A unique and special episode! Fire Nation, I tune in to a lot of podcasts, and one that I listen to is called Marketing School by Neil Patel and Eric Siu. Not long ago they did a podcast about the cons of creating income reports, and they mentioned myself and Pat Flynn – in a friendly way, of course. So I created this episode as a response to their episode, where I discuss both sides of the equation: the pros and the cons of creating income reports.
3 Value Bombs
1) Pro: creating income reports helps us make sure we’re running the most profitable business we know how.
2) Pro: Our income reports help you, Fire Nation, avoid the mistakes that our team experiences – and also give you the opportunity to try out the things that are working for us right now!
3) Pro: It allows us to deliver a legal and tax tip via our legal counsel and our CPA – adding even more value for you!
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(click the time stamp to jump directly to that point in the episode.)
Today’s Audio MASTERCLASS: Are publishing income reports a bad idea?
[02:30] – Why does JLD publish income reports?
- Back in 2011, he came across Pat Flynn, who was sharing his income reports by delivering value to his audience. John told himself that if he came to a point where he is generating significant revenue, then he would also share how he did it to help others.
- October 2013 was when JLD and Kate shared EOFire’s first income report.
- JLD’s lawyer and CPA are also part of these income reports.
[04:10] – Why does JLD love publishing income reports?
- It holds us accountable – we want to have our finger on the pulse of every part of our business.
- Transparency – we want you to know what we know! We want you to know what’s working for us right now.
[07:37] – A few reasons why Neil and Eric say doing income reports are a bad idea.
- People can copy your business ideas.
- It will bring more competition.
- You can be sued.
[10:50] – Marketing School Podcast Episode: “Why you shouldn’t share your income”
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