December 2022 Income At-A-Glance
Gross Income for December: $152,076
Total Expenses for December: $19,170
Total Net Profit for December: $132,906
Difference b/t December & November: +$31,261
% of net profit to overall gross revenue: 87%
Why We Publish An Income Report
This monthly income report is created for you, Fire Nation!
By documenting the struggles we encounter and the successes we celebrate as entrepreneurs every single month, we’re able to provide you with support – and a single resource – where we share what’s working, what’s not, and what’s possible.
There’s a lot of hard work that goes into learning and growing as an entrepreneur, especially when you’re just starting out. The most important part of the equation is that you’re able to pass on what you learn to others through teaching, which is what we aim to do here.
Check out all of our monthly income reports – from the very beginning!
**We’ll receive a commission on the affiliate links below. If you click on my affiliate link and sign up for the products and services I trust and recommend, then I will earn a commission.
Ron Parisi’s Monthly Tax Tip
Hello, Fire Nation! Ron Parisi from CPA On Fire here with our December 2022 Tax and Accounting tip.
This month, we’re talking about “Creating clarity through forecasting and budgeting”.
At CPA On Fire, we specialize in working with entrepreneurs to minimize their tax liability while keeping them in line with the ever-changing tax laws.
Our firm has been working with JLD & Kate at Entrepreneurs On Fire for years now, and they’ve included me in these monthly income reports with unlimited access to all their accounts so I can verify that what they report here is complete and accurate.
And because they believe in delivering an insane amount of value to you, my job doesn’t stop at the verification level; I also provide a new tax and accounting tip every month!
Ron’s December Tax Tip: Creating clarity through forecasting and budgeting
The growth cycle of an entrepreneur is from (A) the point where they have an idea for a product or service (i.e., where they start) to (B) the point of full dream realization (i.e., where they want to end up).
For every entrepreneur, their end point is different. It could be $1M in sales or it could be $5M.
Our Moonshot: to shorten the entrepreneurial growth cycle using financial tools and methods.
At CPA On Fire, we use financial information to shorten this growth cycle – to optimize getting an entrepreneur from idea to realization as fast as possible.
And we optimize the growth cycle with forecasting and budgeting.
A forecast is longer-term (3-5 years), whereas a budget is shorter-term (12 months).
Fire Nation, think about where you want to go and your optimal time frame.
If you want to be at $20M in revenue in 5 years, think about what needs to take place between now and then to make that happen.
- What additional products or services could you offer?
- Are there potential acquisitions?
- What other income streams are possible?
When you set an actual destination, you can then confidently create an executable financial forecast.
Once you have that forecast and that confidence, you can turn your energies toward your near-term budget.
What do you need to do in revenue in 2023 to keep you on track?
Once you have that target annual revenue number, then. you can “reverse-engineer” the necessary monthly budget items – whether that is marketing, labor, personnel, IT, or general expenses.
Your 5-year dream outcome is now converted to a day-to-day action plan for 2023 – and you have reached massive clarity.
Those of you in Fire Nation who are entrepreneurs and business owners and are looking to upgrade your financial operations in 2022, check out our website: CPAOnFire.com!
We’ve been able to get our clients amazing results and would love to help you out as well. Book a call through our website and let us show you how we can help your business grow.
What Went Down In December
Interview of the Month
3 Value Bombs
- Honesty loves accountability.
- Action is the objective measure of intelligence.
- You cannot change the past, but you can decide today to have a new future!
ThrivetimeShow.com/eofire – Get your ticket to join Clay and JLD in-person at this interactive conference!
A Year in Review
Looking back on 2022, we’ve had a lot happen here at Entrepreneurs On Fire! And since this is our last income report for 2022 we thought it would be fun to take a look back.
Here are some of our biggest highlights from 2022
- We launched the Torch Scholarship at Providence College, and the first scholarship was awarded for the Fall 2022. We also got to meet the recipient in person during our visit to Providence in November!
- We got married in April! We loved having our family and friends down to Puerto Rico to celebrate with us during our month-long festivities!
- John signed on as an affiliate coach for Krista Mashore and helped her reach the #2 spot for Tony Robbins and Dean Graziosi’s launch
- Entrepreneurs On Fire turned 10 years old!
There is a lot about our business these days that’s the same. We’ve found our 80/20 and have fully focused in on the products and services that make the biggest impact for our audience, and for our business. But 2022 brought with it a lot of new testing, and we’ve found some new strategies and offerings that we’re excited to continue testing and share with you as we head into 2023!
Product/Service Income: $140,480
TOTAL Journal Sales: $6,818 | Total Journals Sold: 173
The Freedom Journal: Accomplish your #1 goal in 100 days!
- Total: $3,079 (81 Freedom Journals + 4 Digital Packs sold)
The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!
