Latest EOFire Podcast Biggest Takeaways from Podcast Movement 2017

Here’s the latest Entrepreneur On Fire Podcast for your enjoyment!

Podcast Movement 2017

For the fourth year in a row Podcast Movement brought podcasters from around the world together to learn, share and experience what it means to say the words “I am a podcaster”.

While not everyone at the conference identified as a podcaster, including Payne Lindsey from the hit true crime show Up and Vanished, along with the trio behind Undisclosed, the vast majority celebrated the fact that with a voice, a microphone, and value to share, you can make a huge impact.

But unlike previous years, it wasn’t all about the numbers in Anaheim, CA.

If you’re a podcaster, then you know what it’s like to sign into Libsyn, and then proceed to hit refresh on your stats over,

and over,

and over.

But this year’s focus didn’t have anything to do with refreshing your stats.

As Dan Carlin put it in his keynote Wednesday afternoon, “It’s not about how many people are listening, but about who is listening.”

This is a quote that stuck with me, and even today I continue to remind myself of this fact.

Without the connections we have with our audience – those who are actually tuning in to listen – what else do we have?

Podcast Movement 2017

What went down at Podcast Movement 2017

To help set the tone for what we knew would be an incredible three days, we hosted a pre-conference workshop sponsored by the #1 online community for podcasters, Podcasters’ Paradise, called From Idea to Launch, and Beyond.

Podcast Movement Workshop

During the 8 hour workshop we shared actionable steps plus proven strategies to help the 60 podcasters who signed up to spend the day with us how to do just that: go from idea to launch, and beyond.

But way before we created the workshop outline, John and I knew that with the help of other podcasters – those who are currently in the trenches and have great experiences and lessons to share – we could deliver tenfold on the value.

And so we invited five other podcasters to help us cover different topics within each of the four sessions in our Workshop: The Idea, The How, The Launch, and Beyond.

Podcast Workshop

Weeks of preparation, three group calls, and a lot of worksheets later, we took the stage to share every last detail for podcasters both old and new.

Some of the biggest takeaways for the attendees included the importance of having a launch strategy, how easy it is to get setup with the right equipment, and why building a funnel for your business is critical to its success.

Here’s JLD’s Funnel Formula he shared during the Workshop:

JLD's Funnel Formula

The morning and afternoon came and went, and before we knew it we were headed to the hotel restaurant and bar to host our annual Podcasters’ Paradise meet up!

With about 100 podcasters from the Paradise community in attendance, we were able to meet a lot of members who we’d previously only communicated with online.

Podcast Movement 2017

After the Paradise meet up we made our way over to one of the event rooms to catch a screening of The Messengers Documentary, which went live on iTunes at midnight that night!

The Messengers Docu

The Messengers Docu

Big shout out to Chris Krimitsos and his crew for delivering a very important message: podcasting is a medium unlike any other; one that will allow you to share your message with the world and impact millions in the process.

Our last stop of the night: Bowlmor, and bowling alley just a few blocks from where we were staying.

This is where the Podcast Websites meet up was hosted, and we closed the night out strong wearing stripped shoes and knockin’ over pins. 🙂

Wednesday at Podcast Movement

Wednesday started off with a huge bang: Amy Porterfield, Pat Flynn and yours truly, JLD, took the stage together to chat about what’s hot in podcasting right now.

Podcast Movement Business Track

Amy chatted about the importance of batching and how that has helped her not only stay on schedule and consistent, but also how it has helped her grow her audience and brand.

One of my favorite tips from Amy: every single time she sits down with her team to create episodes outlines, they run each of them through a checklist to guarantee what she’s about to create will be a high level of greatness.

Pat chatted about standout episodes – the best and the worst – and it was cool to hear from each of the panelists what they thought was their best / worst.

Amy shared a 2-part series as her best: the first episode was a mini-training (how to), and the second episode was with one of her actual students who had put into practice what she had just covered.

You can check this 2-part series out on Amy’s podcast, which focuses on her pre-sale strategy: episode 149 and episode 150.

A really cool idea for anyone thinking about leveraging a 2-part episode series to help promote a product or community!

Pat focused on his top-downloaded episode, an interview with LeadPages founder Clay Collins. Clay talked about “laddering up” and shared some incredible insights on how he built a 7-figure business, step by step.

JLD chatted about funnels and the importance of taking your avatar – your ideal listener – on a journey. You can check out the JLD Funnel Formula above 🙂

Next up on stage? Me! And I received one heck of an intro from Shey Harms, founder of Lake Zen.

Podcast Movement 2017

Incredibly nervous and standing in front of a crowd with standing room only, I clicked ‘right’ on a brand new presentation: Audience Growth and Meaningful Monetization with Podcasting Systems.

Through covering the 3 things every podcast needs to achieve this, I gifted 3 very different systems, each of which consist of 5 simple steps.

Those 3 things:

1. Valuable Content

2. Consistent Content

3. Purposeful Content

The most important thing to consider when it comes to implementing any – or all – of these 3 systems is COMMITMENT.

If you can commit to doing the 5 steps listed below under any given system – making these a habit for you and your podcast creation – then you will make progress when it comes to audience growth and meaningful monetization.

Valuable Content

Step 1: Define avatar – your one perfect listener

Step 2: Identify niche – niche till it hurts

Step 3: Go find them – online communities, events, conferences

Step 4: Ask them – Skype chat, SpeakPipe, email, comments

Step 5: Listen – what are the recurring struggles & questions?

Consistent Content

Step 1: Plan it – theming vs. batching; 1 month ahead

Step 2: Schedule it – take out your calendar

Step 3: Record it – plug in your mic – it’s go time!

Step 4: Edit it – my fav editing hack

Step 5: Publish it – upload & schedule to go live

Purposeful Content

Step 1: What should they do? – rotate 5 CTA’s in your eps

Step 2: Map out your ladder – what happens next?

Step 3: Create a series – content outline + a plan

Step 4: Create the funnel – email campaign with content + offer

Step 5: Create the next step – proof of concept, then create

That afternoon I hopped around to a few different presentations, but mostly focused on spending some time at our booth in the main hall and meeting others who were also sponsoring the event.

Podcasters' Paradise Booth

The biggest difference between this year and last was that our booth was actually a booth that sat front and center by the main entrance.

We were also very lucky to have 3 sets of helping hands this year:

Knowing there was great representation sharing The Freedom and Mastery Journals with attendees took a ton of stress away and allowed us to make the most of our conference time.

By 3pm that afternoon we were settling in for the first two keynotes of the event: the trio behind Undisclosed, and then, Dan Carlin from Hardcore History.

While it was interesting to hear how Undisclosed got started, I can’t say there was a ton of value being shared through the presentation. At one point, there was even confusion around where everyone actually lived – something you’d think you would know about your co-hosts.

Dan Carlin on the other hand was very high up on my short list of favorites, which I have to assume was in part due to his amazing stage partner, Andrew Warner of Mixergy, who was leading the conversation.

Value bombs from Dan included:

“It’s not about how many people are listening, it’s about who is listening.”

“If it’s not for the listeners, it’s for no one.”

