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/income99, and IGNITE!
CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
LizerbramLaw.com – Business Attorney & Legal Strategist.
3 Value Bombs
1) Trying to determine what steps to take to reduce your tax bill for 2021 is tricky as you also need to consider what may happen with the new tax bill and your situation for 2022.
2) Sometimes a rebrand is the right move for a company, large or small, but do your trademark due diligence before you select a new name.
3) Even if you don’t want to publicly share your reports, they’re incredibly valuable for you and your team to do internally.
**Click the time stamp to jump directly to that point in the episode.
[00:30] – Income review
- Gross Income for November: $199,548
- Total Expenses for November: $17,259
- Total Net Profit for November: $182, 289
- Difference b/t November & October: -$48,230
- % of net profit to overall gross revenue: 91%
[1:50] – David Lizerbram’s November Legal Tip
- Facebook’s Meta Trademark Conflict
- The owner of the prior META application is META PC, LLC, an Arizona-based company.
- Sometimes a rebrand is the right move for a company, large or small, but do your trademark due diligence before you select a new name.
[07:54] – Ron Parisi’s November Tax Tip: 5 Steps to reduce taxes this year
- Saying goodbye to Josh and welcoming Ron!
- Ron is the CPA and Managing Member of CPA On Fire.
[9:31] – 5 Steps To Reduce Your Taxes
- Maximize your retirement contributions
- Prepay expenses or purchase fixed assets
- Pay a bonus to maximize the Qualified Business Income Deduction (QBID)
[13:30] – 5 Steps To Reduce Your Taxes (con’t)
- Harvest capital losses
- R&D Credit
- CPAOnFire.com – Accounting, Tax & CFO Services for Entrepreneurs.
[21:15] – What Went Down In November – The first 6 months of 2021 in review
- January 2021 income report
- Biggest lesson learned in January: Your health is everything!
- February 2021 income report
- Biggest lesson learned in February: The power of organization
[26:36] – The first 6 months of 2021 in review (con’t)
- March 2021 income report
- Biggest lesson learned in March: Is it hard work, luck, or both?
- April 2021 income report
- Biggest lesson learned in April: Play at the highest level of fulfillment
- May 2021 income report
- Biggest lesson learned in May: Creating good habits isn’t always easy
- June 2021 income report
- Biggest lesson learned in June: Unplug to connect
[8:46] – November 2021 Income Breakdown
- Gross Income for November: $199,548
- Total Expenses for November: $17,259
- Total Net Profit for November: $182, 289
- Difference b/t November & October: -$48,230
- % of net profit to overall gross revenue: 91%
[10:05] – Biggest Lesson Learned – Recapping and reflection
- Even if you don’t want to publicly share your reports, they’re incredibly valuable for you and your team to do internally.
Boom, shake the room, Fire Nation. JLD here and welcome to Entrepreneurs On Fire brought to you by the HubSpot Podcast Network with great shows like the Female Startup Club. And today's episode is November 2021’s Income Reports. This one is a doozy Fire Nation. We actually go back over the first six months of 2021 and give you a little taste of each month, the highlights, so to speak. But before we go into that, I want to go over our gross income for November was $199,548. Our total expenses were just over 17,000 for a net profit of $182,289 for a 91% net profit overall gross revenue.
And we will get into those numbers in more. When we get back from thanking our sponsors, if you're a business owner, it can be tough to hire top talent, but when you post a job on ZipRecruiter, you get qualified candidates sent to you. Then you can easily invite your top choices to apply, just visit ZipRecruiter.com/fire. Now to try ZipRecruiter for free, wondering what to do when you need motivation, wish you had a go-to guy when it comes to preventing burnout tune in to Jenna Kutcher's The Goal Digger Podcast brought to you by the HubSpot Podcast Network. Listen to The Goal Digger Podcast , wherever you get your podcasts.
0 (1m 32s):
Alright, Fire Nation, we are ready to kick things off and we're going to spice things up a little bit. We're actually going to be having David Lizerbram share the legal tip or right off the top here. We're going to be getting into Facebook's Meta Trademark Conflict. Super interesting. So strap in and David take it away.
