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/income103, and IGNITE!
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Guest Resources
CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
LizerbramLaw.com – Business Attorney & Legal Strategist.
3 Value Bombs
1) Behind every successful entrepreneur is a financial relationship that helps guide that person through their journey.
2) Every case is unique in the trademark world. So before you do anything, it’s important to evaluate whether or not there is a real infringement.
3) Without patience, calm, and confidence, negativity and stress can take over fast.
Sponsors
HubSpot: Learn how to grow better by connecting your people, your customers, and your business at HubSpot.com!
Thinkific: Create more income, more freedom, more time, and make more of an impact on the world by creating an online course! Get started with Thinkific for free at Thinkific.com/eof!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
[00:05] – Income review
- Gross Income for March: $212,005
- Total Expenses for March: $16,461
- Total Net Profit for March: $195,544
- Difference b/t March & February: +$30,187
- % of net profit to overall gross revenue: 92%
[02:27] – Ron’s March Tax Tip: When Should I Hire a Full-time CFO?
- Behind every successful entrepreneur is a financial relationship that helps guide that person through their journey.
- By meeting with your tax professional every quarter, you are able to revisit your tax plans and course correct if necessary.
- When you get into the multiple 6-figures of revenue ($500k+) and are planning to continue growing your business, that is when you will want to go from having just a bookkeeper to more of a financial advisory professional / CFO.
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
[9:58] – David Lizerbram’s March Legal Tip: Cease and Desist!
- Ownership of a trademark (whether or not it has been registered with a trademark office, such as the United States Patent and Trademark Office) gives the owner the right to prevent competitors from using an identical or confusingly similar mark.
- Every case is unique in the trademark world.
- A cease and desist letter written by an attorney will contain details about:
- Who you are,
- What trademark or marks you own, and.
- Why you believe the recipient is infringing on your rights.
- LizerbramLaw.com – Business Attorney & Legal Strategist – reach out to David to learn more!
[14:30] – What Went Down In March – Trip Recap!
- John embarked on a 3-week trip to Europe.
- John bid adieu to his groomsmen and flew to Switzerland for a 3-day recovery pitstop.
- John spent the next 10 days hiking through the countryside of Italy from Orvieto into Rome.
[17:44] – Thanks to our sponsors, HubSpot, and Thinkific!
[20:12] – Projects, planning and more!
- While John was in Europe, Kate was holding down the fort in Puerto Rico!
- Kate was very busy with their land and house projects.
[23:55] – March 2022 Income Breakdown
- Gross Income for March: $212,005
- Total Expenses for March: $16,461
- Total Net Profit for March: $195,544
- Difference b/t March & February: +$30,187
- % of net profit to overall gross revenue: 92%
[25:05] – Biggest Lesson Learned: Patience, Calm, Confidence
- Without patience, calm, and confidence, negativity and stress can take over fast.
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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