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/income82, and IGNITE!
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Resources
Gusto – Supporting small businesses through the ups and downs with easy, modern payroll and benefits.
The Common Path to Uncommon Success – Enter your email for updates & behind-the-scenes sneak peeks!
3 Value Bombs
1) Keep your finger on the pulse; value your community’s perspective.
2) Always ask, ask, ask. Get people involved.
3) Puppy Love is the best!
Sponsor
Thrivetime Show: Looking for a business coach who has helped thousands of entrepreneurs just like you to increase their profitability by an average of 104% per year? Schedule your free consultation today with Clay Clark at ThrivetimeShow.com/fire!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[00:15] – Income review from JLD
- Gross Income for June: $171,682
- Total Expenses for June: $39,540
- Total Net Profit for June: $132,142
- Difference b/t May & June: -$68,809
- % of net profit to overall gross revenue: 77%
[2:11] – Monthly tax tip from CPA On Fire, Josh Bauerle
- The Potential Tax Benefits of an S Corporation.
- Pay yourself a “reasonable” salary.
- What constitutes a reasonable salary? – It is not simple as writing yourself a check. Use a Payroll Service like Gusto
- Determine how much to pay yourself.
- Reach out to Josh anytime: Josh@CPAOnFire.com
[8:20] – What went down at the Entrepreneurs On Fire studios in June
[8:22] – The Common Path to Uncommon Success
- Keep your finger on the pulse; value your community’s perspective.
- Kate shares a poll from 2014 they ran in Podcasters’ Paradise.
- The Common Path to Uncommon Success book cover.
- Sing up for updates and a behind the scenes look at John’s upcoming book!
[23:24] – Thanks to our sponsor, Thrivetime Show!
[24:43] – Virtual Mastermind: Legacy Builders
- Virtual Mastermind led by Nick Unsworth and Bryan Dulaney.
- The 3-day virtual event was 100% LIVE, which made it very engaging and interactive!
[35:05] – Income breakdown from JLD
- Gross Income for June: $171,682
- Total Expenses for June: $39,540
- Total Net Profit for June: $132,142
- Difference b/t May & June: -$68,809
- % of net profit to overall gross revenue: 77%
[37:30] – Biggest Lesson Learned – Puppy Love is the BEST!
- We welcomed a new member to the family, Gus.
- We read puppy books and took a puppy course to help with training Gus.
- Gus was sent to a puppy training here in Puerto Rico; he is a smart dog!
- Puppy Love is the best!
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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