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/income87, and IGNITE!
CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs
LizerbramLaw.com – Business Attorney & Legal Strategist
The Common Path to Uncommon Success – Sign up for updates and behind-the-scenes sneak peeks!
NGNG Enterprises – For High-Performance Website Design, Marketing, Live Streaming, and Book Launches.
3 Value Bombs
1) There are far more important reasons to donate your hard earned money than the possible tax deductions. But that doesn’t mean you shouldn’t also maximize your good deeds to reduce your tax bill where possible!
2) Projects are tough, but choosing the right team can help you keep things on track.
3) Choose a word for the New Year to help keep yourself on track!
Thinkific: Join Thinkific’s first ever 5-day Course Challenge and walk away with a complete blueprint for your online course that you’ll be ready to put into action! Sign-up for this FREE challenge today at Thinkific.com/fire!
**Click the time stamp to jump directly to that point in the episode.
[00:11] – Income review from JLD
- Gross Income for November: $186,046
- Total Expenses for November: $23,459
- Total Net Profit for November: $162,587
- Difference b/t Nov & Oct: +$51,517
- % of net profit to overall gross revenue: 87%
[01:59] – Josh’s November Tax Tip: Can I Deduct Charitable Donations?
- Summary of how the deduction works, what donations qualify, and who can take it:
- Charitable donations are a tax deduction, not a tax credit
- What exactly qualifies as a deductible donation? – The IRS requires the donation to go to a 501(c)(3) in order to qualify.
- What has changed with the CARES Act? – For 2020, the IRS will allow up to $300 in what they call “above the line” deductions for qualified donations.
[08:12] – David Lizerbram’s November Legal Tip
- A Year-End Review: Legal Matters to Keep in Mind
- Annual Compliance
- State-by-State Compliance
- Intellectual Property Audit
- Contract Review
- Lease Review
- Financial Forecasts – Include Legal Costs
[15:17] – What Went Down In November – We Hired a Book Launch Manager!
- We are preparing for John’s book launch, The Common Path to Uncommon Success – and we hired a launch team!
- Led by Amber Vilhauer and her team over at NGNG Enterprises, this launch is shaping up to definitely be ON FIRE!
- The Common Path to Uncommon Success – Sign up for updates and behind-the-scenes sneak peeks!
[20:36] – Why we’re already working on a launch that doesn’t happen for 3 more months…
- Pre-order logistics
- Bulk buy packages
- Pre-order sales page
- Pre-order bonuses
- Influencer outreach
- Guest & fan outreach
- Follow up campaigns…
[26:48] – The Common Path to Uncommon Success Gets a Makeover
- After sending out an email and asking for YOUR input, we now have our final book cover.
- Check our final book cover here – EOFire.com/income87
[29:02] – Our Podcasters’ Paradise course is under review!
- We ran a poll in our Private Facebook Group and have asked for feedback via our weekly digest.
- We will update our current content, and the goal is to complete this by the New Year.
[32:53] – November 2020 Income Breakdown
- Gross Income for November: $186,046
- Total Expenses for November: $23,459
- Total Net Profit for November: $162,587
- Difference b/t Nov & Oct: +$51,517
- % of net profit to overall gross revenue: 87%
[34:24] – Biggest Lesson Learned – Choosing a Word for the New Year
- Choosing a word for the New Year is a way to help keep yourself on track!
Boom, shake the room, fire nation. JLD here with the income report for November, 2020 in fire nation. Our gross income for November was $186,000. Our total expenses were 23 K for a net profit of $162,587, which is a $51,000 increase over last month. And our percentage of net profits to overall gross revenue, wait for fire nation 87% fantastic. Our second best ever. And then today's income report. There's a lot of great things we're gonna be talking about. We're going to be bringing on Josh, Mr.
CPA on fire himself talking about, can you deduct charitable donations, David lizard Bram. Our lawyer is going to be talking about a year end legal review. We're going to be sharing the exciting news that we hired a book launch manager for the common path to uncommon success. My book that is going to be published on March 23rd, 2021. And we'll be talking about the details behind that hiring and then a last minute cover change for the common path. Uncommon success. We'll talk to you about why that transpired and so much more fire nation. When we get back from thanking our sponsors, grow your online business with online courses, by jumping into Thinkific five day course challenge today over five days, you'll hear from inspiring speakers who will walk you through the whole process.
