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/income114, and IGNITE!
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Resources
CPAOnFire.com – Accounting, Tax & CFO Services for entrepreneurs.
3 Value Bombs
1) Work with your tax professional to understand tax day liability and run projections for 1st Quarter Estimates.
2) SMART Goal: Specific, Measurable, Attainable, Relevant, and Time-bound.
3) A reminder from Day 13 of Deepak’s 21-Day Meditation – “As I let go of the need to arrange my life, the universe brings abundant good to me.”
Sponsor
HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[01:15] – Income review
- Gross Income for February: $145,734
- Total Expenses for February: $14,596
- Total Net Profit for February: $131,138
- Difference b/t February & January: -$23,553
- % of net profit to overall gross revenue: 90%
[02:01] – Ron’s February Tax Tip: Tax Day Liability
- 3 “shocking” aspects of Tax Day Liability.
- Personal Net Income,
- Progressive Tax Rates, and
- 1st Quarter Tax Estimate Timing
- Work with your tax professional to understand tax day liability and run projections for 1st Quarter Estimates.
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs
[06:42] – What Went Down In February: Interview of the Month w/ Brad Hart and Jay Fiset!
- How to Scale to a Million with Masterminds with Brad Hart and Jay Fiset
- 3 Value Bombs
- The thing that you must understand is that not all the heavy hitters have a mastermind that continues to renew on its own. Many of them have to just keep filling the funnel because the mastermind isn’t strong enough to keep people in it.
- When to start a mastermind is like that old proverb… Best time to plant a tree was 20 years ago, and the second-best time is today. There’s no reason to hold back.
- The price should not be the question. We should really be starting with: what is the promise of the mastermind? What will be different in people’s lives if they participate for a year, or six months, or whatever your structure is?
- Mastermind To Millions – An opportunity to get a ticket at the lowest price: 40% off! Definitely go VIP for the best possible experience!
[07:40] – Thanks to our sponsor!
- HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
[8:14] – 8 Quotes From John Lee Dumas
- In February Steve Pfrenzinger reached out and asked if I wanted to help him put together “The GREAT EIGHT Quotes from John Lee Dumas”.
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- “The riches are in the niches.”
- “Become the #1 solution to a real problem.”
- “Focus: Follow One Course Until Success.”
- “Compare and despair; the only person you should be comparing yourself to is you yesterday.”
- “The key to success is taking action – not just talking about it.”
- “If you’re not willing to invest in yourself, why should anyone else?”
- “Successful people are always looking for ways to add value to others.”
- “Success is not a destination, it’s a journey.”
[12:15] – Podcast Advertising with MowPod
- We tried podcast advertising match program of HubSpot Podcast Network and MowPod, a company focused on helping you grow your podcast.
- Our goal SMART
- Specific: To run 4 “subscriber campaigns” over 4 months to welcome new listeners into Fire Nation who are “qualified subscribers”; those spikes in subscribers will increase our ranking in the Business category (to #1), in turn giving us more visibility to attract more qualified subscribers (qualified subscriber = a subscriber who is genuinely interested in the show content and will remain a subscriber).
- Measurable: Two fold: Are we increasing subscriber counts, and are we hitting #1 in the Business category week over week
- Attainable: Given our fellow HPN hosts’ experiences with MowPod, we knew this was an attainable goal
- Relevant: Our #1 goal at EOFire has always been to continue to grow our listenership, and therefore the podcast, so this definitely checked the box of “relevant”
- Time-bound: The campaign would run from Sept – Dec 2022
- Check out the results of our paid advertising here.
[21:59] – February 2023 Income Breakdown*
- Gross Income for February: $145,734
- Total Expenses for February: $14,596
- Total Net Profit for February: $131,138
- Difference b/t February & January: -$23,553
- % of net profit to overall gross revenue: 90%
[23:09] – Biggest Lesson Learned: Abundance and the Law of Detachment
- Kate wanted to explore meditation outside of “her way”.
- She found Deepak Chopra Podcast, and was attracted to the 21-Day Meditation Challenge.
- One of the episodes that stood out was on the Law of Detachment (day 13 of the podcast if you want to check it out.) This episode reminded Kate of how important it is to stretch ourselves, do things that make us uncomfortable, and try things – even when we aren’t sure they’re the right thing for us.
[26:29] – Thank you to our Sponsor!
- HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
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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