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/income77, and IGNITE!
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Resources
CPAonFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
LizerbramLaw.com – Reach out to David today!
Think Like an Expert Challenge – CLOSED! :( But if you’re ready to create next level success in your life by sharing your existing knowledge through in-person trainings, virtual workshops, or masterminds, then check out Knowledge Broker Blueprint by Tony Robbins and Dean Graziosi. It’s ON FIRE!
Ditch Busy: Make Overwhelm a Thing of the Past!
Information about the new California Privacy Law
3 Value Bombs
1) Not some, but ALL of the magic happens outside your comfort zone.
2) You CAN’T say YES to everything.
3) If you can help one person, then you can help two, three, four… a hundred.
Sponsor
Our Think Like an Expert Challenge is closed, but if you’re ready to create next level success in your life by sharing your existing knowledge through in-person trainings, virtual workshops, or masterminds, then check out Knowledge Broker Blueprint by Tony Robbins and Dean Graziosi. It’s ON FIRE!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[00:16] – Jan 2020 Income At-A-Glance
- Gross Income for Jan: $153,784
- Total Expenses for Jan: $40,115
- Total Net Profit for Jan: $113,669
- Difference b/t Jan & Dec: -$17,546
- % of net profit to overall gross revenue: 74%
[2:08] – Monthly tax tip from CPA On Fire, Josh Bauerle
- Are startup costs tax deductible?
- Josh covers a few general rules that will be helpful
- Startup expenses are deductible, but only if you eventually start the business.
- The costs will be deducted in the year you are “open for business”
- The first $5,000 are expensed all at once, and the remaining balance is amortized over 15 years.
- CPAonFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
[08:05] – David Lizerbram’s Jan Legal Tip
- How can I avoid an “Accidental Franchise”?
- Franchises are highly regulated at both the state and federal level.
- Trademark licensors have to exercise quality control over their licensees.
- In order for your trademark license agreement to be valid, but not be considered a franchise, you need to exercise some control.
- LizerbramLaw.com – Reach out to David today!
[12:05] – What went down at the Entrepreneurs On Fire studios in January
- Think Like an Expert Challenge – Get ready to turn your existing knowledge into a profitable business!
- By the end of the 5 days you will know how to discover your expertise and create your irresistible offer.
- Reserve your spot by February 19th!
[19:08] – Thanks to our sponsor, Think Like an Expert Challenge! Our Think Like an Expert Challenge is closed, but if you’re ready to create next level success in your life by sharing your existing knowledge through in-person trainings, virtual workshops, or masterminds, then check out Knowledge Broker Blueprint by Tony Robbins and Dean Graziosi. It’s ON FIRE!
[20:20] – Ditch Busy is LIVE!
- Ditch Busy: Make Overwhelm a Thing of the Past!
- Each episode is focused on helping you uncover one way you can start taking back control of your time today.
[25:52] – New California Privacy Law Took Effect Jan 1, 2020
- If this Privacy Law applies to you or your business, you MUST make changes to your privacy notice and how you respond to user requests.
- The expert we use to help us with all website disclaimers: James Chiodo
[28:37] – Jan 2020 Income Breakdown from JLD
- Gross Income for Jan: $153,784
- Total Expenses for Jan: $40,115
- Total Net Profit for Jan: $113,669
- Difference b/t Jan & Dec: -$17,546
- % of net profit to overall gross revenue: 74%
[30:54] – Our Biggest Lesson Learned in January: The power we give our limiting beliefs
- If you can help one person, then you can help two, three, four… a hundred.
- Put yourself out there and start helping others!
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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