0 (1m 33s):
So you'll know exactly where you're headed. Sign up for this free challenge today at thinkific.com/fire that's T H I N K I F I C.com/fire. Did you know that 97% of text messages get opened in 90% are opened within three minutes. You need to be texting your customers and podium can help for a limited time sign up for 20% off your plan at podium.com/fire or fire nation we're back and as promised, we are going to bring on Josh of CPA on fire.com to talk about, can you deduct charitable donations very relevant to this time of year fire nation?
0 (2m 15s):
So Josh take it away.
1 (2m 17s):
Common questions we get this time of year is how much will charitable donations save me on taxes, right? We're getting to the end of the year, people start to look at their money. You start to get those forms in the mail to donate to charities. And it's natural to wonder how much will I save? Will this help me on my taxes? And for many people, especially after the tax law changes in 2018, the unfortunate answer is that those destinations will actually save you nothing on your taxes, right? In the past, in order to deduct those donations on your tax return, you'd have to do what they call itemize. And this is just a fancy tax term, but basically the IRS gives you two options on that return. If you take their standard deduction or you add up all of their itemized deductions, which includes things like mortgage, interest, state, property taxes, and charitable donations.
1 (3m 1s):
And if that number is higher than the standard deduction, you take the itemized deduction, right? There's we could get deep into the woods there, but that's the key to remember itemized versus standard, right? In 2018, they doubled the standard deduction, which means for the majority of people, I think the last I saw was something like 80% of the people. The standard deduction is better than the itemized deductions, which means they don't deduct anything for charitable donations. But as part of the cares act that they passed during the coronavirus earlier this year, Congress changed the wall to allow a bit more freedom and deducting those donations. All right? So as many of you look at who, what and how much to contribute those donation dollars. Here's a summary of how the deduction works, what donations qualify and who can take it.
1 (3m 46s):
So the first thing to keep in mind is that charitable donations are a tax deduction, right? They are not a tax credit. This means it lowers your taxable income. It is not a dollar for dollar tax savings, right? So just looking at an example, if you had $100,000 in taxable income, let's say you'd have a job where you make a hundred thousand dollars, you donated $10,000 to a qualified charity. And let's assume in this case that you itemized deductions, you don't take the standard deduction. Those donations will reduce your taxable income down to 90,000. All right? So you're paying taxes on 90,000 instead of a hundred thousand because of your $10,000 as a nation, they will not reduce your taxes owed by $10,000, right?
1 (4m 27s):
That's where a lot of people get mixed up. They think, all right, I donated $10,000 to charity. I'm paying $10,000 less in taxes, not the way it works. This is very important distinction as you're going to save, roughly, in this case, let's say $2,500 in taxes, not 10,000. Okay. So always remember it's a deduction, not a credit. The next important thing to look at is exactly what qualifies as a deductible donation, right? It's not just, I gave money to somebody. That's a donation. There is requires a donation to go to an actual five Oh one C3, right? And that's just the term for the IRS approved, not, not for profit organization or this means money that is donated to an individual or a company.
1 (5m 6s):
Even if it's someone in dire need that. If you see you have a friend, who's just, they have no money. They're they're, they can't survive without these donations. If you go give them $10,000, you're not going to get a tax deduction for that. In fact, it could actually trigger a tax liability for you as the donor, right. Which we've talked about before gift tax. So if an organization she's asking you for a tax deductible donation, they should be able to clarify that they are in fact five Oh one C3 and that it will be tax deductible. And if that's the case, they should also issue a donation slip either at the time of donation or at year end showing what your total donation is. Right? So your church probably does this. So they'll give you donations a summary at the end of the year saying, Hey, you contributed $10,000 to us through the year, whatever it is.
1 (5m 51s):
Right? So if you're donating items instead of cash. So think of like close to Goodwill, your donation amount will be based on the market value of what you were donating, right? So if you donated 16 bags of clothes to Goodwill, you're going to have to do kind of a rough estimate and Goodwill should be able to help you out here and say, all right, those, those bags of clothes were worth a thousand dollars. And that's what your deduction will be. Okay. So just, you got to make sure that it's to a qualified IRS approved. Non-profit finally, what's, what's changed with the cares act that we talked about. Well, unfortunately it's not a huge change, but they are offering a little bit of help for those who wanted the donation deduction, but they don't actually itemize. So for 2020, the IRS is going to allow up to $300.