And something along the lines of “don’t cheat your listeners out of receiving great content. The quality of your content is so important.”

We capped Wednesday ON FIRE with a dinner at California Pizza Kitchen and an after party put on by iHeartRadio at The Fifth, a roof deck bar overlooking Disney Land.

While I was incredibly tempted to head back to the hotel around 11pm, I found myself on the roof deck until close to 1am catching up with friends both old and new and enjoying being outdoors for the first time all day.

Thursday at Podcast Movement

Luckily, I don’t have trouble sleeping, because Thursday morning brought another full day!

To start the morning off, I attended a session by Jodi Flynn of Women Taking the Lead. Her talk was all about how to avoid “podfading”.

Podcast Movement 2017

Just in case you haven’t heard the term before, podfading refers to those who launch a podcast, then within a few weeks or months drop off the face of the earth with no explanation.

Jodi put together an easy-to-follow and super smart plan for making sure this doesn’t happen to you.

It included 3 checkpoints you can review if – or when – you start to wonder whether or not you can continue on with your podcast.

Those 3 checkpoints:

1. Your Why

2. Your Community

3. Your Goals

After Jodi’s talk I hooked up with 3 incredible podcasters who I’d be sharing the stage with for a panel later that day called Cashing in on Content: How to Leverage Your Niche Audience.

The trio of greatness:

We ducked into the speakers lounge to review the flow, and by 1pm I found myself on stage for the third time in 3 days!

This awesome pic is compliments of the PM17 App newsfeed:

cashing in on content with your podcast

The theme we stuck with throughout the panel is the idea that niching down allows you to stand out.

With a laser focus on providing the most amount of value possible, the panel shared what they’ve learned post-launch about the importance of niching down and engaging with your audience to help your show grow.

And because each of these podcasters has monetized their show in very different ways, it was incredibly valuable to hear how they each got there.

For Josh, his podcast has helped him bring in at least 23 new clients for his business, Indy Franchise Law.

For Vanessa, her podcast has given her the opportunity to bring on sponsors that have relevant offerings for her niche audience: pregnant women.

And for Kara, her podcast audience asked, and she listened! Just this year Kara created The Wedding Planning Video Vault, a video series to help newly engaged couples navigate every step of their journey to wedding day.

After the panel I couldn’t help but be drawn to Payne Lindsey’s room – the guy I mentioned earlier who doesn’t identify as a podcaster (even though he has a hit podcast that actually helped solve an 11-year-old cold case of a girl gone missing in Georgia).

Because I had just recently binged the entire podcast it was really cool to see him on stage and hear him talk about the process he followed in order to create and produce such an intense, high-quality and engaging show.

However, I couldn’t help but challenge him on the fact that he didn’t identify as a podcaster – he was on stage talking about the success and impact of the podcast with a t-shirt that read: “I am not a podcaster”.

While I didn’t get a straight answer from him, I guess I can’t argue how someone else feels.

Although it would be great if those who were leveraging the medium to create such amazing content – content that is having a huge impact on the real world – would proudly identify with being a podcaster. The medium and industry could certainly use the good press! Spreading the word about podcasting is the only way it grows.

Friday at Podcast Movement

Bright and early Friday morning I was front and center to see our Podcast Websites partner, Mark Asquith, present!

Podcast Movement 2017

Mark talked about dominating your niche with series podcasting, which was extra appealing to me since a couple of years ago I moved to seasons on my podcast, Kate’s Take.

Mark brought out a ton of great points regarding how your podcast is published depending on whether it’s a series podcast or just an ongoing one.

For example, he recommended pushing your season to its own feed once published (while also keeping it live on your “main feed”).

This gives those who might just be searching podcasts for a specific topic an opportunity to find targeted, focused episodes on exactly what they’re interested in.

Mark also mentioned the sponsorship opportunities for a podcast that has focused seasons on niche content, which is something I hadn’t really thought about before.

After Mark it was on to the final two keynotes of the event – the first one by Aaron Mahnke of the hit podcast Lore.

Podcast Movement 2017

I’ve heard a ton about this podcast – it’s always at the top of the iTunes charts and it comes highly recommended. But for whatever reason I haven’t tuned in yet – until just a few days ago.

Not only was he an amazing speaker on stage, but he had so much passion and feeling around the topic of podcasting and how to do it right. It was an amazing way to wrap up the event.

Aaron talked about there being 5 things every podcaster should focus on, and those 5 things are:

1. Be consistent

  • Set listener expectations
  • If you want podcasting to be your full time job, act like it
  • Don’t disappoint your listeners with your schedule, format, frequency, or quality

2. Be prepared

  • You’re taking people on a journey, and you have to be prepared in order to do that
  • Everyone is a storyteller behind the mic – no matter what their podcast is

3. Be respectful

  • Time, money and attention are our most valued and limited resources
  • Your listeners are tuning in for a reason; deliver it already!
  • If you have a sponsor, be respectful of them

4. Be original

  • Don’t copy – be unique!

5. Be focused

  • Your job is to make a damn good show, not to find out how to make money

Podcasting is like flying a kite. If you build a crappy kite, it won’t fly.

To close it out strong Podcast Movement brought back Shannon Cason of Homemade Stories.

Podcast Movement 2017

Shannon focused on WHY people podcast.

Throughout his presentation he had audio clips from other speakers and attendees who were at Podcast Movement.

He asked them: “Why do you podcast?”

The range was wide – everything from “Because I like to hear my own voice” to “Because I have a message to share and an impact to make”.

I guess it goes to show that everyone podcasts for a different reason, and it’s important to remember why we do what we do.

Biggest Takeaways from Podcast Movement

After Podcast Movement I reached out to our podcasting community who attended and asked them:

What was YOUR biggest takeaway from Podcast Movement?

Here’s what they had to say…

My name is Jaime Jay and I host a podcast called Stop Riding the Pine.

My #1 takeaway from PM17 was that I really need to be open to new ideas.

I met so many awesome people that are doing great things in the podcast world. Just when I think I’m getting ahead, I learn more new things that keep challenging me to get better.

This event served as a great reminder that I need to keep pushing forward. It was a blast seeing old friends and making new friends. I loved this event and am very happy to have attended!

My name is Josh Brown and I host the podcast Franchise Euphoria.

My #1 takeaway from PM17 was that my podcast needs to now become the Hub from which all my digital and social media efforts spoke off from.

It became abundantly clear at PM17 that rather than having a social media campaign that includes just sending out my Podcast as part of my marketing efforts, I should make my Podcast the central hub from which all of my social media content flows in terms of topic, focus, etc.

As an example, if my next episode on my Podcast regards franchising a restaurant, then all of my social media marketing should revolve around that focused topic.

This may seem obvious to a lot of people, but it was certainly an “ah ha” moment for me at PM17.

My name is Mary Albee and I host the podcast Pure Dog Talk.

My #1 takeaway from PM17 was the smart tech opportunities coming with Alexa, Apple Homepod and Google adding optimized podcasts to voice searchable content.

My name is John Lee Dumas and I host the podcast Entrepreneurs On Fire.

My #1 takeaway from PM17 was that everyone needs to be Podcasting with a purpose.

