January 2023 Income At-A-Glance
Gross Income for January: $171,158
Total Expenses for January: $16,467
Total Net Profit for January: $154,691
Difference b/t January & December: +$21,785
% of net profit to overall gross revenue: 90%
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 January 2023 Tax and Accounting tip.
This month, we’re talking about accounting software.
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 January Tax Tip: Accounting Software
If you are like many entrepreneurs, you started your entrepreneurial journey using a spreadsheet to track your financials (income, expenses, etc.). And you may even still use the spreadsheet method.
While that can be a good start, at a certain growth point you should start looking at some accounting software to gain valuable feedback about how your company is actually performing.
Today we are going to be talking about 4 common accounting software programs used by entrepreneurs: Xero, QuickBooks Online, Wave, and FreshBooks.
I am always a proponent of hiring a financial professional as soon as you can afford it.
You work so hard in your business as an entrepreneur., and the feedback and insight you will gain from the right professional, in conjunction with implementing the right accounting software, will help you immensely.
If you are at the point where you have grown past the spreadsheet and need an accounting software, the main ones to consider are as follows.
- QuickBooks Online – We work with QBO all the time at CPA On Fire. It is more user-friendly for entrepreneurs. It integrates well with many different website interfaces and offers the best overall experience. Plus, it accommodates significant growth and complexity. QBO is what EOFire started out using, and they’re a previous sponsor!
- Xero – Another great accounting software and the one John and Kate use! However, Xero does seem to be more specialized for bookkeepers and accountants. If you run an ecommerce platform, Xero has a slightly better interface for ecommerce than QBO.
- Wave – If you are a little smaller and looking for something more budget-friendly, Wave is a free accounting software option. It has a really good invoicing system and the platform is straight-forward.
- FreshBooks – This software is relatively new, but I wanted to bring it up as an affordable option. It definitely gets the job done if you are earlier in your entrepreneurial growth cycle.
Those of you in Fire Nation who are entrepreneurs and business owners and are looking to upgrade your financial operations in 2023, 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.
David Lizerbram’s January Legal Tip
Can I Use AI To Come Up With a Trademark?
What’s up, Fire Nation! David Lizerbram here and I’m excited to be back for another legal tip for you!
I’ve been practicing law for 21 years and have loads of free content over at LizerbramLaw.com.
This month’s legal tip is all about using AI to come up with a trademark for your business, service, or product.
Remember, a trademark is anything that identifies you as the source of your goods and services, for example, a business name, brand name, logo, slogan, or tagline.
I, your human correspondent, didn’t write the text below. I input the question “Can I Use AI To Come Up With a Trademark?” into ChatGPT and this is what came back.
Yes, you can use artificial intelligence (AI) to generate potential trademarks. There are various AI-powered tools available that can suggest trademarks based on certain inputs, such as keywords or industry. However, it is important to note that while AI can assist in generating potential trademarks, it is not a substitute for a human attorney who can evaluate the legal availability, registrability and enforceability of a trademark.
It is important to conduct thorough search for the proposed trademark to ensure that it does not infringe on any existing trademarks and that it is not descriptive or generic.
Additionally, it’s important to note that AI generated trademarks may have legal issues, such as being too similar to existing trademarks or being too descriptive. Therefore, it’s recommended to consult a trademark attorney to ensure that the proposed trademark is legally available and registrable.
So there you have it! AI is a useful tool, but not (as yet) a substitute for a human attorney. Don’t take it from me, take it from ChatGPT!
If you want to talk to a real human attorney about trademarks or business law issues, feel free to contact me. I’m always happy to talk with members of John and Kate’s audience!
What Went Down In January
Interview of the Month
3 Value Bombs
- If you want to be able to get paid to speak, you have to build the credibility and stand out from other people so they pay you.
- If you’re that person who’s nervous or terrified of public speaking, it’s really important to work with the right person. It’s important to get a good coach or a mentor or somebody who can help you do it the right way.
- If you’re an entrepreneur, or you have a cause or a message you want to get out there, then there’s nothing quite like getting on a stage in terms of credibility and reach.
Blutalks.com/fire – Learn From bLU Talks Founder and Multiple-Time TEDx Speaker Corey Poirier about how you can Be Seen, Be Heard, Create Impact!
PodFest Expo is an annual podcasting conference that brings podcasters from all over the world together to learn new strategies, share great tactics, and have an overall amazing time!
The conference introduced a new track this year: the PodPro track, which was an exclusive track for podcasters at a higher level (either met a certain number of downloads or who are generating a full income from their podcast.)
John had Clay Clark’s business event just two days after PodFest, so he sat this year out. But I represented the EOFire team not only in the PodPro’s track, but also in the main room with a presentation on saving time with your podcast production and a panel session on building community.