1 (6m 32s):
All right. And I know $300 woo-hoo, but they're gonna allow up to $300 in what they call above the line deductions for qualified donations. And this simply means that you can take both the standard deduction plus that $300 donation. All right. So for the huge chunk of people that take the standard deduction, they don't itemize, they still want to donate. They can do up to $300 and still take a deduction even with taking the standard deduction. Right? So, and again, please remember this is not a $300 reduction in taxes. It's a $300 reduction in taxable income, which will save you whatever your tax rate is on that. So 20, I would estimate 25% of $300 is what that will save you. Right? Everyone that'd be a little bit different, but it's again, a deduction, not a credit, right?
1 (7m 14s):
So not huge, nothing. That's going to drastically change your finances, but at least a nice little bonus for those who want to make a donation, but don't itemize, right? So obviously there are far more important reasons to donate your hard earned money than the possible tax deductions that go with them. There's plenty of things to look at organizing organizations in need, helping the greater good, all that great stuff, all the reasons you donate to charity or what that does not mean. You should not also look to maximize your good deeds and reduce your tax bill in the process. Right? If you can get both, you can get the best of both worlds, go for it, follow these steps. And you'll be able to get a nice donation to a qualified charity in need, and also take that tax deduction as always, you can reach out to me directly, [email protected] or they can check out our website for plenty of free resources, CPM fire.com,
0 (8m 2s):
Josh, as always thanks, dropping those value bombs and fire nation CPA on fire.com. Check it out for all of your accounting needs. Now we're moving on to David at lizard brands, November legal tip. And I teased this in the intro. We're going to be talking all about a year end review and specific legal matters to keep in mind. So what's up David and take it away.
2 (8m 28s):
Hey, everybody hope everybody's doing well. Well, as another year comes to an end, there are always business law matters that demand your attention. I'm sure you've got a lot else on your mind right now, but you know, you got to focus on that to do list and the to-do list is going to vary depending on the needs of your specific business. Here are some items that tend to apply to most businesses as the calendar turns over to a new year. Of course, I'm happy to help with any of these matters. So first let's talk about annual compliance. If you've registered to do business as a legal business entity, like an LLC, a corporation, a limited partnership, even a nonprofit, be sure to review your annual compliance obligations. Many businesses require minutes of annual meetings.
2 (9m 11s):
That depends on the filing in your state and how your company is set up, but make sure to have the meetings, create the minutes and keep them on file. It's also a good idea annually to check to confirm that your business is in good standing in the state in which it was formed. If you end up needing a loan or something else might come along where you need to prove that your business is in good standing, you want to bring in a partner or sell the business or something you don't want to find out. Oh no, we're not in good standing. That's a big scramble and not a lot of fun. Most States require the filing of a statement of information or annual report on an annual or biannual every other year basis. Letting the slip in the year-end rush may cause your business to fall out of good standing, which can be costly and time consuming to remedy.
2 (9m 52s):
You may also need to renew an agreement with a registered agent and update any local or state permits. So that was all kind of under number one. Number two is state by state compliance. So if you're doing business in a state or States, other than the state in which your company was legally organized, you may need to file as what's called a foreign entity in the other States and foreign in this case just means from another state in the U S not from another country. So let's say you're registered in New York. You're you're you have a New York LLC, but you have an office or you're doing some substantial amount of business in California. Well, you may need to file to do business in California or Arizona, or you name it.
2 (10m 32s):
Any of the state, you can think of when exactly that's required is outside the scope of this conversation. But a year-end review is a good time to ensure that you're in compliance, not just locally, but wherever you're doing business. The next topic is the intellectual property audit. This is also a good time to review your company's IP portfolio to ensure that you're fully protected. So for example, if you created any new products or services or brand names over the last year, trademark filings may be recommended a few of newly created content like written content, audio, video podcasts, you name it that may be eligible for copyright protection. Any new inventions or discoveries could give rise to a patent filing.