Just turning on a mic and talking is not a winning strategy.

Your Podcast should have a funnel, which is the journey you take your listener on that ends with some kind of product, service, community, or VALUE BOMB.

Strategic planning wins.

My name is Mark Asquith and I host the podcast The 7 Minute Mentor.

My #1 takeaway from PM17 was to be a story teller!

It doesn’t matter your niche or focus, you have to captivate people with stories that MATTER!

My name is Shawn Park and I host the podcast Be Your Own Nerd.

My #1 takeaway from PM17 was to “Just Launch” my podcast.

I need to stop over planning, overthinking, and need to stop making sure everything is perfect because it will never be.

My name is H. Guthrie Chamberlain, III and I host the podcast Wisdom-Trek

My #1 takeaway from PM17 was that it was a privilege to speak on the PMx stage and get to meet 11 other excellent speakers and hear their presentations.

It will help to improve my speaking opportunities in the future. Also, the networking and connections made are invaluable.

My name is Paula Chamberlain and I will host the podcast A Quilter’s Life.

My #1 takeaway from PM17 was that there was strong support for my soon-to-be-released podcast A Quilter’s Life, where I’ll be interviewing quilters and sharing their stories on why they quilt and how that passion integrates into their overall life stories.

If you attended Podcast Movement 2017 we hope you enjoyed it!

If not, there’s always next year! Podcast Movement 2018 will be in Philly, and we can’t wait to see you there!

The post Biggest Takeaways from Podcast Movement 2017 appeared first on Entrepreneurs on Fire with John Lee Dumas.

       

 

 

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Latest EOFire Podcast Entrepreneurs On Fire: August 2017 Income Report

Here’s the latest Entrepreneur On Fire Podcast for your enjoyment!

August 2017 Income At-A-Glance

Gross Income for August: $237,193

Total Expenses for August: $67,662

Total Net Profit for August: $169,531

Difference b/t August & July: +$32,337

eofire income report button

Why We Publish An Income Report

This monthly income report is created for you, Fire Nation!

By documenting the struggles we encounter and the successes we celebrate as entrepreneurs every single month, we’re able to provide you with support – and a single resource – where we share what’s working, what’s not, and what’s possible.

There’s a lot of hard work that goes into learning and growing as an entrepreneur, especially when you’re just starting out. The most important part of the equation is that you’re able to pass on what you learn to others through teaching, which is what we aim to do here.

Let’s IGNITE!

**We’ll receive a commission on the affiliate links below.

Josh Bauerle’s Monthly Tax Tip

What’s up Fire Nation, my name is Josh Bauerle. I’m a CPA and the Founder of CPA On Fire, where we specialize in working with entrepreneurs to minimize their tax liability while keeping them in line with the ever-changing tax laws.

I’ve been working with JLD & Kate at Entrepreneurs On Fire for years now, and they’ve included me in these monthly income reports with unlimited access to all their accounts so I can verify that what they report here is complete and accurate.

And because they believe in delivering an insane amount of value to you, my job doesn’t stop at the verification level; I also provide a new tax and accounting tip every month!

Can I deduct health care related costs?

One question I get all the time is “Can I deduct health care related costs?”

We all know health issues are no fun. At least the IRS steps up to give you a nice deduction on those outrageous health care costs… right? Right?!?

Well, the unfortunate answer is: kind of.

But not near as much as you are probably being led to believe.

First of all, lets talk about what can potentially be deducted with health care costs.

The basics of it are you can deduct any “qualified” medical costs paid for you or any of your dependents in a given year.

Essentially this comes down to medical related costs paid to doctors, dentists, surgeons, hospitals, chiropractors, etc.

It also could include lodging when you have to stay in hotels for medical procedures, travel costs and health insurance costs, assuming you don’t have it taken out pre-tax through your job or business.

You can find a large list of approved medical expenses here.

Doesn’t sound too bad, right?

Those medical expenses can add up quickly, especially if you have young kids, but at least you get a nice break on your taxes for them.

I wish it were that easy…

Now we have to talk about the restrictions of deducting these medical expenses.

You Have to Itemize

The IRS gives what they call a “standard deduction” each year. This is just a tax deduction they give you out of the kindness of their hearts (aren’t they sweet?!)

In 2017, the standard deduction for a single taxpayer is $6,350.

For married taxpayers it’s $12,700.

But the IRS also gives you the option to itemize your deductions if you can beat that standard deduction with certain expenses. Itemized deductions consists of many expenses, but the main ones are mortgage interest, property taxes, state taxes, charitable contributions and medical expenses.

So if you add up all of those expenses, plus a few others, and they are more than your standard deduction, the IRS allows you to take the higher itemized deduction, which includes the medical expenses.

For most people, they likely won’t itemize unless they own a home or pay a very high amount of state taxes.

There is a 10 percent of Income Reduction

“Great” you may be saying to yourself.

You own a home and you live in California. Plenty of mortgage interest and state taxes mean you will definitely itemize and now you can deduct all those pesky medical costs, right?

Unfortunately there’s one more restriction, and this is the big one. The IRS is going to reduce those medical expenses by ten percent of your adjusted gross income.

This means if you made $100,000 last year, the IRS is going to limit your medical Cost deduction by a whopping $10,000. So if you had $11,000 in medical costs, the IRS says go ahead and deduct $1,000.

The unfortunate truth here is that unless you have very low income or very, very high medical costs, the tax code provides you almost no relief for medical costs.

So when your doctors or hospitals try and tell you not to worry too much about their crazy high costs because you will be able to deduct them on taxes, take that advice with a giant grain of salt.

Next month, we will go over a few ways that being self-employed can offer you a few better options in deducting these medical costs.

As always, please feel free to contact me if you’d like to discuss what would be best for YOUR business. I LOVE chatting with Fire Nation!

*Bonus* Claim your spot in Josh’s FREE Course on Business Entities!

What Went Down In August

Podcast Movement in Anaheim, CA

Podcast Movement is one of our favorite events.

Not only do they bring together hundreds of individuals who all have one thing in common (a love for podcasting), but they also make sure those individuals learn a lot, have an experience to remember, and leave even more inspired than when they arrived.

Podcast Movement 2017 in Anaheim was no exception.

From the opening keynote by Dan Carlin, (which was led by our good friend Andrew Warner of Mixergy), to stage appearances by Pat Flynn, Amy Porterfield, Cliff Ravenscraft, our partner Mark Asquith, and many more, PM kept us busy.

It actually all started the day before Podcast Movement when we hosted an all day Workshop called From Idea to Launch and Beyond.

With a packed house (60 podcasters ready to dive into the details) and 5 workshop leaders to help us through eight hours of content, we left no stone unturned!

Podcast Workshop

The Workshop was an absolute blast and we received rave reviews from those who attended.

A huge thank you to our Workshop leaders Alissa Daire Nelson, Jodi Flynn, Kara Lamerato, Vanessa Merten and Nick Loper!

We followed our all-day workshop up with our annual Podcasters’ Paradise meet up, a pre-screening of a documentary we were a part of: The Messengers, and an after-party put on Podcast Websites at the local bowling alley!

