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/income121, 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) Sales tax in the U.S. is determined by state laws. To deal with this, you should consider these three key points: Establishing Nexus, Taxability Assessment, and Finding Solutions.

2) If you are sharing confidential information with any other person or business, you should make sure that your NDA explicitly states that none of that confidential information can be input into an AI program without your consent.

3) Change is a beautiful thing with so many opportunities to grow, to learn, to challenge yourself, and so much more.

Show Notes

**Click the time stamp to jump directly to that point in the episode.

[01:46] – Income review

Gross Income for September: $160,879
Total Expenses for September: $11,896
Total Net Profit for September: $148,983
Difference b/t September & August: +$38,901
% of net profit to overall gross revenue: 93%

[02:12] – Ron’s September Tax Tip: Sales tax for digital products

Sales tax in the U.S. is determined by state laws, which leads to differences or variations in tax rules across states. To deal with this, I suggest you consider these three key points:
1. Establishing Nexus
2. Taxability Assessment
3. Finding Solutions
It’s of utmost importance to highlight the following:
1. Budget Planning
2. Future-Proofing
CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs

[08:29] – David Lizerbram’s September Legal Tip: Concerns About AI and Non-Disclosure Agreements

NDAs: A Non-Disclosure Agreement is a legally binding contract that prevents one party from sharing another’s confidential information.
The Collision Course: NDAs and AI.
If you are sharing confidential information with any other person or business, you should make sure that your NDA explicitly states that none of that confidential information can be input into an AI program without your consent.
What Should You Do?
1. Check Existing Agreements
2. Consult your Legal Team
3. Educate Employees
4. Tech Safeguards
5. Regular Audits
6. Client Approvals
7. No-Go Zones
While AI can offer exceptional benefits for business efficiency, it’s crucial to navigate its use carefully to avoid breaching NDAs and putting your company at risk.
David Lizerbram – If you want to discuss the legal ins and outs, feel free to contact David!

[15:46] – What Went Down In September: Interview of the Month w/ Clay Clark & Attorney James J. DeCristofaro!

How to TRIPLE the Size of Your Business Without Tripling the Amount of Work Required with Clay Clark & Attorney James J. DeCristofaro
3 Value Bombs
1. You need to ensure the quality of your product or service, which means having systems for quality control. This is crucial for business growth and success.
2. Take action, be diligent, and consistently put in the effort to optimize your website.
3. It is crucial to measure what matters instead of just throwing things out there without tracking the results. Focus on delivering excellent service, getting reviews, and consistently improving.
Thrivetime Show: Check out what Clay has to offer! Laugh and learn with hundreds of entrepreneurs like you!
TheLawyerJames.com: Visit and book your free 1-hour consultation with The Lawyer James.

[17:11] – Thanks to our sponsors!

HubSpot: Put your sales team on the fast track to winning Q4 with Sales Hub! Learn more at HubSpot.com/sales!
Millionaire University Podcast: Teaching you how to run a successful business and graduate rich, not broke! Find Millionaire University on Apple, Spotify, YouTube, or wherever you get your podcasts.
Belay: Don’t be the bottleneck to your organization’s growth! Schedule a free delegation consultation with Belay! Text FIRE to 55123 to schedule your delegation consultation today!

[20:37] – EOFire turns 11!

In September Entrepreneurs On Fire celebrated 11 years in business. Happy birthday, Fire Nation!
Some of our biggest milestones!
- Sept 2012: Entrepreneurs On Fire launches!
- Apr 2013: Locked in our first sponsor
- Jul 2013: We launched our first mastermind, Fire Nation Elite
- Oct 2013: We launched our first online course, Podcasters’ Paradise
- Jan 2014: Awarded “Best of iTunes 2013”
- Jan 2015: First 1 million downloads in a single month!
- Jan 2016: Launched The Freedom Journal on Kickstarter
- Jan 2017: Launched The Mastery Journal on Kickstarter
- Jul 2018: Launched The Podcast Journal
- May 2019: Finished 6th place in the Tony Robbins KKB affiliate launch
- Dec 2020: Pre-order available for John’s first traditionally published book with HarperCollins, The Common Path to Uncommon Success
- May 2021: Joined the HubSpot Podcast Network
- Mar 2022: First 3 million downloads in a single month!

[24:55] – Our final trip as a twosome

We kicked things off over Labor Day Weekend at The Gorge Amphitheater in Washington State on the Columbia river.
From Washington we made our way to Boston for HubSpot’s annual INBOUND conference
John rocked the stage twice – first with Jay Clouse, host of Creator Science podcast, and second on the main stage with Steven Bartlett, host of Diary of a CEO podcast.
We wrapped up our time in Boston with the HPN dinner and had an awesome time catching up with Amy Porterfield, Donald Kelly, Scott Clary, and more!

[30:53] – From Boston we made a quick jump up to Maine to spend the next two weeks with family.

Check out photos from our trip here!

[34:17] – September 2023 Income Breakdown*

Gross Income for September: $160,879
Total Expenses for September: $11,896
Total Net Profit for September: $148,983
Difference b/t September & August: +$38,901
% of net profit to overall gross revenue: 93%

[35:19] – Biggest Lesson Learned: Embracing change

Change brings with it so many new opportunities.
Change is a beautiful thing with so many opportunities to grow, to learn, to challenge yourself, and so much more.

[37:53] – Thank you to our Sponsors!

HubSpot: Put your sales team on the fast track to winning Q4 with Sales Hub! Learn more at HubSpot.com/sales!
Belay: Don’t be the bottleneck to your organization’s growth! Schedule a free delegation consultation with Belay! Text FIRE to 55123 to schedule your delegation consultation today!

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!

September 2023 Income Report: EOFire turns 11, Baby Dumas is on his way, and more!

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