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/income71, and IGNITE!
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Resources
CPAOnFire.com – Accounting tips, resources, and services for entrepreneurs from our very own CPA On Fire, Josh Bauerle!
LizerbramLaw – David Lizerbram is our Legal Counsel here at Entrepreneurs On Fire. Visit his site for valuable resources!
3 Value Bombs
1) First step in preparing for a big trip is understanding what are you preparing for. Without knowing this, it will be difficult to wrap your head around things.
2) Sometimes setting parameters sets you free.
3) Are you playing to WIN?, or are you playing not to lose? Think about it…
Sponsors
ClickFunnels: With ClickFunnels’ new One Funnel Away Challenge you can have your funnel up, running, and optimized in just 30 days! Join the next One Funnel Away Challenge for just $100 at EOFire.com/funnel!
TransUnion ShareAble for Hires: Enables immediate access to employment screening tools that deliver reports in minutes! Start your on-demand screening at Shareable.com/fire and use code ONFIRE50 at checkout to save 50% on your first screening!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[00:22] – Income review from JLD
- Gross Income for July: $183,659
- Total Expenses for July: $30,223
- Total Net Profit for July: $153,436
- Difference b/t July & June: -$169,236
- % of net profit to overall gross revenue: 84%
[03:07] – Monthly tax tip from CPA On Fire, Josh Bauerle
- Josh talks about the changes in the 2018 tax law as it relates to the entertainment deduction.
- The food and drinks you purchase while doing the entertainment – as long as you purchase them separately – are still deductible.
- You can reach Josh at CPAOnFire.com or email him here!
[08:08] – Monthly legal tip from our Legal Counsel David Lizerbram
- David breaks down the question: ‘When does my business need a waiver?’
- Tune in to hear why you may need a waiver from time to time in order to protect your business
- Reach out to David today!
[11:11] – What went down at the Entrepreneurs On Fire studios in July!
- Kate and John talk about their % net revenue to overall gross revenue.
- Kate shares how EOFire has grown so fast, and how the business continues to do so well despite our small and mighty team
[14:56] – How we’re preparing for our 3 month trip!
- The Trip Details and the work details – Kate breaks down the 3 steps everyone can take in order to plan for an upcoming trip
- Step 1: Know what you’re planning for
- Step 2: Create your to-do list and timeline
- Step 3: Action (Do all the things)
- Tune in to hear John and Kate chat about their preparation and how it will allow them to travel worry-free while Entrepreneurs On Fire continues to run
[30:27] – Thanks to our sponsors, ClickFunnels and TransUnion ShareAble for Hires!
[35:50] – Income breakdown from JLD
- Gross Income for July: $183,659
- Total Expenses for July: $30,223
- Total Net Profit for July: $153,436
- Difference b/t July & June: -$169,236
- % of net profit to overall gross revenue: 84%
[39:09] – Our Biggest Lesson Learned in July: How are you playing?
- This month’s biggest lesson learned? Play to win.
- Surround yourself with positive thinkers, have incredible support from friends and family, and continue educating yourself through meetups, conferences, and seminars.
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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