Podcasters' Paradise Meet Up

And this was all before the event had even started!

Wednesday morning our focus turned to our sponsorship booth, where we were selling The Freedom and Mastery Journal. This year was extra fun because we were also doing a drawing for those who invested in a Journal with a first place prize of a 30-minute call with JLD!

Podcasters' Paradise Booth

Congrats to Andy Storch for winning first place!

Luckily we had Zach Hesterberg and Travis Chappell holding down the fort for us at the booth, because first thing Wednesday morning John was taking the stage with Pat Flynn and Amy Porterfield.

Podcast Movement Business Track

We won’t get into too many details about the talks here because we’ll be diving deep in our Podcast Movement 2017 Recap post – going live soon!

Next up on stage: me!

In front of a standing room only audience I presented Audience Growth and Meaningful Monetization with Podcasting Systems.

While I was pretty nervous to present, the feedback I received was really amazing.

The next day I hosted a panel on Niche podcasting, and I was honored to share the stage with 3 other incredible podcasters:

cashing in on content with your podcast

With a laser focus on providing the most amount of value possible the panel shared what they’ve learned post-launch about the importance of niching down and engaging with your audience to help your show grow.

And because each of these podcasters has monetized their show in very different ways, it was incredibly valuable to hear how they got to that stage.

Again, for all the details on our experience at Podcast Movement, be sure to check out our recap, which is going live very soon 🙂

A trip to Vancouver

Immediately following our four days of fun and conferencing at Podcast Movement we jumped on a plane from LAX > Vancouver to visit our great friends Jill & Josh Stanton from Screw the Nine to Five.

After a three hour delay at LAX, we didn’t end up arriving in Vancouver until midnight, so our first night in town was a hug hello – and a goodnight 🙂

But don’t let that fool you… even though we had zero plans upon arrival, the next day we wasted no time diving right in to everything Vancouver has to offer.

If you’ve never been, we HIGHLY recommend it!

It started with a walk around Stanley Park, which lasted about three hours and was absolutely gorgeous.

Online Business

We stopped off for lunch, had an awesome stroll back, and then enjoyed the patio and ocean breeze before heading to dinner.

The next day we enjoyed another epic walk – this time down to Sunset Beach Park for some coffee and frisbee, which ultimately resulted in a visit to Granville Island.

Online business

What?! If I were ever in proximity to a public market like that one – I’d be in trouble! With what seemed like hundreds of vendors with the yummiest and most unique things to sell, we spent a good amount of time walking around.

After the market we had an amazing lunch, then headed back towards Sunset Beach Park and walked on to Yaletown and into Gastown.

That evening we had the pleasure of bbq-ing with our friends Greg and Veronica from Thinkific (based in Vancouver) along with a few other friends from Jill & Josh’s neighborhood.

I know I said we went into this with no plans, but it sounding like a pretty packed schedule, right?!

Just the way we like it 🙂

The next day we rented an 18′ boat and spent the day on the water – starting in Vancouver Harbor and then going over to Deep Cove where we stopped for lunch.

Online Business

We couldn’t have asked for a better day – the water was like glass and the weather was perfect.

Our last day was spent hiking – all the way to Garibaldi Lake. Now this hike is no joke. We drove about an hour and half to get to the start of it, then hiked 5.5 miles to get to one of the most incredible scenes ever.

Online business

Online business

An 11 mile roundtrip hike left us spent, but luckily we had just enough time to stop back at the Stanton’s for a quick shower before our redeye back to Puerto Rico.

Trips like this really get you thinking…

Not only did we have the time freedom to choose to do this after Podcast Movement, but we had the financial freedom to make it happen, too.

Hiking all weekend, and spending the day on the water on a Monday?

We stopped multiple times throughout this trip to really take in how incredibly lucky and grateful we are for the life we’ve created.

Season 7 of Kate’s Take: How to go From Idea to Launch

It’s been well over a year in the making, but it’s finally here!

After we launched The Freedom Journal on Kickstarter I thought it would be a crime to not share that experience with Fire Nation.

All the time, effort and energy that went into figuring out how that whole process was supposed to work had to be shared.

And so pretty much immediately after our campaign on Kickstarter wrapped, I published a post (or what some might consider, a book), to share our experience and the exact steps we took to crush it on Kickstarter.

While I was creating that post, I thought: what about an audio version?

There were so many amazing team members involved in this process, and I knew if I could get them on the line for even just 20 minutes each that I would have loads of priceless advice to share with Fire Nation.

And so I did.

But those audio files and my idea to create the audio version of that post continued to get pushed to the back burner. No excuses here: I simply wasn’t making it a priority.

And so when Season 7 came up for Kate’s Take, I thought about the themes and struggles I’d been hearing from a lot of our audience, and specifically, those who tuned in to Kate’s Take.

A lot of the struggle was around taking an idea and turning that idea into something – something that could help generate revenue.

Ah-ha!

So I went back to our experience with The Freedom Journal, brought up those audio files, and I stretched myself really far to put together a season on Kate’s Take like no other.

If you want to know How to go from Idea to Launch, then this Season is for you. It’s a step-by-step guide to everything you need to consider, know and research in order to make it happen.

How to go From Idea to Launch on Kickstarter

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

August 2017 Income Breakdown*

Product/Service Income: $142,981

TOTAL Journal sales: 899 Journals for a total of $36,651

The Freedom Journal: Accomplish your #1 goal in 100 days!

  • TheFreedomJournal.com: $5,577 (130 Hardcovers & 28 Digital Packs sold!)
  • Amazon: $14,937 (383 Freedom Journals sold!)
  • Total: $20,514

The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!

  • TheMasteryJournal.com: $4,320 (83 Hardcovers & 22 Digital Packs sold!)
  • Amazon: $11,817 (303 Mastery Journals sold!)
  • Total: $16,137

Podcasters’ Paradise: The #1 Podcasting community in the world!

  • Recurring: $18,054 (183 monthly)
  • New members: $13,500 (42 new members)
  • Total: $31,554

Podcast Sponsorship Income$69,500

Podcast Websites: $5,000 Your all-in-one podcast website peace of mind

Skills On Fire: $33

Podcast LaunchAudiobook$208 | eBook: $35

Free Courses that result in the above revenue:

Free Podcast Course: A free 15-day course on Podcasting

Free Webinar Course: A free 10-day course on Webinars

Free Goals Course: A free 8-day course on Setting & Accomplishing Goals

Funnel On Fire: A free 8-day course on Creating a Funnel that Converts!