Here’s our amazing panel of women podcasters led by Wendy Brant and Tiphany Kane. Joining me on the panel was Angel Livas, Rita Bautista, and Jessica Kupferman.
The event overall was great fun, and it’s always awesome to see familiar faces.
If you’re looking for top conferences for entrepreneurs, check out our top recommended events!
Product/Service Income: $163,448
TOTAL Journal Sales: $4,640 | Total Journals Sold: 152
The Freedom Journal: Accomplish your #1 goal in 100 days!
- Total: $2,542 (87 Freedom Journals + 6 Digital Packs sold)
The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!
- Total: $1,563 (47 Mastery Journals + 3 Digital Packs sold)
The Podcast Journal: Idea to Launch in 50 Days!
- Total: $535 (5 Podcast Journals + 4 Digital Packs sold)
Podcasters’ Paradise: The #1 Podcasting community in the world!
- Recurring: $7,012 (69 recurring)
- New members: $1,394 (2 new members)
- Total: $8,406
Real Revenue: Turn your BIG IDEA into Real Revenue
- Total: $150
Podcast Sponsorships: $150,193
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: $7,710
*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: $6,752
- Audible: $0
- Bluehost: $0
- Click Funnels: $6,117
- CovertKit: $15
- Coaching referrals: $620 (email me for an introduction to a mentor for overall online business or a Podcast focused mentor!)
Resources for Podcasters: $363
- Podcasting Press: $0
- Splasheo: $20
- Fusebox: $0
- Libsyn: $232 (Use promo code FIRE for the rest of this month & next free!)
- Repurpose House: $57
- UDemy Podcasting Course: $54
Other Resources: $595
- Amazon Associates: $60
- Other: $535
Total Gross Income in January: $171,158
Business Expenses: $13,568
- Advertising: $49
- Affiliate Commissions (Paradise): $45
- Cost of goods sold (Journals): $634
- Fulfillment: $0
- Consulting: $155
- Charitable Contributions: $200
- Design & Branding: $0
- Dues & Subscriptions: $66
- Legal & Professional: $0
- Meals & Entertainment: $252
- Merchant / bank fees: $1,155
- Amazon fees: $1,825
- PayPal fees: $412
- Office expenses: $330
- Community Refunds: $194
- Promotional: $0
- Travel: $1,731
- Virtual Assistant Fees: $6,425
- Website Fees: $95
Recurring, Subscription-based Expenses: $2,899
- Adobe Creative Cloud: $110
- Accounting: $468
- Boomerang: $90 (team package)
- Business Insider: $13
- Authorize.net: $36
- Google: $60
- Cell Phone: $152
- Internet: $57
- eVoice: $12
- Infusionsoft CRM: $241
- Insurance: $669
- Libsyn: $201
- Linktree: $6
- Skype: $52
- PicMonkey: $8
- Taxes & Licenses: $523
- Patreon: $40
- Shopify: $36
- Zoom: $55
- Xero: $70
Total Expenses in January: $16,467
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 January 2023: $154,691
Biggest Lesson Learned
Support is a must
I can’t count the number of people I’ve chatted with about goals and dreams who don’t feel like they have the proper support in their lives to go after those goals and dreams. And speaking from personal experience – as someone who has struggled with confidence and, at times, lacked the motivation to take action – I know that support is one of THE most critical components to success.
When you’re working towards a goal, support is A MUST.
So what are you supposed to do if you don’t have it?
- Maybe your partner doesn’t understand what the heck you’re doing or why you would ever want to do it in the first place.
- Or your friends want you to come out to the bar and drink and eat junk food when all you want to do is clean up your diet and start getting good sleep.
- Or maybe you just have a general overall feeling that no one in your life “gets” you – that you’re on page 124 and they haven’t even picked up the book yet.
If you’ve ever felt this way about the goals you’re trying to accomplish – that you don’t have the support you need – do this:
Find just one person who is on the same or similar path as you, and reach out to them.
You might find them…
- In an online community or group that focuses on the goal you’re trying to accomplish;
- At the local gym;
- Studying alongside you at the cafe;
- At a local meetup or mixer;
- Or maybe you’ve been introduced to them by a friend who doesn’t “get it”, but who you’ve shared your goals with…
Once you find them, reach out!
The bottom line is this: Support is critical.
Wherever you can find it, leverage it and be grateful for it. And pay it forward! Provide support to your friends, family, co-workers, business partners – in any way you can, even if that just means introducing them to someone who “gets” what they’re trying to do.
Finding just one person who is on the same or similar path as you and reaching out to them could be the difference between struggling to reach your goal alone, and crushing your goal full force with someone by your side the entire way.
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.