2 (11m 14s):
And finally, don't forget to ensure that your company's valuable trade secrets are protected by contracts and other means. So we've got copyrights, trademarks, patents, trade secrets, a lot of things to think about in terms of your company's intellectual property. Next up is contract review. So many of your company's important contracts will have expiration dates or renewal deadlines. People tend to forget about these things. Unfortunately did that contract, you signed a few years ago, require that you give notice of intent to renew. Now's the time to double-check each of your most important business agreements to ensure that they will continue to be in place or to renew or renegotiate them as necessary. Next up is lease review.
2 (11m 54s):
So similarly leases often include deadlines, option periods and renewal notice requirements. So whether it's an office lease or the lease of a vehicle that's attributed to your business or business equipment, make sure those deadlines are all attended to and taken care of. And finally, we get to financial forecasts which include legal costs. Finally, you know, you're doing your financial planning for the next year. Be sure to include a reasonable estimation of legal costs. If any of the items that I listed before are going to require a particular attention in the new year, it's important to budget accordingly. I hope you have a fantastic and prosperous new year. If you have questions about any of the items above or any other end of year legal planning issues, feel free to contact me.
2 (12m 36s):
David lizard Bram. If you Google David lizard Bram, and you get even close on the name, you're definitely gonna find me. And I look forward to speaking with you. Bye.
0 (12m 43s):
What a great wrap up there. Number one, annual compliance. Number two, state by state compliance. Number three, intellectual property audit number four, contract review number five, lease review and number six, financial forklift forecasts, including legal costs. And of course by our nation, you can always check out all the details on our income reports, but you can find it. You will fire.com/income. So thank you, David so much for joining us. And now we're going to get into what went down in November. But first we're going to take a minute to thank our sponsors. Did you know that 97% of text messages get opened and 90% are opened within three minutes. You need to be texting your customers.
0 (13m 23s):
If you're spending time on the phone, scheduling appointments are in a tight battle with your competition, or you need to convert more sales from your website. You need podium. Podium is a business messaging tool that brings all your messages into one centralized inbox. Your whole team can access empowering you to save time while responding to your customers. Faster podium is helping all kinds of businesses serve their customers at the highest level, including doctors, mortgage brokers, insurance agents, lawyers, retailers, and more, whatever your business does, podium can help. And podium customers have seen fantastic results. One plumbing company converted 60% of their web traffic into leads and a national retailer collected over 18,000 reviews across this locations. And for a limited time, you can sign up for 20% off your plan. They're so confident that if podium doesn't make your business better within 90 days, they will send you a $150 Amazon gift card by your nation.
0 (14m 9s):
Visit podium.com/fire to get started. That's 20% off. If you visit podium.com/fire Thinkific is the best platform to create market and sell your own online courses. And we speak from personal experience since moving our online courses over to Thinkific in 2017, we have welcomed thousands of new students into our courses. If you're currently training people or considering it as a business model, and you've got a book blog, coaching practice, YouTube channel or podcasts, then turning that into an online course can help you reach a wider audience, build revenue and make a bigger impact. And think of it is the perfect partner to have by your side. Plus Thinkific has an exclusive offer for you fire nation to join their free five day course challenge.
0 (14m 49s):
Over five days, you'll hear from inspiring speakers who have firsthand experience in building a thriving online course business, including myself, get ready to take all the guesswork out of getting started. One student who recently finished the challenge that said, this is an excellent course. It keeps you moving and takes a lot of the intimidation and confusion out of the process. I would highly recommend this challenge sign up for this free challenge today at thinkific.com/fire that's T H I N K I F I C.com/fire. We hired a book launch manager for the common path to uncommon success. My book that is launching March 23rd, 2021, and I'm going to bring Kate on right now, so we can go back and forth about why we made this hire and a few other details, Kate, what's going on?
3 (15m 40s):
Well, a hibernation. Holy, wow. December. How are we in December already? I don't know, but here we are. John's so excited too. I mean, I think another part of it is I I'm thinking about this book launch and as you know, obviously we've dove into so much of the pre planning and preparation and marketing planning and hiring this team. And like to think that the book launches in like at the end of March, but that we're starting now. That's a long runway.