Affiliate Income: $94,212

*Affiliate links below

Resources for Entrepreneurs: $50,055

Courses for Entrepreneurs: $42,685

Resources for Podcasters: $536

Other Resources: $936

  • Amazon Associates: $504
  • Other: $432

Total Gross Income in August: $237,193

Business Expenses: $63,922

  • Advertising: $10,444
  • Affiliate Commissions (Paradise): $1,760
  • Accounting: $350
  • Cost of goods sold: $3,810
  • Design & Branding: $1,980
  • Education: $121
  • Legal & Professional: $507
  • Marketing: $320
  • Meals & Entertainment: $1,479
  • Merchant / bank fees: $2,925
  • Amazon fees: $8,818
  • Shopify fees: $219
  • Stripe fees: $5
  • PayPal fees: $267
  • Office expenses: $1,287
  • Payroll Tax Expenses / Fees: $1,624
  • Paradise Refunds: $1,755
  • Total Launch Package fees: $875
  • Promotional: $59
  • Sponsorships: $12,750
  • Show notes (email Mallard Creative!): $360
  • The Freedom & Mastery Journal: $5,021
  • Travel: $11 + $1,560
  • Virtual Assistant Fees: $4,055
  • Website Fees: $1,571

Recurring, Subscription-based Expenses: $3,740

  • Adobe Creative Cloud: $100
  • Boomerang: $70 (team package)
  • Brandisty: $24
  • Authorize.net: $91
  • Cell Phone: $107 (Thank you, ShrinkABill!)
  • Google: $45
  • Internet: $300
  • eVoice: $10
  • FB Messenger Bots: $1,000 (1-time fee)
  • Infusionsoft CRM: $396
  • Insurance: $551
  • Libsyn: $229
  • Manychat: $64
  • Chatroll: $49
  • PureChat: $20
  • ScheduleOnce: $9
  • Skype: $3
  • Shopify: $235
  • TaxJar: $19
  • Workflowy: $5
  • WPEngine: $49
  • MeetEdgar: $49
  • Taxes & Licenses: $300
  • Zoom: $15

Total Expenses in August: $67,662

Payroll to John & Kate: $15,900

In our May 2014 Income Report and our June 2016 Income Report, Josh focuses on how to pay yourself as an entrepreneur. Check them out!

Wondering what we do with all of our net revenue? We share all in our April 2017 Income Report 🙂

Total Net Profit for August 2017: $169,531

Biggest Lesson Learned

Your life is a series of choices that YOU make; the consequences of which will tell the story of your life. ~ Franz (Pencils of Promise)

You Aren’t Superwo(man)

After our travels in August, John and I returned to Puerto Rico absolutely spent.

Podcast Movement was a lot of work. Not just while we were there running the workshop, speaking on stage, and running a sponsorship booth, but all the time leading up to it, too.

The planning, the coordinating, the double and triple checking…

Not to mention the parties and meet ups and dozens upon dozens of conversations you’re having throughout the day.

It’s all amazing, but sometimes, I don’t think we realize the toll it’s taking on our bodies.

And even though we had a very relaxing trip to Vancouver immediately following Podcast Movement, it still took nearly four days to “recover” from our travels.

It got me thinking… our bodies – and our minds – are not made to ALWAYS be on. If that were the case, we wouldn’t require sleep, or water, or food.

Our bodies and our minds are meant to rest, and in order to perform at our best consistently, we have to remember to give ourselves that time.

It’s nice to think that we’re superwo(man), but it’s also okay to admit that we’re not.

Alright Fire Nation, that’s a wrap!

EntrepreneurOnFire

Until next month, keep your FIRE burning!

~ Kate & John

Note: we report our income figures as accurately as possible, but in using reports from a combo of Infusionsoft & Xero to track our product and total income / expenses, they suggest the possibility of a 3 – 5% margin of error. 

Click here for all of EOFire’s Income Reports

This post was written by Kate Erickson, Content Creator and Implementer at EOFire. Follow Kate on Social:

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Latest EOFire Podcast S7E5: The Marketing Phase

Here’s the latest Entrepreneur On Fire Podcast for your enjoyment!

The Marketing Phase

The Marketing phase of your project is when A LOT of moving pieces will all start coming together.

But by “start coming together” I really mean: they’ll all be happening at once!

During our Marketing phase for The Freedom Journal there were a lot of things happening simultaneously, including the actual creation of The Freedom Journal in China, plus a lot of preparation to make sure the five key marketing tactics we wanted to use would actually work.

Here’s a look at The Freedom Journal being printed, bound and shipped from China!

The Freedom Journal

The Freedom Journal

The Freedom Journal

This is an important phase in the process. Be sure to take a step back and think ahead.

What type of production or preparation should be happening right now in order for you to hit your launch date?

Are there moving pieces that should be in motion, but that aren’t yet?

Sit down with a team member, an accountability partner, or a friend and talk through some of the things you have going on at this stage. Then ask: “Are there obvious things I might be missing at this stage in the game?”

Our 5 Key Marketing Tactics

Marketing Tactic 1: The Ask

If you’ve been practicing Gary V’s “Jab, jab, jab – right hook” gig, then now is the time to throw the right hook.

Tune in this episode to hear me dive deep on this topic with our launch team.

The Ask was probably the most impactful of all of our marketing tactics, and it’s important to understand how to do it right – especially the follow up piece.

Here are a few stats to show you how much went into this single marketing tactic:

making The Ask for The Freedom Journal

And here’s the email Tom and his team sent out to all of our previous Entrepreneurs On Fire guests to ask if they’d help support The Freedom Journal launch:

The Freedom Journal

And here are the swipe files I mentioned in this episode so you can check those out.

Marketing Tactic 2: 33 Days of Content Marketing

Our 33 days of content marketing was HUGE.

It included:

  • 33 days on Entrepreneurs On Fire
  • 33 days on The Freedom Journal podcast
  • 33 days on Kate’s Take
  • 33 days on Kickstarter

And this is not to mention any of the promotional content we had scheduled to go live throughout these 33 days, like guest posts, guest podcasts, and emails and support from “The Ask”.

Our 33 days of Content Marketing made sure we were top of mind and expanding our reach as wide as possible.

Marketing Tactic 3: Involving Fire Nation

Not only did we have an interest campaign we’d been running for months, we also took the month or so before our launch to really get Fire Nation involved.

Remember, we weren’t just asking Fire Nation to sign up to hear when we went live; we were offering an experience – for them to come along with us on this journey.

So every step of the way – from hiring Richie, Brandon, Brandy, Tom… all the way to printing, receiving our first copy of the journal, and prepping for our launch on Kickstarter – Fire Nation was a part of it.

Marketing Tactic 4: A Partnership with Pencils of Promise

Our partnership with Pencils of Promise allowed us to not only continue to support a cause we believe in, but it also allowed those who were supporting The Freedom Journal campaign to do the same.

Through our partnership we were able to fund the creation of 2 schools in developing countries, and for backers to have a hand in that not only made it really special for us and for Pencils of Promise, but for each individual backer as well.

Not only were those supporting The Freedom Journal campaign giving themselves the gift of freedom, they were also giving the gift of education to those less fortunate.

For every funding goal we hit on Kickstarter, John and I personally donated $25,000 to Pencils of Promise.

Marketing Tactic 5: Social Media and Paid Advertising

Social media and paid advertising was also a huge contributor to the success of our campaign. Our Facebook ads far outperformed our YouTube ads, but every post – paid or not – made a different.

I’ll be diving into the stats and ROI in our next post: The Launch Phase!

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Latest EOFire Podcast S7E4: The Hiring Phase

Here’s the latest Entrepreneur On Fire Podcast for your enjoyment!

