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/income85, and IGNITE!
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Resources
CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
LizerbramLaw.com – Business Attorney & Legal Strategist.
EOFire About Page – Our biggest milestones throughout the years.
Kate’s Trip Prep Series – Check out our Trip Prep Series!
3 Value Bombs
1) If you received PPP funds, then you need to stay up to date on this because things are changing all the time.
2) Nobody ever said “I wish I hadn’t hired a good lawyer.”
3) If you want location independence and lifestyle freedom, it’s yours. Choose it!
Sponsors
ZipRecruiter: Let ZipRecruiter take hiring off your plate so you can focus on growing your business. Try ZipRecruiter for free at ZipRecruiter.com/fire!
Electronic Commerce: For a limited time only you can sign up for a 15 minute call to compare credit card transaction and processing fees with someone from the Electronic Commerce team! Visit ECPaymentProcessing.com!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[00:17] – Income review from JLD
- Gross Income for September: $244,274
- Total Expenses for September: $25,608
- Total Net Profit for September: $218,666
- Difference b/t Sept & Aug: +$91,407
- % of net profit to overall gross revenue: 90%
[1:45] – Josh’s September Tax Tip: Updates on the Paycheck Protection Program, PPP
- If you received PPP funds you need to stay up to date on this because things are changing all the time.
[7:21] – David Lizerbram’s September Legal Tip – Six Phrases Not to Say to a Lawyer
- “I just need a simple or standard template…”
- “This will be easy.”
- “This will be fast.”
- “That’s not in my budget.”
- “I’ll do that part myself online.”
- “I’ll need you to sign an NDA.”
[13:32] – What went down in September – EOFire Celebrates 8 Years!
- Short story on how it all started.
- On September 22, 2012 John launched Entrepreneurs On Fire.
- In April 2013 Kate joined the team.
- In July 2013 we launched our first Mastermind, Fire Nation Elite.
- In October 2013 we launched our first online course, Podcasters’ Paradise.
- Check out our biggest milestones throughout the years on our About Page!
22:31 – Thanks to our sponsors, ZipRecruiter and Electronic Commerce!
[25:00] – San Diego Bayside Fun!
- We fully enjoy the lifestyle freedom and location independence our online business affords us.
- Check out our Trip Prep Series to learn how we prepare for our travels
[29:43] – September 2020 Income Breakdown
- Gross Income for September: $244,274
- Total Expenses for September: $25,608
- Total Net Profit for September: $218,666
- Difference b/t Sept & Aug: +$91,407
- % of net profit to overall gross revenue: 90%
[29:38] – Biggest Lesson Learned – Travel planning (trip prep)
- Part I: Getting your travel in order
- Part II: Getting your work in order
- Part III: Putting a plan in place with systems
- Part IV: The push
- If you want location independence and lifestyle freedom, it’s yours. Choose it!
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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