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/income119, 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) Everybody should have a good idea of the results for the first half of the year with your accounting and financial statements in order.
2) Doing a “digital detox” has probably been recommended to you at some point in time; when’s the last time you did one?
3) If we’re not intentional about the things we say we want – and by intentional I mean actually scheduling time on our calendars to do it – then it’s probably not going to happen.
Sponsor
HubSpot: HubSpot’s integrated AI tech is helping teams of all types and sizes automate the more tedious parts of running a business. Learn more and get started today at HubSpot.com!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[00:59] – Income review
- Gross Income for July: $138,973
- Total Expenses for July: $15,953
- Total Net Profit for July: $123,020
- Difference b/t July & June: -$32,698
- % of net profit to overall gross revenue: 89%
[01:53] – Ron’s July Tax Tip: A mid-year check in
- Check in on the following:
- Financial Reporting
- Tax Plan
- Let your business serve you
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs
[06:35] – David Lizerbram’s July Legal Tip: How to Determine the Fair Market Value of a Small Business
- Methods of determining the Fair Market Value of a small business:
- Asset-Based Valuation: This method looks at the business’ tangible and intangible assets.
- Income Valuation: This method uses the company’s financial prospects to determine the business value.
- Market-Based Valuation: This method estimates business value based on what similar companies sell for.
- Earnings Multiplier: This method is often used for businesses that have a solid history of earnings.
- David Lizerbram – If you want to discuss the legal ins and outs, feel free to contact David!
[11:20] – Thanks to our sponsor!
- HubSpot: HubSpot’s integrated AI tech is helping teams of all types and sizes automate the more tedious parts of running a business. Learn more and get started today at HubSpot.com!
[12:14] – What Went Down In July: Interview of the Month w/ Tricia Sciortino!
- How Leveraging an Assistant Will Change Your Life & Maximize Your Time with Tricia Sciortino
- 3 Value Bombs
- As we grow our business, we really need to figure out what it means to not hoard all the work and accept that you must wear all these different hats. You are the sole person to spin all these plates at the same time.
- Trust doesn’t need to be earned; give it away until people prove you otherwise.
- In order to elevate you need to delegate.
- Belay Solutions – Download The Ultimate Guide to Working with an Executive Assistant, free!
[13:00] – Montana Mastermind with Cary Jack
- Cary Jack of the Happy Hustle reached out with an opportunity to spend 5 days in the Montana wilderness masterminding with 14 other entrepreneurs.
- Checkout our photos here.
- Cary hosts multiple mastermind excursions each year, and you could be on one of them!
[15:23] – July 2023 Income Breakdown*
- Gross Income for July: $138,973
- Total Expenses for July: $15,953
- Total Net Profit for July: $123,020
- Difference b/t July & June: -$32,698
- % of net profit to overall gross revenue: 89%
[16:22] – Biggest Lesson Learned: Being intentional
- If we’re not intentional about the things we say we want – and by intentional I mean actually scheduling time on our calendars to do it – then it’s probably not going to happen.
- If it’s really important to you, then you’ll find the time.
[18:49] – Thank you to our Sponsor!
- HubSpot: HubSpot’s integrated AI tech is helping teams of all types and sizes automate the more tedious parts of running a business. Learn more and get started today at HubSpot.com!
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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