April 2019 Income At-A-Glance
Gross Income for April: $169,807
Total Expenses for April: $33,007
Total Net Profit for April: $136,800
Difference b/t April & March: +$9,130
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.
**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.
Josh Bauerle’s Monthly Tax Tip
What’s up Fire Nation, my name is Josh Bauerle. I’m a CPA and the Founder of CPA On Fire, where we specialize in working with entrepreneurs to minimize their tax liability while keeping them in line with the ever-changing tax laws.
I’ve 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!
Josh’s April Tax Tip: The email that changed my business – and life
Last month I had a sudden realization: March 2019 marked the five year anniversary of me offering tax tips on EOFire’s income reports!
It got me thinking that Fire Nation probably wonders now and then how some random CPA started appearing every month on one of the top business podcasts in the world…
It’s a good question, and, I think, a pretty good story!
So instead of my usual monthly tax tip, this month I’m going to explain how I ended up on these income reports and working with John, Kate, and EOFire – plus I’ll share some tips for how you can try to form similar relationships with highly successful people yourself.
My relationship with the EOFire brand all started with one simple email
My tax business was about a year old, and like most new entrepreneurs I was feeling a bit of fear around what the future would hold.
So one sleepless night as I thought about all the possibilities – both good and bad – for my business, I decided to reach out to the host of my favorite podcast, JLD of Entrepreneurs On Fire.
I sent off a quick email explaining that I was a CPA, had my own tax practice, and that if he needed any guests for the show I would love to be on.
Honestly, I didn’t expect I would hear back at all…
Yet less than an hour later, I got an email that would change my life and business.
John wrote back that he had plenty of guests lined up for his show, but that he was in need of a good CPA. He said that if I was interested in working with him, he would be willing to promote me and my services to his audience.
It was stunning.
I knew it was going to transform my business, and in some ways, my life.
John and I set up a call, and we quickly worked out an arrangement where I would handle all of John’s, Kate’s, and EOFire’s taxes.
And then…. Not much happened!
I was listed on the EOFire Resource Page, and I was contributing one tax tip per month to their blog.
I naively thought clients would pour in from it.
Nonetheless, I kept working with them.
I found ways to save them a ton when it came to taxes. I added value to their tax and accounting systems wherever I could.
And then one day the big email came…
John and Kate had been producing income reports once a month to show what the business made, and they wanted me to come on them to both verify their numbers and also give a quick tax tip.
And I’ve been coming on every month for 60 straight months!
The impact has been more than I could ever explain. It has led to not only countless potential clients, but also to offers to come on other major podcasts, and even national TV shows.
So when I say it was life-transforming, I’m not exaggerating.
I recently wrote the entire story of how this all came about, but there is one lesson from this story that I want all of Fire Nation to walk away with:
If you want to rapidly increase your odds of success and cut the amount of time it would take to achieve your goals, align yourself with high-achieving people.
And when it comes to getting high achievers to respond to you, the single best tip I can give you is: offer very specific value to them.
Most people hear they need to offer value, and so they start sending off emails to every high achiever they can saying, “Thanks for all you do. If I can be of any help in any way please let me know”.
Don’t be that person.
Your chances of success are incredibly low.
Instead, tell them very specifically how you can help them. In my case that was with taxes.
If you’re a web developer, create a short video of how you could make their website better. If you are an attorney, let them know about a contract they should have in place that they probably don’t currently have. Maybe even offer to draw it up for free.
Regardless of what you do, figure out how your skills can be of benefit to the person you want to connect with, and then make them a very specific offer.
For me, doing that was life changing.
As always, please feel free to contact me if you’d like to discuss what would be best for YOUR business. I LOVE chatting with Fire Nation!
What Went Down In April
Puerto Rico Masterminds
This April marked the 3rd annual Puerto Rico Masterminds (PRMM) event put on by Dr. Mark Wade of Hustle & Scale, and just like the first 2 years, it was an incredible event!
The first PRMM featured our very own John Lee Dumas; the second, Pat Flynn; and this year the featured guest was Jeff Walker.