The Hiring Phase

Next step in going from idea to launch is the hiring phase.

This is where you continuing putting one foot in front of the other, and taking your massively awesome (and literally massive) project ONE step at a time.

By continuing to take one step at a time, you will be revealing the steps that, right now, might seem like “unknowns”, or that you’re not super clear on.

This was certainly the case for us with The Freedom Journal: we didn’t know we’d need an editor, an illustrator, a book launch manager… we discovered these needs through taking one step forward every single day.

Our hiring journey is detailed out in the audio version of this post, but to share a few images and a video with you of the process we were going through at this point in our journey from idea to launch, I’ve included our timeline and other visual evidence that proves we were everything BUT all-knowing when it came to our next step…

Just a reminder that our Hiring Phase really spanned May… to about September.

The Freedom Journal Project Timeline

TMJ Project Timeline

The Freedom Journal Editing process

This was Whitney’s “first pass” at The Freedom Journal digital file, and keep in mind, this is just 4 pages of hundreds…

The Freedom Journal

Our design brief for The Freedom Journal

My email to Brandy detailing out our design and illustrations request for The Freedom Journal wasn’t short.

Little did I know at the time that it would only be the tip of the iceberg in terms of how much work Brandy would end up doing for The Freedom Journal launch.

project planning for The Freedom Journal

A behind-the-scenes of our Kickstarter video creation

Caleb Wojcik and his team helped us not only take incredible lifestyle photos with The Freedom Journal, which would end up being our main collateral for our marketing, but also create the Kickstarter video.

The video on your Kickstarter page is arguably the most important piece. It’s the first thing people see when they land on your Kickstarter page, and if it doesn’t grab their attention or engage them to the point they’re willing to scroll the page, you’ve just lost a potential backer.

Here’s the video that Caleb created of a behind-the-scenes look at the creation of our Kickstarter video for The Freedom Journal…

Richie Norton on the ground in China for The Freedom Journal

Richie provided us so many incredible touch points with China. Each time he visited he would send us pictures of the entire process that was going on – in real time – and that was really special for us to be a part of.

He even caught us on FaceTime during one of his visits, and he walked us around the factory as The Freedom Journal was being printed and collated. Check it out!

Here’s a shot of Richie on the ground in China with The Freedom Journal as it was being printed. Now THAT is a lot of pages!

The Freedom Journal printing

The Hiring Phase of going from Idea to Launch

The Hiring Phase is all about trusting that if you continue taking one step towards accomplishing your BIG goal every single day, that subsequent steps WILL reveal themselves.

Oftentimes that in the form of a task or step you may not be familiar with, in which case you have 3 options:

1. Hire an expert to manage that task or step

2. Research – Google and ask others who have already been there before to help guide you

3. Barter with someone who can help you accomplish that task or step

You’ve got this!

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Latest EOFire Podcast S7E3: The Brainstorming and Planning Phase

Here’s the latest Entrepreneur On Fire Podcast for your enjoyment!

The Brainstorming and Planning Phase

Brainstorming and Planning might seem like obviously steps to take when going from idea to launch. Unfortunately, many people skip over these steps because:

  • They’re too anxious and have to start
  • They feel like they’re behind schedule
  • They don’t want to face the fact that they have no idea how they’re going to turn their idea into reality

The reasons why people skip over these steps should clearly reveal just how important they are.

Being anxious or feeling like you’re behind schedule is only going to result in sub-par work.

And not wanting to face the fact that you have no idea how you’re going to turn your idea into reality is simply insane: at this phase, you’re not supposed to know!

That’s exactly why this phase exists: so you can write out the steps you need to take and the milestones you need to hit in order to accomplish your goal.

3 Steps to getting your plan started

There are 3 steps to successfully completing the Brainstorming portion of this phase, and those are:

1. Writing out what you already know

2. Doing research

3. Asking others who have already done what you want to do

Once you’ve completed your Brainstorming, it’s time to take the information you’ve gathered and put it into a plan. This means specific steps – in order – with due dates in place.

Be sure to tune in to this episode to get details on each of these steps, along with other critical tips for successfully completing the Brainstorming and Planning phase of your journey form idea to launch!

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Latest EOFire Podcast S7E2: The Idea Phase

Here’s the latest Entrepreneur On Fire Podcast for your enjoyment!

The Idea Phase

Ideas are plentiful when you’re an entrepreneur.

But how many of these ideas are ones you take action on?

How many of these ideas are ones you get proof of concept for?

In this episode I talk about the most important thing John did after having his idea for The Freedom Journal: talk to others about it.

By talking to others about his idea, John made his idea REAL.

In addition, he gained invaluable feedback from his mastermind, his accountability group, and his friends.

He was able to get a lot of his questions answered, and in doing so was able to take his first step to turning his idea into reality.

That first step?

Getting proof of concept

Typically getting proof of concept comes in the form of asking your audience to pay you money for an idea.

This saves you time and a lot of potential frustration – plus, it guarantees that whatever you’re creating is actually something your audience wants and needs.

Perhaps our strongest example of proof of concept here at Entrepreneurs On Fire is Podcasters’ Paradise.

When we had the idea to create an online community and membership site to help teach others how to create, grow and monetize their own podcast, we did NOT start building it.

Instead, we shared our idea with our audience.

We shared our idea with our audience via email, on the podcast, and through live trainings.

On those live trainings we asked our audience to take out their wallet and pay us money for idea. If they agreed, THEN we would build Podcasters’ Paradise.

We were fully transparent with exactly what we were doing: no one was giving us money expecting to have immediate access to an online community and member site. And because they were investing in our idea, we gave them an “early bird” special.

One hundred of our founding members and a few weeks later, Podcasters’ Paradise launched.

But with The Freedom Journal, things were a bit different.

We didn’t follow this same proof of concept process.

Tune in to this episode to hear why – and how – we got proof of concept for The Freedom Journal.

Next time we’ll be talking about The Brainstorming and Planning Phase for how to go from idea to launch!

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Latest EOFire Podcast S7E1: The Four Phases from Idea to Launch

Here’s the latest Entrepreneur On Fire Podcast for your enjoyment!

How to go From Idea to Launch on Kickstarter

Everything starts with an idea.

Yet typically we feel like we’re “behind schedule”, or “moving too slow” if we aren’t already creating something.

As with every project – in both business and life – there are steps or phases you need to go through in order to get from where you are right now to where you want to go.

You don’t just have an idea, and then suddenly have that idea turn into reality.

It takes work.

Throughout Season 7 we’ll be walking through, in-depth, the four phases required to go from idea to launch.

After this season, you’ll have one thing left to do: TAKE ACTION!

Tune in to this episode to hear what the 4 phases are that will help you go from idea to launch, and how we’ll be moving through each of them this season on Kate’s Take.

The 4 Phases from Idea to Launch

  1. The Idea
  2. Brainstorming & Planning
  3. Hiring
  4. Marketing & Launch

In this episode you’ll also get to meet the team who will be joining us this season – the same team who helped us go from idea to launch on Kickstarter with The Freedom Journal back in 2015 and 2016.

