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/income120, and IGNITE!
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Guest Resources
CPAOnFire.com – Accounting, Tax & CFO Services for entrepreneurs.
CybVisor – The online world is a risky place. We mitigate threats, reduce risk, and help you and your family stay safe online with our deep cybersafety expertise.
The San Juan Social Club Cruise – A One-of-a-Kind Luxury Vacation Where You Will Unearth Exciting Business, Investment & Economic Opportunities, Expand Your Local Network, and Make a Lasting Impact on Our Community!
3 Value Bombs
1) Even if your company isn’t profitable, but has employees, you can use the R&D credit against payroll taxes, which is great for startups.
2) Deepfakes are a powerful and double-edged technology with both creative and malicious applications. As the technology evolves, it becomes crucial to strike a balance between its positive use cases and the potential risks it poses to society.
3) Systems and SOPs are ever-evolving and ever-changing.
Sponsors
HubSpot: There’s a better way to win, and it all starts with the new HubSpot Sales Hub. It’s smart software for smart sales teams that feels good to use! Try it for yourself at HubSpot.com/sales!
Thought-Leader: Ever thought about giving a TEDx talk? Visit Thought-Leader.com/fire to join a free training and learn how to land a TEDx Talk and spread your message to millions!
Policygenius: Your loved ones deserve a financial safety net. You deserve a smarter way to find and buy it. Visit Policygenius.com to get your free life insurance quotes and see how much you could save!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[01:23] – Income review
- Gross Income for August: $122,160
- Total Expenses for August: $12,078
- Total Net Profit for August: $110,082
- Difference b/t August & July : -$12,938
- % of net profit to overall gross revenue: 90%
[01:54] – Ron’s July Tax Tip: The R&D Credit
- The R&D credit is essentially free money for your business.
- Even if your company isn’t profitable, but has employees, you can use the R&D credit against payroll taxes, which is great for startups.
- To qualify for the R&D credit, there’s a 4-part test:
- You need an operation that reduces uncertainty.
- It involves an experimental process.
- It must be technological.
- It should serve a qualified purpose.
- A big change happened in 2022 where R&D expenses can no longer be deducted 100% in Year One. Instead, the expenses are amortized (spread out) over five years.
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs
[08:38] – Special Feature: Brian Masterson’s Cybersecurity Tip – How to protect yourself from Deepfakes
- CybVisor specializes in working with entrepreneurs to protect their wealth, reputation, and provide tips to protect your data, prevent identity theft, and safeguard your finances with ongoing training and education.
- Deepfakes refer to synthetic media that uses artificial intelligence (AI) techniques to create highly realistic and often deceptive content, primarily using images, videos, or audio.
- Deepfakes have also raised significant concerns due to their potential for misinformation.
- There are several steps you can take to minimize the risk and safeguard your personal information online.
- Be cautious with your personal information
- Enable two-factor authentication (2FA)
- Verify sources and content
- Use reputable apps and services
- Deepfakes are a powerful and double-edged technology with both creative and malicious applications. As the technology evolves, it becomes crucial to strike a balance between its positive use cases and the potential risks it poses to society.
[13:35] – What Went Down In August: Interview of the Month w/ Jon Morrow!
- How AI Can Create Content Better than 99% of Humans with Jon Morrow
- 3 Value Bombs
- Becoming an entrepreneur is like a bamboo shoot growing from the ground. Use intensely vivid language and create an atmosphere of excitement. Use rhetorical language, informal language, make it conversational, and style to create an intense sense of engagement with the reader.
- People think that if something is faster, you get paid less. If you produce the same value in less time, you make more money.
- What AI is going to replace is the processor. AI will not replace the painter, but the paintbrush.
- AI Writer: Use ChatGPT to Write 100x Faster: Get a copy of Jon’s book for just $1!
[14:53] – A timeout to thank our sponsors!
- HubSpot: There’s a better way to win, and it all starts with the new HubSpot Sales Hub. It’s smart software for smart sales teams that feels good to use! Try it for yourself at HubSpot.com/sales!
- Policygenius: Your loved ones deserve a financial safety net. You deserve a smarter way to find and buy it. Visit Policygenius.com to get your free life insurance quotes and see how much you could save!
- Thought-Leader: Ever thought about giving a TEDx talk? Visit Thought-Leader.com/fire to join a free training and learn how to land a TEDx Talk and spread your message to millions!
[18:04] – Systems and SOPs
- Check out our blog post about Creating Systems.
- The thing with systems is they’re an ever-evolving and ever-changing project, requiring a lot of time and attention to set up – and more importantly – to maintain.
- Sometimes the systems in your business require changes, maybe because:
- You have a new team member and they’re going to take on parts – or the whole – of a system;
- You’ve found more ways to automate or delegate parts or the whole of a system; or
- You’ve found efficiencies in the way you do certain tasks, and therefore you need to document a new way of doing something.
[21:20] – Puerto Rico Cruisin’: An Update
- In early September Daven Michaels rocked the mic on Entrepreneurs On Fire about The San Juan Social Club Cruise.
- The cruise sail dates have changed, and as a result JLD can no longer participate :(
- The cruise sets sail from San Juan, Puerto Rico on Saturday March 9 and returns to San Juan on Saturday, March 16, 2023.
- Learn more and sign up at SanJuanSocialCruise.com!
[23:20] – August 2023 Income Breakdown*
- Gross Income for August: $122,160
- Total Expenses for August: $12,078
- Total Net Profit for August: $110,082
- Difference b/t August & July : -$12,938
- % of net profit to overall gross revenue: 90%
[24:33] – Biggest Lesson Learned
- Nicole & Kate chat about the topic of different working set ups: in-person, hybrid, and at home.
- Nicole and her husband / business partner Omar decided to start working in-person out of a co-working space and they’re loving it!
- Nicole breaks it all down, Check it out here – Is a hybrid work model the sweet spot?
[18:49] – Thank you to our Sponsors!
- HubSpot: There’s a better way to win, and it all starts with the new HubSpot Sales Hub. It’s smart software for smart sales teams that feels good to use! Try it for yourself at HubSpot.com/sales!
- Thought-Leader: Ever thought about giving a TEDx talk? Visit Thought-Leader.com/fire to join a free training and learn how to land a TEDx Talk and spread your message to millions!
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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