1 (1m 51s):
Hi guys. Thanks for having me again, to discuss a very important legal topic this time we're talking about Facebook’s Meta Trademark Conflict. So if you've been living under a rock, I'm here to tell you that in October 2021, Facebook announced that it was changing the name of their company to Meta. M E T A conflicts have already started to pop up around the brand name. So the question is if Facebook can run into trademark problems, what does this mean for a small startup business or even a solo entrepreneur? It's hard to imagine. Facebook just assumed that a reasonably common four-letter word was fully available and nobody was using it in connection with related goods or services, which is really what we think about most of the time when we're talking about trademark issues, a brand name as a trademark, the name of a business, the name of a company, the name of a product.
1 (2m 42s):
Those are all trademarks and we really discuss and consider is somebody using this mark or something similar for related goods or services. And this all leads me to wonder, did Facebook slash Meta now fail to do their due diligence or do they not care? So the key issue at the moment in the US at least is the prior pending United States patent and trademark office trademark application for the word Meta. M E T A for a series of products like computers, laptops, portable computers, things like that. That application was filed on August 23rd, 2021. And the application claims that the mark Meta was in use in commerce, in connection with those goods, at least as early as November 1st, 2020.
1 (3m 30s):
So, you know, more than a year ago now and use in commerce means we're actually selling these products, bearing this brand name. So maybe you'd buy a computer or keyboard or whatever it may be. And it would actually say Meta on it or on the packaging, or somehow that would be clearly the brand name for the product. And again, that was long before there was any public discussion that I know of, of Facebook's plans to change their name, specifically their plans to change the name to Meta. The owner of that prior Meta application is a company called Meta PC LLC. They're based in Arizona. They have a pretty good sense of humor about the issue. You can check the, the, the written version of this Income Report, which the link to here in the, at the end of this audio, because you can see there, the Meta companies tweet about it.
1 (4m 19s):
And it was pretty funny, but you know, they also responded this Arizona company called Meta. They told TMZ that they would sell their brand to Facebook for $20 million. So, you know, they are definitely taking it seriously on November 8th, the plot kind of thickened someone. And we don't know who at this point, I will allow you to speculate, filed a letter of protest with the deputy commissioner for trademarks at the United States trademark office. The deputy commissioner then passed along to the examining attorney assigned to that trademark application, a statement to the effect that the Arizona company's Meta application may be in conflict with yet another prior trademark filing.
1 (4m 58s):
This would be a registration for the word Meta. M ETA. So again, now we have another prior filing for the word Meta, which is for downloadable computer software for capturing and storing screen data for the purpose of pattern recognition and machine learning. Definitely something that is, let's see, let's say at least related to what Facebook was doing. Someone's playing hardball here. Meaning maybe Facebook filed there's letter of protest, or they had somebody file it to try to block the application made by this Arizona company. But by doing that, they're also stating that there another company before then that was using the same name, has a trademark registration for goods and services that are arguably related.
1 (5m 38s):
It's all become a very complicated mess. Now, if the whole rationale for Facebook's name change was to freshen up and rehabilitate the company's image, they called it quote, a reflection of how much Facebook had evolved. Why would they walk into a fight with a small computer manufacturer? They really probably could have just worked something out with them on the beforehand using nondisclosure agreements, a big chunk of cash to keep it hush, hush. Facebook's got plenty of money. They got plenty of lawyers to figure this out. Bottom line is sometimes a rebrand is the right move for a company, large or small, or maybe you're establishing your company or your business for the first time. So you're creating a new brand. You're creating a new trademark. That's what you're going to be known as.
1 (6m 18s):
That's what people are going to recognize your goods and service as, as under that brand name or that trademark. But you got to do your due diligence before you select a new name. You don't want to launch and say, Hey, this is my podcast. This is my business. This is my product. We're called X only to find out that there's a prior party before you that's already been using that brand name. Maybe they filed it with the trademark office. Maybe there's in this case, there's multiple conflicts. It can be quite an expensive mess. Now, if you're Facebook again, you can pay all the lawyers in the world all day long to work this out and to fight it and to deal with it. And eventually this is all going to settle. You can be sure, but if you're just a startup, a solo entrepreneur, that kind of thing, maybe you don't have that kind of, you know, billions of dollars in the bank to, to handle this kind of issue.
1 (7m 3s):
So it's going to be a lot cheaper and easier. If you do your due diligence beforehand, do the research, make sure that it's available or work with an attorney who does this all the time, who knows how to search for these things, how to clear brand names and how to make sure that you're not going to run into conflicts and be the next Meta. If you have questions about the availability of a trademark or a brand name, name for your product name for your podcast, whatever it may be, please feel free to contact me. I'm email@example.com. My last name's Lizerbram, L I Z E R B R A M. If you type in lizard, brand law to Google or your favorite search engine, even if you type something close to how it's spelled, you will definitely find me.
