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/income127, and IGNITE!
Subscribe
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!
The Mastery Journal – Master Productivity, Discipline & Focus in 100 days.
3 Value Bombs
1) Planning with tax projections and setting aside funds in a dedicated account can help manage cash flow and avoid unnecessary surprises come tax time.
2) If the logo is strongly identified with your company, products, or services, then it’s worth protecting by registering it as a trademark.
3) Repetition will help you become an expert at your craft.
Sponsors
HubSpot: With HubSpot’s customer platform you can spend less time switching between systems, and more time on growing your business. Visit HubSpot.com to learn how HubSpot’s customer platform can help you grow your business!
Yahoo Finance: Yahoo Finance makes it easy to get financial news, data, and insights fast. For comprehensive financial news and analysis, visit the brand behind every great investor, YahooFinance.com!
BuckedUp: Say goodbye to waking up on the wrong side of the bed with Brain Gainz from BuckedUp! Claim your special offer today by texting “FireFocus” to 312345, or go to BrainGainz.com/fire!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[01:16] – Income review
- Gross Income for March: $162,345
- Total Expenses for March: $17,013
- Total Net Profit for March: $145,332
- Difference b/t March & February: +$23,757
- % of net profit to overall gross revenue: 90%
[02:02] – Ron’s March Tax Tip: Tax Estimates
- Why Tax Estimates Matter
- This proactive approach helps avoid underpayment penalties and spreads out your tax burden.
- Calculating and Planning Ahead
- Planning with tax projections and setting aside funds in a dedicated account can help manage cash flow and avoid unnecessary surprises come tax time.
- Staying Ahead with Tax Projections
- By working closely with your tax professional and staying on top of quarterly obligations, you can ensure your business’s financial health and avoid unnecessary penalties.
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs
[10:02] – David Lizerbram’s Legal Tip: Should I Register My Logo as a Trademark?
- Logos can function as trademarks just like any other brand identifier can.
- If the logo is strongly identified with your company, products, or services, then it’s worth protecting by registering it as a trademark.
- The proposed logo trademark must satisfy the USPTO’s requirements and it must be unique in connection with the listed goods and services.
- If you have a logo that’s important to your business, here are the steps you should follow:
- Make sure that your company actually owns the logo and, if necessary, that there are contracts in place to prove ownership.
- Make sure that your logo is unique – if the image is being used by someone else, then it can’t function as your trademark or be registered with the USPTO.
- Once you’ve cleared steps 1 and 2, register your logo with the United States Patent and Trademark Office or the trademark office in your country or jurisdiction.
- David Lizerbram – If you want to discuss the legal ins and outs, feel free to contact David!
[13:12] – What Went Down In March: Interview of the Month w/ Clay Clark & JT Lawson
- How to Jump on a Direct Path to Making Millions with Clay Clark & JT Lawson
- 3 Value Bombs
- You’ll never drift to success. It’s either you live the life you designed, or live the life you don’t by default. You have to have your F6 goals – Faith, Family, Finance, Fitness, Fun, and Friendship.
- To have what other people have, you have to be willing to do what they did to get it.
- Not only surround yourself with people doing what you want to do, but also be humble enough and coachable enough to take what they’re telling you and implement what they are doing.
- Attend the highest-rated and most reviewed 2-day, interaction business conference in the world! Meet me, JLD, Clay Clark, and Tim Tebow in person!
[15:14] – Thanks to our sponsors!
- HubSpot: With HubSpot’s customer platform you can spend less time switching between systems, and more time on growing your business. Visit HubSpot.com to learn how HubSpot’s customer platform can help you grow your business!
- BuckedUp: Say goodbye to waking up on the wrong side of the bed with Brain Gainz from BuckedUp! Claim your special offer today by texting “FireFocus” to 312345, or go to BrainGainz.com/fire!
- Yahoo Finance: Yahoo Finance makes it easy to get financial news, data, and insights fast. For comprehensive financial news and analysis, visit the brand behind every great investor, YahooFinance.com!
[18:20] – This guy emailed us for 100 days straight…
- Accountability will make or break your goals. That’s why masterminds are so powerful.
- The Mastery Journal – Master Productivity, Discipline & Focus in 100 days.
[23:22] – March 2024 Income Breakdown*
- Gross Income for March: $162,345
- Total Expenses for March: $17,013
- Total Net Profit for March: $145,332
- Difference b/t March & February: +$23,757
- % of net profit to overall gross revenue: 90%
[24:28] – Biggest Lesson Learned: Rinse and Repeat – Repetition is Key
- Repetitive habit can help you become more productive than you ever knew was possible.
- Repetition is also what will help you become an expert at your craft.
[26:49] – Thank you to our Sponsors!
- HubSpot: With HubSpot’s customer platform you can spend less time switching between systems, and more time on growing your business. Visit HubSpot.com to learn how HubSpot’s customer platform can help you grow your business!
- Yahoo Finance: Yahoo Finance makes it easy to get financial news, data, and insights fast. For comprehensive financial news and analysis, visit the brand behind every great investor, YahooFinance.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!
Subscribe