This season you can look forward to a behind-the-scenes look from me, plus, insights and expertise from five industry leaders, including our very own JLD!

The Freedom Journal Launch Team

Tom Morkes, Insurgent Publishing

Tom is our book launch manager, and he was responsible for igniting well over one thousand engagements leading up to, and throughout, our launch.

Why was our marketing so powerful? Because of Tom and his team.

Richie Norton, Prouduct

Richie is responsible for the physical creation of The Freedom Journal. We’ll dive into more details about the specific role he played, and why we couldn’t have done this without him.

Brandy Shea, Mile One Creative

Brandy is responsible for almost every visual you see related to The Freedom Journal. She designed our entire Kickstarter page, and she had a big hand in the overall branding for The Freedom Journal.

Brandon T. Adams, Keys to the Crowd

Brandon is our Kickstarter expert, and he helped us ensure that every step of the way we were doing what was best for the campaign and our visibility and performance on Kickstarter.

The set up, the pace, the actions we took leading up to the launch, and a lot of what we did during our launch is thanks to Brandon’s guidance.

John Lee Dumas, Creator of The Freedom Journal

You didn’t think I’d leave this guy out, did you?

Me, your host! Kate Erickson, Project Manager

I’ve always got questions, I’m always thinking about “what’s next”, and I have a knack for avoiding potential disasters when it comes to bigger projects because I’m obsessed with the details.

I was all over quality control every step of the way and because I thrive on project management, this was a great challenge for me!

Be sure you subscribe to the podcast (in both iTunes and Stitcher) so you won’t miss a single episode.

Ready to dive DEEP into what it takes to crush Kickstarter? Then this guide is for you.

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Latest EOFire Podcast Entrepreneurs On Fire: July 2017 Income Report

Here’s the latest Entrepreneur On Fire Podcast for your enjoyment!

July 2017 Income At-A-Glance

Gross Income for July: $197,911

Total Expenses for July: $60,717

Total Net Profit for July: $137,194

Difference b/t July & June: +$1,893

eofire income report button

Why We Publish An Income Report

This monthly income report is created for you, Fire Nation!

By documenting the struggles we encounter and the successes we celebrate as entrepreneurs every single month, we’re able to provide you with support – and a single resource – where we share what’s working, what’s not, and what’s possible.

There’s a lot of hard work that goes into learning and growing as an entrepreneur, especially when you’re just starting out. The most important part of the equation is that you’re able to pass on what you learn to others through teaching, which is what we aim to do here.

Let’s IGNITE!

**We’ll receive a commission on the affiliate links below.

Josh Bauerle’s Monthly Tax Tip

What’s up Fire Nation, my name is Josh Bauerle. I’m a CPA and the Founder of CPA On Fire, where we specialize in working with entrepreneurs to minimize their tax liability while keeping them in line with the ever-changing tax laws.

I’ve been working with JLD & Kate at Entrepreneurs On Fire for years now, and they’ve included me in these monthly income reports with unlimited access to all their accounts so I can verify that what they report here is complete and accurate.

And because they believe in delivering an insane amount of value to you, my job doesn’t stop at the verification level; I also provide a new tax and accounting tip every month!

A business, or a hobby

Last month we discussed the startup phase of a business and how the potential losses in those first few years can offer a tax advantage.

To recap, lets look at an example.

Let’s say your first year in business you lose $5,000, meaning you spent $5,000 more than you brought in. And let’s also say you made $100,000 as an employee that year.

In this scenario, the IRS will allow you to take the $5,000 loss in your business to reduce your $100k income from your employer, making your total taxable income $95,000.

This is a great advantage that can allow you to recoup some of your loss in tax savings.

Business vs. Hobby

But what happens if you continue to show a loss in year two, or three, or even beyond?

Will the IRS allow you to deduct that loss against ordinary income indefinitely?

In these situations, the IRS makes a clear distinction between a business and a hobby.

A business is allowed to deduct losses against ordinary income, a hobby is not.

So where does the IRS distinguish between a business and hobby?

Well first, the goal of a business is to make money. The goal of a hobby is not.

If you are in “business” simply to create a tax loss for yourself, the IRS is going to put you into the hobby category and take away those losses.

After that, the IRS draws a line at the number of years you show a loss.

Generally speaking, they want a business to show a profit 3 out of every 5 years.

Show a loss in those first 2 years, and the IRS expects the next 3 after to show a profit.

How to Protect Yourself

Let’s say you do everything right.

You have clear intentions to make a profit, you actively work towards that, and yet you still show a loss in more than 2 out of 5 years.

Is your business doomed to be labeled a hobby, losing all the tax benefits that come with a business loss?

Not necessarily…

If you take the proper steps, you could protect yourself in the event this happens. Those steps are…

Create a Business Plan

A solid business plan is a great idea for a multitude of reasons. One of them being it could serve as proof to the IRS that although your business is still losing money, you are clearly treating it as a business with the intent of making money.

Show Adjustments

Doing the same thing over and over again and expecting different results is the definition of insanity. It could also be what the IRS uses to label your business a hobby. Show them that you are making attempts to change things to turn your losses into profits.

Do the Right Thing

Most IRS agents are reasonable. They aren’t looking to limit the ability of an actual business to deduct losses.

They are also very good at sniffing out people using their hobby to create a tax deduction. Just do the right thing. Treat your business as a business with the intent to make money and not as a way to reduce taxes. If you do, the IRS is far more likely to rule in your favor.

As we always mention, the IRS gives a very favorable tax code to entrepreneurs.

One of the benefits is the ability to use business losses to reduce taxable income.

But you want to make sure you aren’t taking advantage of these rules. Follow the tips above, do everything you can to turn a profit 3 out of every 5 years, and use common sense.

If you do, your business will stay out of the dreaded hobby designation.

As always, please feel free to contact me if you’d like to discuss what would be best for YOUR business. I LOVE chatting with Fire Nation!

*Bonus* Claim your spot in Josh’s FREE Course on Business Entities!

 

David Lizerbram’s Legal Tip: Rules for Influencers

Every day I see posts on Instagram and other sites that are in violation of the legal rules for social media influencers.

“Influencers” are, typically, people who are either well-known celebrities or people who may not be known to the general public, but who have a significant online following related to a certain topic.

Common examples include fitness, fashion, and consumer goods.

Sometimes they are referred to as “Brand Ambassadors” or something other than “Influencers,” but the effect is the same. They often receive money or free/discounted goods in exchange for posting about the goods in their online feeds. And very often they don’t properly disclose the nature of the relationship with whoever supplied those goods.

The U.S. Federal Trade Commission (FTC) has recently signaled that they are prepared to go after people who don’t properly disclose when a post is an advertisement. They’ve also clarified how those rules apply to Instagram.

An FTC press release stated that they have recently “sent out more than 90 letters reminding influencers and marketers that influencers should clearly and conspicuously disclose their relationships to brands when promoting or endorsing products through social media.”

So What Are the Rules for Social Media Influencers?

To keep it simple, I’m going to use the word “endorsement” to include any type of endorsement, testimonial, or affiliate arrangement.

The FTC has the power to investigate and prevent deceptive trade practices.