1 (7m 43s):
I'm very find-able. And I always like to speak to EOFire listeners. Thanks a lot guys,
0 (7m 50s):
Really fascinating stuff. Thanks for breaking that down. David, appreciate it. As always in Fire Nation. Now we're going to change things up again. We're just really spicing things up. And this Income Report, we are actually saying goodbye to our CPA of many, many years. Josh Bauerle. He has been with us for so long. So many years now close to a hundred Income Reports. He has been with us, but we now have the new owner of CPA on Fire, Ron Parisi, and he has a monthly tax at force. He's going to be stepping in going forward. Let me tell you, this guy knows how to drop value bombs, just like Josh.
0 (8m 30s):
So though we will miss you a lot. Josh, thank you for being with us for all these years, we are excited to be going forward with Ron dropping these value bombs and his tax tip. This year is five steps to reduce your taxes in 2021, Ron, take it away.
2 (8m 46s):
Hey, good day, John. And a welcome Fire Nation. Pleasure to be here. Ron Parisi. I'm the managing member of CPA on Fire. And today I'm going to be talking about five steps to reduce your taxes. And I'm talking about 2021 taxes as we roll down to the end of the year. You know, our clients, mostly online entrepreneurs, some of them were extremely busy. Other ones, you know, are kind of telling off, looking forward to 2022. And I want to take this time just as we, you know, roll out the last few days, four of these steps will be needs, you know, potential action needed to be taken by the end of the year.
2 (9m 29s):
So let's jump into them right now. One of the main levers of reducing your current year's tax liability is through retirement savings and retirement contributions. So if you have a solo 401k, 401k, there may be still time to max out those contributions through your wages between now and the end of the year. Really good time, and a good planning tip to maximize your retirement contributions, be mindful. Some other retirement contributions can also be made in 2022 to count for 2021, but there is the employee piece needs to be done before the end of the year.
2 (10m 13s):
Number two, this is just goes to looking around and seeing what's happening in 2022. Is there any fixed assets? What I mean by that is any computers, any computer equipment, any things that you're going to need for next year can be purchased this year, be written off this year. A really nice way to look around, see what's needed for your growth. Next year implemented today, gets a tax write off and be ready to start 22 as well as looking for what we call any prepaid expenses. So this is like any insurance premiums, any other type of expenses that you would otherwise incur in 22, can you pay them today?
2 (10m 55s):
Get to tax deduction in this year.
0 (10m 58s):
And Ron, let me jump in here for a second. Cause I've actually been approached in the past by some companies who are like, Hey John, like, we want to book you for the following year. It's like November or December, and we know what your speaking fee is, but we want to pay you full right now to decrease, you know, our actual tax burden for this coming year. And one thing I've been like, oh, that's really interesting that they want to do that. And I've actually been able to utilize that in some marketing where it's like, Hey guys, if you're looking to have like me speak, you're looking to make like a big purchase is coming next year. Like this could be the time to do it because of this reason. So is that something that you're seeing companies do?
0 (11m 38s):
And is that something that we as entrepreneurs could actually look at on the other side of things where like people are trying to potentially make a consider or trying to consider if they're going to purchase our services going forward, we can kind of say, now might be the time
2 (11m 51s):
To do it. That's a great selling point for people like yourself and our clients, right? To kind of push that sail over the edge. And that would be, you know, if you're in the 30, 35% tax bracket, right, that would be an automatic 35% savings. If you pay for it this year, get the savings on your tax returns and then be able to, you know, use you or anybody else as a marketing, you know, resource and asset for 2022. So it's almost like an automatic 33% plus a reduction in your fees. So it's a great planning suite for that. And for like you said, it's a great selling point on your side.
0 (12m 32s):
We'll keep it going rather
2 (12m 33s):
Than let's move on to number three. So number three is a, I don't want to get too technical. It's called qualified business income deduction, QBI. And this is really pertains to higher earners for folks that, or above 160 $300,000. There may be an opportunity that you may need to pay some wage bonuses before the end of the year. So some of that quote unquote credit. So what the QBI is, it's a 20% reduction in your federal taxes and there's some complex calculations behind it. But if you are higher earner, you definitely should be talking to your tax professional before the end of the year, not to miss out.