0 (16m 16s):
It's a long runway. It is crazy to think that, you know, we're kind of starting this early in 2020 for a March 23rd, 2021 launch. But at the same time, like I'm looking at the calendar and we're talking to like Harper Collins and we're talking, you know, to this new book launch manager of ours. And we're kind of like, man, we're kind of on a tight schedule right now. Like we've got work to do so let's chat about,
3 (16m 39s):
Yeah, I guess that's the biggest eye-opener right. Is like, just this past week we were on a call talking about an option, like something that we could have added to our outreach strategy and we've like, we can't do it. It, the timeline will not allow for it. And I think that's where I kind of got thinking like, okay, wow. Sometimes it's like, when you talk about launching something or creating something, it's like, well, yeah, you just start doing it. You could do it like next month, but yeah, not so much with a traditional book launch. So I was just talking actually the other day with the mastermind that I'm in about the book launch.
3 (17m 18s):
And I'm just so excited to be experiencing all of these new kind of book, launch preparation things, because I feel like we're going to have so much to share with fire nation because this is all like very new to us. I mean, right now the timing that we're on has been a huge, eye-opener the timeline that we're on rather we're working on like pre-order logistics and how that all works and how books are like counted as sales or like group sales, bulk packages, the pre-order sales page, the pre-order bonuses, influencer outreach guest, and fan outreach. The videos that we just filmed this past weekend, John, you and I, the followup campaigns, the forms, the surveys, the questionnaires, like there's just so much that goes into it, but what an exciting project to be working on, because I know that we have such a stellar team helping us with this.
3 (18m 15s):
And that's what gives me the confidence and the excitement around all of these moving pieces because Amber
0 (18m 39s):
Well, number one, I do love that NG N G stands for no guts, no glory. And I've actually been a very good friend of ambers for going on five plus years right now. So I can remember hanging out with her back in 2015 in San Diego with our other buddy Greg Hickman and at a great conference called social media marketing world. And it's just been a really great friendship. That's blossomed over the years. In fact, it just last year, she brought down an amazing mastermind to our home here in Puerto Rico was Sally Hogshead and Michael McCalla wets and just like other all-star entrepreneurs. And we just had a fantastic long weekend hanging out and masterminding. And so of course, when HarperCollins and specifically my marketing partner there, Cecily and I were talking about PR and launching and all the things that we're going to need, I was like, well, you know, I'd love if you just jumped on a call with Amber and just have like a 30 minute conversation, you know, and, and just see if what she does would be valuable to what you are envisioning.
0 (19m 40s):
We're going to be doing with the common path to uncommon success. And what I expected to happen happens, they chatted Cecily fell in business love with hamburger and is super stoked. Amber is on the team and we all are, and it's just going to be a fantastic four ish months of working really hard in this coordinated effort to get the common path to uncommon success out to the world. And I might mention this once a month, once or more times, fire nation as we go through here. But if you want to be a part of this journey, make sure to head over to eofire.com/success, EOFire.com/success, join the common path to uncommon success interests lists.
0 (20m 23s):
So we can keep you updated on what's happening behind the scenes stuff, sneak peaks, some bonuses and gifts might even be involved over the upcoming months. So it's definitely gonna be worthwhile being a part of that. And of course, Kate and I would super, super appreciate it. So, okay. Why don't we kind of go through what we are currently working on to give fire nation in idea of just the effort that it takes to do something like this. I mean, I thought writing the book was a lot of work, maybe
3 (20m 49s):
The next level. Yeah, yeah, no kidding. Well, I mean, we mentioned, you know, that we just finished wrapping up recording a couple of videos this past weekend. So those videos are like for the pre-order page for the outreach that we're doing, you know, so that we have a video of you John kind of sharing with people, the vision that you have for this book, why you wrote it, who it can help. And you know, when we talk about recording videos and all this stuff, it's like, okay, yeah, like you hit record on, we used your amazing iPhone 12, which has such incredible picture and video quality, but it's easy to think like, Oh yeah, well you record a video.
3 (21m 32s):
So you just went out and hit record. But no, like we scripted that whole video and we followed like different prompts to make sure that we were including the right information in that video. And it has to open the right way and it has to close the right way and the call to action has to be right. And so in each of these things where it kind of sounds like, Oh yeah, well, of course you're going to do influencer outreach or like past guests outreach, where we're going to be sending emails to every one of the past guests of entrepreneurs on fire. We put together an influencer list of 300 people that we, you know, have really great relationships with and that we know would be so happy to support this launch. And every single part of that, isn't just like, Oh yeah, like grabbing all the names.
