April 2020 Income At-A-Glance
Gross Income for Apr: $267,088
Total Expenses for Apr: $158,718
Total Net Profit for Apr: $108,370
Difference b/t Apr & Mar: -$70,107
% of net profit to overall gross revenue: 41%
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: Revisiting Covid-19 Relief Efforts for Businesses
As we enter our third month of the Covid-19 outbreak there are still many businesses shut down completely, and others who are open but severely impacted.
Almost every business has felt some negative effects of the pandemic, and this month I want to use this space to give an update on what help is available to businesses who have taken hard hit. I also discuss what you can be doing to survive, and ultimately thrive again once this has all passed.
EIDL: Economic Injury Disaster Loan
EIDL was part of the original CARES Act stimulus plan.
If you remember, they were going to give out a $10,000 grant that did not need to be repaid, and then any additional funds businesses needed, up to $2 million, would be given as a loan on very favorable terms.
First the bad news: the $10,000 grant turned into $1,000 per employee, or a flat $1,000 for those without employees. So most businesses got far less than expected.
Additionally, they are no longer taking applications for EIDL funds as they have far more in the queue than there is money available.
The good news is that the additional round of stimulus funding did provide more money for EIDL, so if you had previously submitted an application, then there is a decent chance you will still receive some money.
One way to find out if you are getting close to any EIDL funds is to check your credit report and see if the SBA has pulled your credit. If they have, you are likely to get those funds very soon.
PPP: Paycheck Protection Plan
PPP was the big one, which gave businesses impacted by the pandemic a forgivable loan up to 2.5x their average monthly payroll costs, or 2.5x their average monthly profits if a sole proprietor or independent contractor.
First, good news on this: we saw many businesses receive critically needed funds from this program. It surely kept some businesses afloat that would have otherwise gone under.
The bad news: the funds ran out incredibly quickly. They added an additional $300B to the program and it is still nearly gone less than a week later.
However, they are still taking applications for this program, so you may still have a shot, and there are two things I would recommend if you are still trying to get PPP funds.
- Apply through multiple banks. Some banks are getting applications in faster than others, and until the SBA has an application on file for you, a bank will send your application through. There is no danger in doing this. If one bank has already submitted your application and another bank tries, they will simply get a rejection saying your EIN has already applied.
- PayPal is by far the best place we have seen people apply through. They process applications extremely quickly and they fund the loan as soon as it is approved. I highly recommend applying through PayPal for as long as they take applications.
Unfortunately unemployment remains a complete, overwhelmed disaster. The only thing I can continue to recommend here is to call in relentlessly, hundreds of times a day if needed, until you talk to someone who can help.
The good news is most states have begun processing the additional $600 a week the Federal government kicked in. Be relentless here and get the benefits you are entitled to.
Most eligible people have received their stimulus checks at this point. If you feel you are eligible and you have not yet received your money, then you can check on the status of your stimulus check.
One big thing to note that the government hasn’t done a good job of making known is if you owed money on your most recently filed return, you will need to login to that site and update your banking information in order to receive your money.
Make sure you have your most recent return ready to answer the questions they ask. For families especially this is a decent amount of money, so make sure you are getting what you are eligible for.
I’ll end this essentially the same way we did last month: to survive this pandemic as an entrepreneur you need to fight. You need to be persistent. You need to innovate like you never have before.
There are entrepreneurs coming up with brilliant ideas for making money during this crisis, and the key to remember is there are still a lot of people out there with money to spend.
You need to find a way to deliver them your product or service under the current conditions. It’s not fair what has happened, but it’s each of our responsibilities to figure out how to survive under the conditions we’re in!
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
JLD inks a deal with HarperCollins!
JLD here, and I have some exciting news to share :-)
I officially inked a deal with HarperCollins to write my first traditionally published book.
I’ve created four journals now: The Podcast Journal, The Freedom Journal, The Mastery Journal, and the 100-day Goal Journal.
All four have proven to be a great experience and success.
I also published an eBook way back in 2012 called Podcast Launch, which is still a top-ranked book on podcasting in Amazon.
Up until this year, I never had the desire to write a ‘traditional’ book.
I wanted to wait until I had built a business that would withstand the test of time and that had proven itself to be financially successful on a consistent basis.
Entrepreneurs on Fire has now been rocking it for eight years, and for the last six we’ve netted over 7-figures in revenue each year.
I believe that track record shows we’ve withstood the test of time and have been financially successful on a consistent basis.
Now it’s time to share what I’ve learned along the way in a single place: this book.
Always ask your audience
For my book title, I went to those whose opinion matters most to me: YOU.
I had four proposed titles, but in our Fire Nation survey there was one clear winner.
The Common Path to Uncommon Success
Your guide to financial and lifestyle freedom
This book will share every step you need to achieve the financial and lifestyle freedom you desire.
Warning: this book will piss some people off.
I don’t care.
Sometimes the truth hurts, and this industry is in need of a little shakeup.
I am currently using The Mastery Journal to complete this book by my deadline of July 30th.
The launch will be in the Spring of 2021.
I would love for you to follow along, so please subscribe to our interest list and I will send you updates and sneak peeks along the way!
Don’t forget to subscribe to The Common Path to Uncommon Success interest list, and thank you in advance for your support, Fire Nation!
Biggest lessons from our biggest affiliate launch
We shared loads of the behind-the-scenes from our experience with the Knowledge Broker Blueprint launch in our March 2020 income report.
In this months income report you’ll see the reflection in our actual numbers. We’ve never had expenses this high, and we’ve never had a % of net revenue to overall gross revenue this low.
Want to read more about how we got ourselves here? Multiply the launch review we shared with you last month in our income report by 100x the detail and you’ve got our full recap, Lessons Learned From Our Biggest Affiliate Launch.