2 (13m 16s):
This is essentially, you know, free money free credits that the government is giving away for entrepreneurs. So very important to talk to your tax professional, if you are hiring her coming in, coming down the stretch of the year, number four is an oldie, but goodie and that's a harvest capital losses. You know, obviously what the stock market and the crypto market, you know, seeing some highs, there may be some positions in your portfolio, whether some losses. So what you'd be able to do is you'd be able to sell those loss positions and be able to take those losses and offset some gains that you've made this year.
2 (13m 58s):
So, so, you know, I think it's worthwhile to kind of look at your portfolio to see if there's any loss positions that maybe you want to get out between now and the end of the year, utilize those losses to offset other capital gains throughout the year.
0 (14m 12s):
No, there's one thing I want to jump in here. I'm just have a question about, because I've heard this, so this is obviously not any financial advice coming from me. I've just heard it. And I'm curious about it is that crypto doesn't actually have the wash rule, which means that when you sell a stock, you've got to wait at least 30 days to buy it. If you want to capture those losses. But with stocks, if you have like a, a big loss, even like 50% loss, you can actually sell it and then buy it right away. So you essentially own it at the exact same amount that you would own it anyways, but now you can harvest that loss. Is there any details on that
2 (14m 46s):
You can sell and buy immediately? There are no wash rules currently. This is the big thing that's happening in our Congress and the build back better act, right? They're closing that loophole. I don't exactly know when they're going to be closing it. I can't really give any advice about wash rules, no rush rules for crypto, because it's still up in the air in Congress, but for equity positions for stock positions, different type of mutual fund positions, there is a 90 day wash rule. So there is a restriction that you can't buy. You can't go and sell it and buy it back the next day. But there is a possibility to do that with crypto currently, but the laws up in the air about that.
2 (15m 30s):
So, but I, I think, you know, personally that it's a, you know, obviously everybody has to speak to their own financial advisor while they're getting out of the lowest loss positions or is something you want to do. I never, you know, have the tax drive the drive the transaction. But yeah, I think it's always a good idea to go through your portfolio and see, you know, if there's a loss positions in these positions you want to get out of and maybe never get back into or get back into, like I said later in 2022, those are the four positions or four tactics levers that we want to take advantage of between now and the end of the year. And then number five is something that hopefully your listeners have had exposure to.
2 (16m 12s):
But I find a lot of my clients pretty good at the new ones that I pick up. You know, really haven't delved into this and this is the R and D credit. So you have an ability if you put together any type of computer software, you built an app this year and you had the important part of this is us developers. If you've done anything in the R and D space, you're able to get a pretty significant credit right on your tax return with the expenses that you incurred with the R and D research and implementation. The one thing that trips people up is a lot of the software developments being done overseas.
2 (16m 53s):
Those wages don't qualify for the R and D, but if you did have domestic, you know, assistance, any of those expenses, you can get a 20 up to a 20% credit. So it's a really nice, you know, opportunity to, to get some credits as entrepreneurs, as we do different things, particularly in the software space and the application space. So there you have it guys, those are five tips, you know, as we come down to the end of the year that you entrepreneurs can use to reduce your 20, 21 taxes, do you have any questions, John, or
0 (17m 29s):
The questions whatsoever, just going through it one more time, Fire Nation maximize your retirement contributions, prepay expenses or purchase fixed assets, pay a bonus to maximize that QB ID harvest capital losses and the R and D credit. And of course eofire.com/income. 99 is the show notes page where you say hello to everything there. As far as the content, the text, the pictures that we have, all the links, et cetera. So that's definitely where you want to go. If you want to just get some more details passed along to your team, listen to the episode. Of course, and yeah, Ron, wrap it up and we'll see you next year,
2 (18m 9s):
John. And you know, if anybody needs some particular help with their business, we can be reached at hello@cpaonfire or cpaonfire.com. Look forward to a super productive 2022, and a wish you and Kate, the best John. So
0 (18m 29s):
Back at your brother and we'll catch you next year. All right, Fire Nation. When we get back from thanking our sponsors, we'll be going through the income breakdown as far as going through the first six months of 2021, a little review. And then of course Kate's biggest lesson learned and so much more. When we get back from thinking those sponsors being customer centric means focusing on what matters most building and growing sustainable customer relationships, maintaining unique customer needs and personalizing the customer experience. If you can do this right then you're already a step ahead of the competition. And a HubSpot CRM platform is designed to help you do this best build, maintain, and personalize your customer's experience into a remarkable one.
