journal is also very repetitive. Every day you’re practicing the same thing: focus time and refresh time. But if you’ve used The Mastery Journal then you know that this repetitive habit can help you become more productive than you ever knew was possible. And I don’t just speak from experience – you’ve witnessed it through Gregory as well.
Repetition is also what will help you become an expert at your craft. I’m sure you’ve experienced that the things you do over and over again – they not only become easier with time, but you become a lot better at doing them, too.
So while the repetitive stuff might not always seem super glamorous or exciting, remember that repetition is key and can help you make more progress than you ever thought possible.
Until next month, keep your FIRE burning!
~ Kate & John
Note: we report our income figures as accurately as possible, but in using reports from a combo of Infusionsoft & Xero to track our product and total income / expenses, they suggest the possibility of a 3 – 5% margin of error.