- Total: $2,369 (62 Mastery Journals + 4 Digital Packs sold)
The Podcast Journal: Idea to Launch in 50 Days!
- Total: $1,370 (14 Podcast Journals + 8 Digital Packs sold)
Podcasters’ Paradise: The #1 Podcasting community in the world!
- Recurring: $8,280 (78 recurring)
- New members: $3,342 (3 new members)
- Total: $11,622
Real Revenue: Turn your BIG IDEA into Real Revenue
- Total: $75
Podcast Sponsorships: $121,925
Free Courses that contribute to the above revenue:
Your Big Idea: Discover your big idea in under an hour!
Free Podcast Course: Create and launch your own podcast!
Funnel On Fire: Create a funnel that converts!
Affiliate Income: $11,596
*Affiliate links below – if you click on my affiliate link and sign up for the products and services I trust and recommend, then I will earn a commission.
Resources for Entrepreneurs: $10,832
- Audible: $32
- Bluehost: $0
- Click Funnels: $10,785
- CovertKit: $15
- Coaching referrals: $0 (email me for an introduction to a mentor for overall online business or a Podcast focused mentor!)
Resources for Podcasters: $690
- Podcasting Press: $0
- Splasheo: $20
- Fusebox: $140
- Libsyn: $377 (Use promo code FIRE for the rest of this month & next free!)
- Repurpose House: $103
- UDemy Podcasting Course: $50
Other Resources: $74
- Amazon Associates: $64
- Other: $10
Total Gross Income in December: $152,076
Business Expenses: $14,408
- Advertising: $1,573
- Affiliate Commissions (Paradise): $816
- Cost of goods sold (Journals): $878
- Fulfillment: $0
- Consulting: $87
- Charitable Contributions: $100
- Design & Branding: $0
- Dues & Subscriptions: $86
- Legal & Professional: $43
- Meals & Entertainment: $328
- Merchant / bank fees: $908
- Amazon fees: $2,136
- PayPal fees: $160
- Office expenses: $452
- Community Refunds: $988
- Promotional: $0
- Travel: $78
- Virtual Assistant Fees: $5,700
- Website Fees: $75
Recurring, Subscription-based Expenses: $4,762
- Adobe Creative Cloud: $110
- Accounting: $1,013
- Boomerang: $90 (team package)
- Business Insider: $13
- Authorize.net: $36
- Google: $60
- Cell Phone: $152
- Dropbox: $120 (annual subscription)
- Internet: $57
- eVoice: $12
- Infusionsoft CRM: $241
- Insurance: $669
- Libsyn: $201
- Linktree: $6
- PicMonkey: $8
- Taxes & Licenses: $523
- Patreon: $40
- Shopify: $36
- Zoom: $55
- Xero: $70
- WPEngine: $1,250 (annual subscription)
Total Expenses in December: $19,170
Payroll to John & Kate: $15,900
Wondering what we do with all of our net revenue? We share all in our April 2017 Income Report :)
Total Net Profit for December 2022: $132,906
Biggest Lesson Learned
Pause and Reflect
Not everyone is a fan of the holiday and the new year. But there’s no denying it’s an ideal time to pause and reflect.
In the everyday hustle and bustle it’s easy to get caught up in our to-do’s and where we need to be. But as the holidays approach I’m sure you can relate to that feeling – even if ever-so-slightly – of things slowing down.
As we begin 2023, this is a perfect time to take a pause and reflect on what worked really well in 2022, what didn’t work so well in 2022, and how we can use these reflections to help propel ourselves moving forward.
If you haven’t taken time out to pause and reflect over the past month or so, we highly encourage you to set aside time and do it now.
If you haven’t kept track of some of the bigger things going on in your business, take a look back at your calendar and identify any big launches, conferences you attended, or marketing campaigns you ran.
Looking back, how’d they go?
What would you do differently the next time around?
Take notes, and keep them in a place where you can easily refer back to them the future.
This is also a great time to start keeping track of the bigger things going on in your business. As an example, we have our income reports to refer back to, where we document our biggest lessons and wins. If ever I want to look back at what happened in a given year, I can review our income reports.
Yours doesn’t have to be an income report, though. I also have a running Google Doc where I keep track of notable milestones and the bigger projects or launches we do in our business. At the end of each month, I simply create bullet points of the things that happened that month. This is another awesome resource I can refer to if I’m every trying to remember when something happened.
I trust you’ll find your own processes and ways of doing things – and no matter what that might look like, we hope you’ll set aside time on your calendar to pause and reflect as we head into 2023!
Until next month, keep your FIRE burning!
~ Kate & John
Note: we report our income figures as accurately as possible, but in using reports from a combo of Infusionsoft & Xero to track our product and total income / expenses, they suggest the possibility of a 3 – 5% margin of error.