0 (19m 11s):
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0 (19m 56s):
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0 (20m 36s):
In fact, ZipRecruiter's technology is so effective that four out of five employers who post on ZipRecruiter get a quality candidate within the first day. And right now you can try ZipRecruiter for free at ZipRecruiter.com/fire. Discover, hiring joy with ZipRecruiter, just jingle your way to ZipRecruiter.com/fire. All right, Fire Nation. We are back. And yes, I know it's been far too long into this episode without hearing the Kate Erickson's voice. So I'm going to hand the mic over to her to say hello, and then to go through the first six months of 2021, a little review, if you will. So what's up Kate?
3 (21m 16s):
Hi, John. Thanks so much for that. That's nice. I'm always excited to be on these Income Reports with you and I'm extra excited for this month and next month for two reasons. Can you guess what they are? Nope. Only
0 (21m 29s):
3 (21m 30s):
Okay. What's one.
0 (21m 31s):
And you get to celebrate another Christmas with Gus.
3 (21m 36s):
The given always no, I'm very excited because this month is Income Report number 99. So our December 2021, which we probably never could have planned, even if we tried to is going to be our 100th Income Report, which is very exciting. And also I'm very excited to recap our year. So we're doing, as you said, the first six months this month, and then next month, we'll review the second six months of the year. And I always love looking back and recapping because I think it's such an incredibly valuable thing to do for you as a business owner or somebody working somewhere or somehow in your business.
3 (22m 21s):
And I'm going to talk about that a bit more in the biggest lesson learned. So I'll leave it at that for now and just dive right in to taking us back to January, 2021. So if you visit this month Income Report, EOFire./income 99, you will see that we have each of our first six months Income Reports linked up and then just kind of a little blurb about what went on that month. So give you a little teaser and then if you want to dive back into that Income Report and see all the details of what went down that month, we'd love for you to do that. We spend a lot of time on these Income Reports to try and provide maximum value to you.
3 (23m 1s):
And yeah, so I'll kick it off with January 2021. So our big focus for the first quarter was John your book launch for The Common Path to Uncommon Success, very exciting time. And in January re reviewed a bit of our pre-order strategy. And we talked about the bulk buy packages that we were putting together for those who jumped in to support the book. So that was, I mean, January, February and March were really like all out. It kind of seemed like yesterday. And it also seems like 10 years ago that we were working on that. Where do you think John? It seems like a
0 (23m 37s):
Long time ago. It doesn't feel like it was this year.
3 (23m 41s):
Yeah, it is like, that's the cool thing about looking back too, as like you realize how much you've accomplished?
0 (23m 47s):
Well, it's pretty crazy. Like I was actually listening to a Gary Vaynerchuk episode today on my walk with Gus and he goes, guys, you realize that 10 years ago I was selling wine at my father's wine store. Like that was literally what Gary was doing just 10 years ago. I mean, that feels like to me, I mean, like we launched our business 10 years ago and Yuri was selling wine on the floor and look at what he's done in 10 years. And that just always brings him back to the coal by Tony Robbins, which is, you know, so many people overestimate what they can do in a year. And then therefore, unfortunately they get frustrated, but they underestimate what they can accomplish in a decade, a decade.
3 (24m 24s):
That's a lifetime and years. Wow. That is so wild. I also have a cute little Gus story real quick. So I reached out to family bred puppies and I was, I had a question about guests and one of the girls over there got back to me and she was like, oh, we'd love to see some pictures of Gus if you'd like to send them over. And I was like, oh man, she's going to be sorry. She asked that, you know, when you like upload so much, it says, it's going to turn it into like a Google drive or whatever. I didn't go that out of control, but okay. So January biggest lesson learned in January was your health is everything.
3 (25m 6s):
And that continues to be a big lesson for us, for sure. And then jumping into February. So February was perhaps of yours John's biggest interview months ever because of the book launch coming up in March of 2021 for The Common Path to Uncommon Success, you were interviewed on 139 other podcasts just in February.
0 (25m 33s):
I don't think I'm ever going to come close to touching that number again. I mean, it was a fun month. I talked to a lot of cool people and I feel very accomplished from that month, but not going to repeat anything.