KBB Bonus Experience
On the heels of the KBB launch we opened up our bonus experience, which includes (among other things) one-on-one calls, interviews, and a 4-week virtual mastermind inside a private Facebook Group.
We took this year’s bonus experience to the next level – made possible by our partnership with Jill & Josh Stanton from Screw the Nine to Five – and have offered up daily implementation and office hours calls inside our private group.
This has been an absolute game-changer for so many of our KBB students. If you think about the everyday roadblocks, questions, and pivots you come up against as a business owner looking to launch something new, then you can imagine having someone to talk to every day of the week is incredibly helpful.
And these calls have taught us a ton, too – not just about the struggles our audience faces, but about the questions and the approach our audiences uses when it comes to putting together an offer.
It’s given us a lot to think about and consider when it comes to what we offer our audience right now, and it has been an incredibly rewarding experience to say the least.
Product/Service Income: $121,208
TOTAL Journal sales: 401 Journals for a total of $10,654
The Freedom Journal: Accomplish your #1 goal in 100 days!
- TheFreedomJournal.com: $135 (3 Hardcovers & 0 Digital Pack)
- Amazon: $3,092 (132 Freedom Journals sold!)
- Total: $3,227
The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!
- TheMasteryJournal.com: $60 (0 Hardcovers & 2 Digital Packs)
- Amazon: $3,768 (154 Mastery Journals sold!)
- Total: $3,828
The Podcast Journal: Idea to Launch in 50 Days!
- ThePodcastJournal.com: $0 (0 Hardcovers & 0 Digital Pack)
- Amazon: $3,599 (110 Podcast Journals sold!)
- Total: $3,599
Podcasters’ Paradise: The #1 Podcasting community in the world!
- Recurring: $15,107 (152 recurring)
- New members: $11,813 (29 new members)
- Total: $26,920
Real Revenue: Turn your BIG IDEA into Real Revenue
- New members: $825
The Revenue Crew: An Elite Mastermind ON FIRE!
- Currently closed to new members
Podcast Sponsorship: $82,490
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: $145,880
*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: $23,247
- Audible: $106
- BlueHost: $330 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: $21,693
- Coaching referrals: $1,000 (email me for an introduction to a mentor for overall online business or a Podcast focused mentor!)
- ConvertKit: $60
- Disclaimer Template: $58 (legal disclaimers for your website)
- Fizzle Mastermind: $0
- Virtual Staff Finder: $0
Courses for Entrepreneurs: $120,632
- Knowledge Broker Blueprint by Tony Robbins: $119,917
- Create Awesome Online Courses by DSG: $582
- Rick Mulready’s Facebook Marketing Course: $133
- Amy Porterfield’s Digital Course Academy: $0
Resources for Podcasters: $637
- Pat Flynn’s Fusebox Podcast Player: $18
- Podcasting Press: $62
- Designrr: $0
- Splasheo: $247
- Tim Paige’s Make My Intro: $0
- Libsyn: $245 (Use promo code FIRE for the rest of this month & next free!)
- UDemy Podcasting Course: $65
Other Resources: $1,364
- Amazon Associates: $197
- Other: $1,167
Total Gross Income in Apr: $267,088
Business Expenses: $152,650
- Advertising: $128,000
- Affiliate Commissions (Paradise): $1,359
- Accounting: $961
- Cost of goods sold: $9,619
- Fulfillment (Shipwire): $1,743
- Design & Branding: $0
- Dues & Subscriptions: $95
- Education: $101
- Legal & Professional: $40
- Meals & Entertainment: $78
- Merchant / bank fees: $1,472
- Amazon fees: $3,930
- PayPal fees: $375
- Shopify fees: $6
- Office expenses: $3,641
- Community Refunds: $291
- Promotional: $347
- Travel: $0
- Virtual Assistant Fees: $3,600
- Website Fees: $269
Recurring, Subscription-based Expenses: $6,068
- Adobe Creative Cloud: $100
- Boomerang: $50 (team package)
- Authorize.net: $70
- Cell Phone: $0
- Google Suite: $60
- Internet: $100
- eVoice: $10
- Infusionsoft CRM: $241
- Insurance: $648
- Libsyn: $162
- Linktree: $6
- TaxJar: $19
- Taxes & Licenses: $523
- DocHub: $60 (annual fee)
- SEO & Marketing: $3,770
- Zapier: $15
- Xero: $30
- Zoom: $204 (annual fee)
Total Expenses in Apr: $158,718
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 Apr 2020: $108,370
Biggest Lesson Learned
Focusing on the 80/20 Rule
Sometimes we receive powerful reminders of strategies or guidelines we already know about (and love and believe in), but that we aren’t actually practicing.
And because so much of our normal daily life and the routines we hold so close have been disrupted over the past couple of months, I believe many of us are experiencing this same thing.
We know what we want and need to do, yet we find ourselves struggling internally or mentally to actually do it.
I’ll be the first admit: I found myself struggling with this in April.
And this is why I so highly value and appreciate the systems and processes we have in place in our business, because while now would be a perfect time for good habits and positive reminders to quickly be forgotten, my systems and processes won’t let that happen.
And this month I was reminded by my systems and processes of the 80/20 rule: a strategy I know about, love, and believe in, but that I haven’t been very good at actually practicing.
It’s proven to me by the content in our income report – not just in the dollars and figures, but in the actual content. I’ve dedicated the same amount of time to our business, yet I don’t feel the results show it. I’ve spent too much time on activities and projects that don’t go towards creating our biggest impact.
Maybe this is a reminder you could use right about now, too. Yes, we’re in unusual times, but that doesn’t mean our good habits and those positive reminders have to be forgotten.
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.