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/income113, and IGNITE!
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Resources
CPAOnFire.com – Accounting, Tax & CFO Services for entrepreneurs.
David Lizerbram – If you want to discuss the legal ins and outs, feel free to contact David!
PodFest Expo – Podfest Expo is a community of people who are interested in and passionate about sharing their voice and message with the world through the powerful mediums of audio and video.
3 Value Bombs
1) Implementing the right accounting software will help you immensely.
2) It is important to conduct a 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.
3) 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.
Sponsor
HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[00:53] – Income review
- 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%
[01:34] – Ron’s January Tax Tip: Accounting Software
- Hire a financial professional as soon as you can afford it.
- Accounting software you may want to consider:
- 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.
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs
[7:18] – David Lizerbram’s January Legal Tip – Can I Use AI To Come Up With a Trademark?
- 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.
- According to ChartGPT – 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, registerability and enforceability of a trademark.
[10:15] – Thanks to our sponsor!
- HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
[10:54] – What Went Down In January: Interview of the Month w/ Corey Poirier!
- How to Speak, Write and Interview Guest Your Way to Millions with Corey Poirier
- 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!
[12:14] – PodFest Expo
- 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.
- Check out our top recommended events, top conferences for entrepreneurs.
[17:59] – January 2023 Income Breakdown*
- 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%
[18:54] – Biggest Lesson Learned: Support is a must
- 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.
- 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…
[22:11] – Thank you to our Sponsor!
- HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!
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