3 (25m 46s):
I mean, not to mention that February is the shortest month of the year, so wow. That is like so many also in February, we were working a lot on our book launch funnel. So we talked a lot about our book launch funnel and our February Income Report. So if you are thinking about launching a book or are just curious of what the behind the scenes of that looks like, definitely check out our February Income Report. This is also the month that you started recording the audio book for The Common Path to Uncommon Success. Would you did right here in your at home studio just shows you the beautiful nature of a business from home and lifestyle freedom.
3 (26m 26s):
So awesome that you got to do that at home. Loved it. Biggest lesson learned in February was a power of organization. Of course, for all the, for said reasons, March 2021. Oh my goodness. That was like, go time. The Common Path to Uncommon Success launched March 3rd and our basic li the entire month of March was fully focused on all of the launch details. We did do an entire recap post also that published later in 2021, but it's certainly out live now. We'll make sure to link that up in today's Income Report this month Income Report. I mean, I think it's like 14,000 words.
3 (27m 7s):
It could be a book itself. So we've got all of those details for you. Every single last one of them. And our biggest lesson learned in March was, is it hard work luck or both? What do you think John,
0 (27m 21s):
A little bit
3 (27m 21s):
Of both, we answered it in the March Income Report. If you want to tune in to our answers that at that point in time, moving on to April. In April, we hopped up to Florida for our top 10 Tony Robbins mastermind, which also seems like it was ages ago. Wow. What an awesome weekend. We had tons of lessons learned, and that was also kind of our calm after the storm month having just conquered John's book lunch. So we were in a little bit of R and R mode going up to Florida and we definitely accomplished that. And our biggest lesson learned in April was from the Tony Robbins mastermind, something that he said really stood out to me and has stuck with me ever since.
3 (28m 2s):
And that is play at the highest level of fulfillment onto our May 2021 Income Report may was our first month with the HubSpot Podcast Network. That is a very exciting time for us and for HubSpot, because that was their first, their business podcast network was their first foray into the podcast network world. And this was also the month that John traveled to Northern California for his first ever 10 day water fast at true north. And man, John, you've just been carrying along with that, huh?
0 (28m 36s):
Yeah, it's been quite a year in that space. I mean, I've actually now then to 10 day water, fast plus a five day water fast. And I pretty much committed to doing a five day water fast every three months going forward. So I'll keep you updated,
3 (28m 49s):
But you just keep hitting these new baselines where I feel like you, you might have to skip like one,
0 (28m 56s):
If you want. I mean, I'm at right where, what I consider my ideal weight right now. So I'm not looking to go any lower. So I'm going to keep it right around there.
3 (29m 4s):
Our biggest lesson learned in May was all elevating good habits and how that is not always easy. If it were easy, we'd all have all these amazing, wonderful habits, right? June, 2021, June brought two very exciting announcements. That was a month that I announced my keynote at podcast movement, which was so much fun. We'll be talking about that more in next month's Income Report because it wasn't until August. And this was also when John announced his stage time at funnel hacking live, which, oh my goodness. Hopefully you checked out our September Income Report to see the pictures, the video for that both were very stellar events.
3 (29m 45s):
And again, we'll be getting more into that in our next month Income Report. When we recap the second half of the year, John, ha you tell me about funnel hacking live and your thoughts on that event.
0 (29m 59s):
I was just so cool to be back amongst the people and to be an event that was just packed and fun and enjoyable. And people were just back into the networking and connecting and you know, of course having Tony Robbins and the other amazing speakers that were there at funnel hacking live added a whole new experience and, you know, just the, the single track format of that, which is so much fun. So you're literally going out on stage in front of 3000 people. It's such a fun event. And I truly hope I get to
3 (30m 30s):
Russell just puts on the best events as well. Like wow, the production volume and quality of that along with the quality of speakers and attendees. And like you said, I do really dig that single track conference style. I wonder more conferences don't do that. Do you? Why, why would more conferences not do that?
0 (30m 53s):
They just wrote a pack on the speakers and they try to pack in like how many people the speakers can potentially bring and the more, you know, potential topics. So I think it's just a mix of all that.