3 (22m 17s):
It's the communications that need to get crafted. It's the personalized videos that John's going to create for, you know, some of the influencer outreach that we're doing and you know, what goes on the sales page? What goes on the pre-order page? What type of bonuses do we want to offer for the pre-order? What kind of bulk buy packages do we want to put together? And each of those things where it might sound like a pretty simple step in the process, like we put together the pre-order bonuses that we're giving away. And then Amber, his team was like, okay, we've got the page ready for your guys's review. We're just going to need the links to the bonuses. And I'm like, Oh my gosh, no, I haven't.
3 (22m 58s):
So like create all of that stuff. I don't just have a links to share of, you know, these things. So there's so many different levels to a project like this, which is, I feel like it's just my zone. Like I love diving into this kind of stuff. You know, I could go on and on and on about how many different layers and things there are to all of these things, but fire nation, I'm just excited to be sharing this experience as we're going through it with you. And I don't want to give away too much, but I mean, the bulk buy packages we put together are insane. Like I'm really, really excited about those packages. I'm so happy with how they turned out. And I mean, just to like mention one of them, one of them's gonna include like a deep dive Dave podcast strategy with John, not only like an initial strategy session, but also a followup session we're putting together a six month mastermind for those who participate in the boat by packages, which is going to be next level.
3 (23m 60s):
I'm so excited for that already. And just so like even crafting those packages, you know, everything is so intentional and really requires a lot of like focus and concentration. And, you know, we created the boat by packages and then like 48 hours later, we went back and reviewed them again. And then we gave ourselves like another week to think about it and we've been improving it and tweaking it and sharing it with, you know, other members of the team to get their input. Wow. It really takes a village. And I'm just, I feel so grateful to have this team around us from Harper Collins, from Amber and all of her amazing team members. And of course me, and you
0 (24m 38s):
We'll say fire nation, Kate mentioned it. And she truly is in her zone of genius facilitating this whole thing. I mean, Amber is so lucky and she knows it. That's Kate is part of this process. I mean, Amber is probably never worked with an author that has such an amazing right hands man slash woman. And Amber is ecstatic about it as she should be. And Kate is just crushing this. So you definitely want to check out and be a part of it. I mean, the thing that Kate mentions as part of our bulk buy package is actually my favorite one. That's I know that so many of you listening right now can and should be a part of, and we specifically made it really within financial reach and that's being part of a six month mastermind with myself, with Kate, you're going to have access to us and a Facebook group we're talking daily, we're going to be bringing some of these 17 successful entrepreneurs that I had contribute to this book.
0 (25m 37s):
We had 17 also entrepreneurs, each contribute one massive contribution slash excerpt per chapter. And they're gonna be coming on and just dropping huge value during this mastermind and, you know, K9 just going to way, way over deliver on it. So if you've ever thought that like maybe a six month mastermind with myself, with Kate and with 17 other all-star entrepreneurs, people like Pat Flynn, Rameet, Satie Jeff Walker, Amy Porterfield saline. Sood so many amazing people. You just need to check out this bulk buy package and see which one works for you. And I really hope that at least this six month mastermind appeals to you for all the awesome reasons, and we'll be sharing the details on how to learn more about that coming up soon.
0 (26m 25s):
But of course, if you're on the EOFire.com/success list, you will be the first to know. So those that are limited quantities and there's limited quantities for these bulk buys, you'll be the first to know. So you'll have access to all of them before some of them are straight Gonzo. So Kate, anything you want to add before we move on to our make-over?
3 (26m 47s):
No, let's keep trucking. Keep on trucking
0 (26m 50s):
To the common path to uncommon success, getting a make over and a couple of months ago, thanks to you. Fire nation. A lot of other people pitching in on different polls that we had posted around the internets. We thought we had our final book cover for the common path, uncommon success, and we were wrong, you know, Kate and I liked it and we were going to go with it, neither of us love debts, but you know, we're like, Hey, you know, this is the winter. Let's just go with it. But to be Frank, our agents stepped in and they were just like, listen, we've done our own testing and we've looked at it and it's just not where it could be. And so they went back to Harper Collins and really squeezed them, which again is the greats reason to have this, this team, this village that Kate's mentioned a few times, because it was our agent that really put the pressure on our Harper Collins when frankly Kate and I probably, we, we definitely would not have, we were just going to go with what you know was the winner of the first round, but they went back, they really push and squeeze Harper Collins and Harper Collins really took it seriously.
