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/income67, and IGNITE!
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Detailed income report for March 2019!
Every entrepreneur needs to read the book Profit First by Mike Michalowicz!
Looking for a CPA or have questions about your business setup? Contact our CPA, Josh!
Looking for legal help or have questions about trademarking? Contact our legal counsel, David!
Ready to start your own podcast? Join us in our Free Podcast Course :)
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Time Stamped Show Notes
(click the time stamp to jump directly to that point in the episode.)
[0:35] – Income review from JLD
- Gross income: $155,405
- Expenses: $27,735
- Net income: $127,670
- Difference between Mar and Feb: -$40,439
- Check out our detailed income report for March!
[1:50] – Monthly tax tip from CPA On Fire, Josh Bauerle
- Josh shares his biggest lessons learned from tax season
- You have to have proper bookkeeping – so many people aren’t doing this! Xero, QuickBooks – get an online bookkeeping software at the very least
- Every entrepreneur needs to read the book Profit First by Mike Michalowicz
- No one cares about your business as much as you do! Even if you’re hiring professionals, you still have to
- Major tax law changes from back in 2017 – good news!
- Contact Josh!
[9:20] – Legal tip from David Lizerbram
- Should I register my logo as a trademark?
- David breaks down who should register
- Tune in to hear David break down what you’ll need to register your logo as a trademark
- Contact David!
What went down at the Entrepreneurs On Fire studios in March!
[13:10] – Podfest 2019
- Kate breaks down the activities her and John participated in leading up to Podfest in Orlando, FL, including Island of Adventure
- John did the opening keynote at Podfest, Podcasters’ Paradise had a booth in the expo area, Kate did a breakout session, and the event wrapped with the Roast of John Lee Dumas – tune in to hear about the Roast!
- Shout out to the founders of Podfest, John Dennis and Chris Krimitsos
- Kate & John talk about some of their biggest takeaways from the event
- The impact of connecting with people in person
- Podcasting is a marathon, not a sprint
- There are so many opportunities that come as a result of podcasting – so huge!
- John: Don’t focus on getting bigger, focus on getting better
- Ready to start your own podcast? Join us in our Free Podcast Course :)
[28:30] – Gimlet Media acquisition
- John invested in Gimlet Media during their first seed round, and with their recent acquisition by Spotify John turned $10k = $143k!
- He also invested in the second round – another $10k, and turned that into $45k
- Spotify has purchased Gimlet, Anchor and more! …and they say they’re not done yet
- Kate asks John whether he was “ready” to make that initial investment
- Kate talks about Spotify’s partnership (or whatever it is) with Hulu and how many interesting things are happening
- Podnews – daily podcasting newsletter
- Pod to Pod – weekly podcasting newsletter
[38:30] – Income breakdown from JLD
[40:30] – Our Biggest Lesson Learned in March: The power of awareness!
- How each of us as individuals deals with roadblocks and struggles is different
- What’s a constant is that we each have full control over how we proceed when we come up against roadblocks and struggles
- Create that space – that awareness – so you’re able to proceed in a productive way
1) Free Podcast Course: Learn from JLD how to create and launch your podcast!
2) Your Big Idea: Follow JLD’s FREE training & you’ll discover Your Big Idea in less than an hour!
3) Funnel On Fire: Learn how to create a funnel that converts!