3 (31m 4s):
Well, our biggest lesson learned in June to wrap up our first six months recap here in this month, Income Report was unplugged to connect in June. Actually I went out to Cali and I spent a week in the woods and big Sur and wow, that was certainly there's no internet out there. So I was, I was almost forced to unplug, but it ended up being a very good thing. So Fire Nation, we look forward to recapping the second half of the year and next month Income Report for December, again, as I said, we have all these Income Reports of linked up in this one. So EOFire.com/income 99.
3 (31m 46s):
If you want to dig in deeper to any of the fun things that we just recapped
0 (31m 52s):
Fire Nation, we have another amazing episode coming up next month as we are like Kate just said, recapping the last six months of 2021. So if you enjoyed this episode that look back, you'll enjoy the next one as well. And our November 2021 income breakdown, our product service income was $187,000. We did 150 journals sold. That's a pretty round number. The total breakdown was 56 freedom journals, 53 mastery journals and 41 podcast journals. And we did $169,000 in podcasts motto shifts that just continues to become a bigger and bigger part of the overall pie of our business, which is something that, you know, we're going to have to talk about and look at as we go into 2022, because diversifying your income streams is key.
0 (32m 42s):
Our affiliate income was $12,000 for a total gross income of $199,548. We didn't break the 200K mark for the first time in a few months by just $552. And our total expenses were 17, 2 59 for our net profit of 180 to 2 89. Biggest lesson learns of the entire month is recapping and reflection. So Kate
3 (33m 13s):
Circling back to when I first hopped on the mic, we are approaching Income Report number 100, which is so exciting, and that is a lot of recapping and reflection I, as I alluded to before as well, I'm so incredibly grateful that we started doing these Income Reports almost from the very start we actually, I guess, technically have been doing it for the very, from the very start, but our first Income Report encompasses our first 365 days in business, which is quite an interesting report if you haven't checked it out yet. And it's never too late to start doing this in your own business.
3 (33m 55s):
I know that a lot of people aren't down with sharing publicly income and numbers and all of that, and you don't have to do it publicly. You can even do it just internally for you and your team. And the reason why I feel that this is so incredibly important is because our monthly Income Reports not only allow us to share openly and transparently with you, how we run our business, but they also hold us accountable every month. We're recapping and reflecting on our month. Like what projects we worked on, what went well, what didn't go so well. And of course the lessons learned that we can take with us moving forward.
3 (34m 36s):
And by doing this each and every month, we've been able to keep our finger on the pulse pivot quickly and be able to understand pretty much immediately the types of projects and activities that we should be doubling down on that has helped us really get to what I feel is quite a solid 80 20 with the projects that we're working on and how we're running our business right now. So if you're not already recapping and reflecting, and I mean, also it's just fun, right? Like, I don't know about you, John, but I thought it was really cool putting this Income Report together and looking back on what we did the first half of the year, like that felt like it was such a long time ago, but it was just six months ago that we were getting into your book launch and all Nope, not six months ago.
3 (35m 22s):
It was almost 12 months ago that we were diving into all of that. But it is really incredible when you look back to be able to celebrate and just see how far you've come. So if you're not already recapping or reflecting the projects that you're working on, again, even if you're doing it internally and not sharing it with anybody, but actually taking the time to write it out and you know, really look at the money that's going out and coming into your business, then I highly recommend it. And now is a perfect time to start.
0 (35m 56s):
All right, Fire Nation, hope you enjoyed this recap and are looking forward to the next one that are coming up. Of course, on behalf of myself, Kate, Gus, and the rest of the EOFire team, we want to wish you and yours happy holidays. This is a very enjoyable time of year for a lot of reasons. And it can be a stressful time of year for lots of reasons as well. So we hope that you are taking some of these things that we are sharing to hearts about relaxing, just kind of taking it all in enjoying the moment. We know it's not always easy to do that every minute of every day, but hopefully you're making a point to do that sometime. So on behalf of Entrepreneurs On Fire and our team and everybody happy holidays, Fire Nation.
0 (36m 38s):
And until next month, keep your fire burning. If you're a business owner, it can be tough to hire top talent, but when you post a job on ZipRecruiter, you get qualified candidates sent it to you. Then you can easily invite your top choices to apply, just visit ZipRecruiter.com/fire. Now to try ZipRecruiter for free, wondering what to do when you need motivation, wish you had a go-to guy when it comes to preventing burnouts tune in to Jenna Kutcher's The Goal Digger Podcast brought to you by the HubSpot Podcast Network. Listen to The Goal Digger Podcast , wherever you get your podcasts.
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