My favorite part about PRMM though: it’s not JUST about the speakers (although Mark always brings the heat in this area). The attendees are just as amazing – high-level, successful, generous, and eager and driven to learn.
All of this aside – which on its own is critical for a successful event – Mark puts on one heck of a party…
Here’s how the event was setup:
Various 45-minute sessions in the pool, on the beach, and around the resort on topics like running your own high-level coaching program and publishing a best-selling book.
This was the “Jeff Walker” day, where we got to learn from Jeff through multiple sessions, plus we were able to participate in round-table mini masterminds. This included every speaker visiting every table, giving each attendee the opportunity to ask every speaker one question.
But it’s not just the days that are jam-packed with value. The nights Mark plans are great, too, with plenty of time for connecting and exchanging ideas over dinners, drinks, and – coconuts!
This year our fun activity was learning about the many ways you can use coconuts and palm trees, like for shelter!
PRMM also boasted an afternoon on a catamaran, where we learned a ton from the likes of Todd Herman and Zach Benson, plus got to go snorkeling!
If you’re looking for an intimate event like the one described above, where you get to enjoy Paradise, build meaningful relationships with incredible people, and learn a lot from some really smart people, then check out Puerto Rico Masterminds to add to your 2020 conference schedule!
The Podcast Journal: Amazon’s Choice
The Podcast Journal: Idea to Launch in 50 Days was named Amazon’s Choice in the podcasting category! This is exciting news, as the Amazon’s Choice badge not only gives your products higher credibility, but it also helps you show up more in search.
We were lucky to have both The Freedom Journal and The Mastery Journal also named Amazon’s Choice, and we hope to continue spreading the reach of all 3 Journals with wins like these.
If you haven’t checked out our Journals yet, and you’re looking to accomplish a big goal, increase your productivity, discipline, and focus, or you’re working towards creating a podcast, then these Journals are for you!
The Freedom Journal: Accomplish Your #1 Goal in 100 Days
The Mastery Journal: Master Productivity, Discipline, & Focus in 100 Days
The Podcast Journal: Idea to Launch in 50 days
And if you’ve already checked out one or more of our Journals, then we’d be so grateful if you left a rating & review on Amazon! Use any of the links above to be taken straight to each Journal on Amazon.
April 2019 Income Breakdown*
Product/Service Income: $125,753
TOTAL Journal sales: 249 Journals for a total of $8,872
The Freedom Journal: Accomplish your #1 goal in 100 days!
- TheFreedomJournal.com: $363 (7 Hardcovers & 3 Digital Packs)
- Amazon: $3,851 (112 Freedom Journals sold!)
- Total: $4,214
The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!
- TheMasteryJournal.com: $147 (3 Hardcovers & 1 Digital Packs)
- Amazon: $1,778 (59 Mastery Journals sold!)
- Total: $1,925
The Podcast Journal: Idea to Launch in 50 Days!
- ThePodcastJournal.com: $0 (0 Hardcovers & 0 Digital Pack)
- Amazon: $2,733 (64 Podcast Journals sold!)
- Total: $2,733
Podcasters’ Paradise: The #1 Podcasting community in the world!
- Recurring: $22,993 (197 monthly, 1 annual)
- New members: $9,280 (40 new members)
- Total: $32,273
Real Revenue: Turn your BIG IDEA into Real Revenue
- New members: $795 (15 new members)
The Revenue Crew: An Elite Mastermind ON FIRE!
- Currently closed to new members
Podcast Sponsorship Income: $78,516
Podcast Websites: $5,000
Podcast Launch: Audiobook: $216 | eBook: $81
Free Courses that result in 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: $44,054
*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: $29,241
- Audible: $117
- BlueHost: $165 Step-by-step guide and 23 WordPress tutorials included! Disclaimer: This is my affiliate link and I will receive a commission if you sign up through my link
- Click Funnels: $28,211
- Coaching referrals: $297 (email me for an introduction to a mentor for overall online business or a Podcast focused mentor!)