0 (27m 52s):
And they said, Hey, we're going to really dig deep. And we're gonna come back with some new options. And they did. And they were very different and very cool in a lot of ways. And we went back to fire nation with the new ones and we did have a clear winner. So if you want to check that out, it's over at EOFire.com/income, 87 and fire nation. You can let us know and be honest, what you think of this change. So before we move on to Podcaster's paradise course under review Kate's what are you going to add it to this?
3 (28m 26s):
I think you summed it up beautifully. I'm excited for our new cover. Cause, well, I mean, I did like the last cover that we came to and I feel like the people who did weigh in on our previous final cover being the final cover, you know, they had some really great points about like why it was so awesome. And I kind of like, I saw that this one just feels more like you and it just feels more like it should be representing this book. So I'm really excited to hear what fire nation thinks when they check out the new update.
0 (29m 3s):
Awesome. Let's talk about Podcaster's paradise course under review.
3 (29m 8s):
Yeah. So another thing that I've been working hard on in November is about once a year, we take a look at, you know, all the things that are working really well for us and we brainstorm how to make them even better. I get asked so often, like, what's next for you guys? What are you launching next? What are you creating right now? And honestly, like, I feel so great about the fact that over the past couple of years, I feel like we've done a really awesome job of refining and improving what we already have. So, well, it might not be a super fun answer. I usually tell people we'll save the common path to uncommon success, which is coming up.
3 (29m 51s):
We aren't working on anything brand new. We are improving what we know already works. And what we know is serving people on a huge level. And right now my review is Podcaster's paradise. So since we launched Podcaster's paradise in October, 2013, we have been constantly making sure that the latest podcasting news, the most recent and top resources, the strategies, like all of those are being constantly delivered straight to our members. We get that question a lot too. Like people ask, well, do you update this course? Or is it, you know, you created at once and you don't update things like we are constantly updating the content and Podcaster's paradise.
3 (30m 36s):
And that's exactly what this once a year big overall review is to ensure that we've done across the board. So, and November, we ran a poll inside our private Facebook group. And we asked for feedback from our members about what was kind of like their biggest roadblock with podcasting right now. Were they really interested in learning more about what do they wish that we had inside the membership that we don't already have? And now that the votes are in and I've had multiple, multiple one-on-one conversations with members to, you know, kind of get even further inside their minds about what exactly they're looking for.
3 (31m 18s):
I've done an entire review of all of our current content compared it to what people are asking for. And so we have a lot of really awesome updates that are coming up. My goal is to have it done by the new year, but we'll see what happens once I get to the point where I can start creating that updated content. So I'm really excited for that. I love improving. What's already working really well for us. And I just feel like it's a great lesson for other businesses that you don't always have to be creating like something new or launching something new or starting from scratch with something like there's probably things in your business right now that are working really, really well, that if you put the extra time and effort in to see how they could be even better, that that could really serve you, your business and your audience at a very high level
0 (32m 13s):
In foundation, all I'll add to this is to really what Kate's saying as well. So many people just keep piling stuff on their plate, new, this new, that new, this new that. And then all of a sudden they're like really doing an average job servicing and updating all of those things. Hey, we've edited a few things were played over the years, but we've also taken a bunch of things off of our plate over the years when they've stopped being relevant or stopped to really working either financially or just making sense. Time-wise so always run these. And then when you can, and you have like a gem like Podcaster's paradise, which is the biggest and best podcast comedian in the world, get double down, triple down, quadruple down, and you just keep making it the best you keep it in the number one position.
0 (32m 53s):
So financial let's talk about November 2020s income break down our product and service revenue was $173,000. We did 392 journals sales. The freedom journal did 120. The mastery journal did 166 and the podcast general did 106. So very, very cool and very close to equal across the board, which I really like to see. And that was a total of $11,000 in revenue. A podcast is paradise brought in at 19,238. Our podcast sponsorships continue to crush it $142,000.
0 (33m 35s):
So absolutely crushed it there. And then we have a lot of other revenue from some affiliates. We did 7,700 from ClickFunnels. We did 1432 with Pedro and crushed it with challenges 750 with a newsletter sponsorship. That case set up, which is really cool with podcast magazine. And if anybody has seen the most recent podcast magazine, yours truly was the cover. So super cool there, our total business expenses were 20 1005 97 for a net profit of one 62, five 87.
0 (34m 15s):
And that amazing 87% net profit percentage, which is really firing me up right now. So I'm going to go ahead and pass it over to Kate for the biggest lesson learned with a little teaser of it being, choosing a word for the new year.
3 (34m 33s):
I think I've probably been more into this this year than any other year that I've done it. And I've been doing this for a lot of years. I think probably like this will be my fifth year doing it. And that is choosing a word for the new year. Now I'm sure many of you tuning in have done this before. Perhaps you've heard it about it from like a mentor or a mastermind or a friend who does it, whatever the case may be. I initially found out about choosing a word for the new year from Chris Brogan, who I definitely consider an online mentor. I followed him for a long, like since the beginning have had the pleasure of building an awesome friendship with Chris.
3 (35m 19s):
And I love how he describes and talks about choosing a word for the new year. So Chris actually chooses three words and I've linked up his post where he shares the three words that he chose for 20. And if you check out his site, you can go back to all the years and see what words he's chosen across a lot of different years, but really the main purpose of it and why he does it and why he shares with others that you should do it too, is that it's a way to help keep yourself on track throughout the year. So the way that I look at it is when I'm thinking about choosing a word for the new year, I'm thinking like, if, if I come up against questions or doubts, or like, should I say yes to this opportunity?
3 (36m 10s):
Or should I say no, should I go right? Or should I go left? Your words can really come in handy to help guide you. And it's kind of ironic that for 2020, I didn't choose a word. I don't know how I dropped the ball on this, but perhaps it was meant to be that way with everything we've experienced this year, because I was thinking about it and getting ready to choose my word for 2021. And I'm like, Oh wow, that's interesting. I never chose one for 2020, but in any case, I've been thinking about my word for 2021 and in doing so I've reminded myself of how much fun it can be because, you know, it's very future leaning.
3 (36m 51s):
It's exciting. And it just feels like a great way to refocus and reset and kind of think like, okay, if I had a word that could help guide me, that could help me, you know, make decisions easier and faster and stronger and just help guide my actions as I head into 2021. What would I want that word to be? So I'm still massaging my word for 2021, but again, in the meantime, I invite you to start thinking about maybe a word or words that you want to jump into 2021 with, and for that inspiration and for a little bit of a deeper dive into why this can be so powerful.
3 (37m 39s):
Again, I've linked up Chris's words for 2020 to help you with a little inspiration there. So EOFire.com forward slash income, 87,
0 (37m 49s):
Wow. And fire nation. I can so clearly remember talking about this a year ago. In fact, I was inspired to announce my word, which I will probably the next income report and it was the word breathe for 2020. And some fire nation listener was really tuning in and actually sent me a beautiful wooden engraving with the word, breathe on it and actually put it right on top of my mirror here in my office. And I see it multiple times per day, and it really kept the word relevance to me. And top of mind, I just say it's probably a better way of putting it. So that would kind of be my suggestion to you is if you do decide to go ahead and make a word for the year, go ahead and find a way to make sure that you're seeing if not every day, at least every, every few days or so, because otherwise you don't life just takes over.
0 (38m 40s):
So great challenge to all of us. Kate, thanks for sharing that. I definitely recommend reading Chris's three words for 2020 to get some inspiration linked up at UL fire.com/income, 87 and fire nation as always be well. And we'll catch you on the flip side, grow your online business with online courses, by jumping into Thinkific five day course challenge Ted day, over five days, you'll hear from inspiring speakers who will walk you through the whole process. So you'll know exactly where you're headed. Sign up for this free challenge today at thinkific.com/fire that's T H I N K I F I C.com/fire.
0 (39m 23s):
Did you know that 97% of text messages get opened in 90% are opened within three minutes. You need to be texting your customers and podium can help for a limited time, a sign up for 20% off your plan at podium.com/fire.
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!