- ConvertKit: $67
- Disclaimer Template: $117 (legal disclaimers for your website)
- Fizzle Mastermind: $267
- Virtual Staff Finder: $0
Courses for Entrepreneurs: $9,604
- Create Awesome Online Courses by DSG: $582
- Digital Course Academy by Amy Porterfield: $5,441
- Boost Blog Traffic by Jon Morrow: $643
- Opesta by Ethan Sigmon: $0
- Digital U by Eben Pagan: $198
- Facebook Ad training by Dan Henry: $0
- Closers On Fire by Dan Lok: $2,740
Resources for Podcasters: $2,515
- Pat Flynn’s Fusebox Podcast Player: $111
- Podcasting Press: $413
- Designrr: $321
- Tim Paige’s Make My Intro: $300
- Libsyn: $1,252 (Use promo code FIRE for the rest of this month & next free!)
- UDemy Podcasting Course: $118
Other Resources: $2,694
- Amazon Associates: $376
- Other: $2,318
Total Gross Income in April: $169,807
Business Expenses: $30,445
- Advertising: $3,455
- Affiliate Commissions (Paradise): $5,511
- Accounting: $961
- Cost of goods sold: $1,759
- Fulfillment (Shipwire): $1,496
- Design & Branding: $617
- Dues & Subscriptions: $285
- Education: $1,520
- Legal & Professional: $1,571
- Meals & Entertainment: $740
- Merchant / bank fees: $1,813
- Amazon fees: $4,429
- PayPal fees: $428
- Shopify fees: $14
- Office expenses: $166
- Community Refunds: $239
- Promotional: $602
- Travel: $335
- Virtual Assistant Fees: $4,160
- Website Fees: $344
Recurring, Subscription-based Expenses: $2,562
- Adobe Creative Cloud: $100
- Boomerang: $50 (team package)
- Bonjoro: $45
- Authorize.net: $70
- Cell Phone: $243
- Google Suite: $50
- Internet: $80
- eVoice: $10
- Infusionsoft CRM: $309
- Insurance: $648
- Libsyn: $166
- Chatroll: $49
- Shopify: $68
- Linktree: $6
- Sumo: $29
- TaxJar: $19
- Taxes & Licenses: $523
- Thrive Cart: $37
- Zapier: $15
- Xero: $30
- Zoom: $15
Total Expenses in April: $33,007
Payroll to John & Kate: $15,900
In our May 2014 Income Report and our June 2016 Income Report, Josh focuses on how to pay yourself as an entrepreneur. Check them out!
Wondering what we do with all of our net revenue? We share all in our April 2017 Income Report :)
Total Net Profit for April 2019: $136,800
Biggest Lesson Learned
Our most impactful business decision
Our most impactful business decision to date – and perhaps it will remain our most impactful for all time – is deciding what type of business we want to run.
Within the past couple of years John and I have found ourselves in many different business situations, one of which looked like this:
Seven employees, five contractors, and over $40k in monthly expenses.
While the business was doing great, and we had amazing team members who were all providing great value to the overall business, something wasn’t right.
And it actually took one of our contractors leaving for it to really hit home: we were heading in a direction with our business that neither of us wanted.
It wasn’t until we sat down and got really clear on what type of business we wanted to run that we were able to make the necessary tweaks and adjustments that would help point us in the direction we wanted to go.
Since, we’ve cut our expenses nearly in half, we’ve continued to generate the same amount of monthly revenue, and we’re striving every day to continue to increase the impact we’re making with our podcast, content, and products and services.
So if you haven’t taken the time to step back and ask yourself “Am I creating the type of business I want to run?” then the time is now!
It doesn’t mean your answer can’t change, or that it won’t evolve as time goes on. It absolutely will. For us, it was necessary that we grow our team and experience what we did – it’s what got us to where we are right now.
No matter what type of business you want to run – whether it’s a team of 300 people stretching across the world, a virtual team of 25, or an in-person team of 2 – make sure it’s a conscious decision you’re making.
This will not only help in making big decisions for your business, but it’ll make it a lot easier for you to decide which opportunities should be a “heck yes!” and which should be a “heck no”.
Alright Fire Nation, that’s a wrap!
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.
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