The FTC regulates advertising, so they set the rules that apply to online influencers and brands that work with them.

What if you don’t have a formal written contract?

If an influencer receives something for free – or at a discount – in exchange for a review or endorsement, they need to disclose that information. Even if it’s not a straight up quid pro quo, these rules apply.

The FTC Guides

Influencers and those who work with them regularly should take the time to read the rules and guidelines published by the FTC:

The current (as of this writing) version of the FTC’s Guides Concerning the Use of Endorsements and Testimonials in Advertising can be found here.

The FTC’s ebook .com Disclosures: How to Make Effective Disclosures in Digital Advertising can be found here.

Finally, the FTC also has an FAQ page called Endorsement Guides.

5 Simple Rules

For those who just want a quick reminder, here are some basic guidelines you want to follow. And by “you,” I mean either the influencer or the brand that’s working with the influencer.

1. Be Honest

2. If You Claim to Be an Expert, Actually Be an Expert

3. It’s About the Relationship (Between the Celebrity Endorser and the Company)

4. You Can’t Hide or Bury the Disclosure

5. Fancy Legal Jargon is Not Your Friend

The bottom line is that someone who’s endorsing a product, whether they received it for free, at a discount, or via some other sort of contract, must disclose the nature of that relationship.

What are the consequences of not disclosing?

“Once the Commission has promulgated a trade regulation rule, anyone who violates the rule ‘with actual knowledge or knowledge fairly implied on the basis of objective circumstances that such act is unfair or deceptive and is prohibited by such rule’ is liable for civil penalties of up to $11,000 per violation.”

No More “More”

The FTC clarified its position regarding some aspects of Instagram endorsements. They noted that…

“…consumers viewing Instagram posts on mobile devices typically see only the first three lines of a longer post unless they click “more,” which many may not do. The staff’s letters informed recipients that when making endorsements on Instagram, they should disclose any material connection above the “more” button.

The letters also noted that when multiple tags, hashtags, or links are used, readers may just skip over them, especially when they appear at the end of a long post – meaning that a disclosure placed in such a string is not likely to be conspicuous.

Some of the letters addressed particular disclosures that are not sufficiently clear, pointing out that many consumers will not understand a disclosure like “#sp,” “Thanks [Brand],” or “#partner” in an Instagram post to mean that the post is sponsored.”

What to Do

Whether you’re an influencer, always include words like “#Ad,” “Sponsored,” “Promotion,” or “Paid ad” in the post. Every time. On every platform. And do so in a way that stands out, #notinthemiddle #ofalong #seriesofhashtags #ad #thatnobody #actuallyreads.

Also, as the FTC indicated, saying “Thanks, Nike” when you post about your cool new sneakers doesn’t cut it.

These disclosures should be clear and conspicuous – which means they have to appear early in the text so someone who’s viewing the post on mobile will see the disclosure before the “… more” pops up. For Instagram that means the disclosure must appear within about the first 120 characters. For other social media platforms, this will vary.

What If It’s Not a Text-Based Platform?

I’m Looking At You, Snapchat.

The same basic guidelines must apply – the disclosure must be clear and conspicuous. You’ll have to adapt your practices to whatever channel you’re posting in.

The Bottom Line

Disclose that it’s an ad or a sponsored post. Do it early. Make sure it’s clear and unambiguous.

If you have a legal question that you’d like me to cover on a future Income Report shoot me an email with your request! I’ll be sure to give you a shout-out when I join John & Kate to talk about your legal questions!

*Bonus* Download David’s FREE Checklist on Intellectual Property for Entrepreneurs!

 

What Went Down In July

 

The new Free Webinar Course

Checks and balances are important to have, especially when it comes to running your own business.

We love talking about systems and automation; these are two things that have helped us scale and grow our business beyond our imagination.

However, just “setting it and forgetting it” is not an option when you’re an entrepreneur, because as we’ve expressed many times in these income reports: NO ONE cares about your business as much as you do.

For this reason (and many others), it’s integral that you continue checking up on the systems and automation you’ve implemented. What works right now isn’t necessarily going to work in six months. (And even if it does still work, that doesn’t necessarily mean it’s the best use of your resources.)

We came to realize this about Webinar On Fire in early 2017.

Looking at the numbers, comparing sales reports, and ‘listening to the market’, we came to the conclusion that, while Webinar On Fire is still a rockin’ membership, our focus and energy is better spent elsewhere in our business.

As a result, we started brainstorming ways we could still help those in our audience who are interested in running webinars – without continuing to promote Webinar On Fire.

So, we revamped our Free Webinar Course and partnered up with the great Amy Porterfield to share her Webinar course: Webinars that Convert.

Through creating an affiliate relationship with Amy, we’re now able to continue to help our own audience through sharing Free Webinar Course and also direct those who are interested in that “next step” to Amy’s course.

If you want to check out the all new Free Webinar Course, come join us! Free Webinar Course!

You can join JLD and Amy on a free workshop all about how to create webinars that convert! Register here!

 

A visit to Pencils of Promise, Guatemala

In July we were lucky enough to embark on our first #PoPFieldTrip to Guatemala!

If you’re a supporter of The Freedom & Mastery Journal, then you may already know about our partnership with Pencils Of Promise: a portion of all sales goes directly to PoP (now over $85,000 and counting!)

We’ve been supporting PoP since 2015, and so to have the opportunity to be on the ground in Guatemala was definitely something we were anxiously anticipating.

The field trip went a little something like this…

We arrived on Friday afternoon, and pretty much immediately started our 4+ hour trek to the hotel (transportation compliments of Santos and Elisa who are part of the “in-country” team in Guatemala).

The 4+ hours in the car was definitely well-spent: we were able to get to know our fellow field trippers, Sterling, Mike, and our trip director, Susie, (in addition to getting to know Santos and Elisa).

Once at the hotel we were introduced to the rest of the in-country team who would be showing us the ropes over the next few days.

This included:

  • Franz, the lead for community programs in Guatemala;
  • Jorge, the PoP direction in Guatemala; and
  • Cesar, who works closely with Elisa to plan and manage these trips (among MANY other things).

Now I have to admit, before coming on this trip I saw PoP only for what I knew about it: an organization that built schools in developing countries with the help of donors. PoP is in 3 countries: Guatemala, Ghana, and Laos.

But what we learned from the incredible in-country team in Guatemala tells a much deeper story – one that goes way beyond constructing a school.

Our PoP orientation

During our 2-hour PoP orientation the following morning, we learned a lot about the “behind the scenes” stuff.

For example, Jorge talked about the process PoP follows and how they actually determine where they’re going to build schools; Franz talked about the programs PoP has initiated within the past couple of years, to include the WASH program and the Teacher Support program; and Susie talked about the overall setup and structure of PoP in all 4 countries (to include the US team).

How does PoP decide where they’re going to build?

We had been taught through the presentation the more remote and detached a community is, the more likely PoP is to go there and research whether or not a build can successfully happen.

And remote is the perfect way to describe the communities we visited.

There are so many incredible facts, checks, and hoops that the entire team has to go through in order to make a build happen, which made the numbers (PoP has now built over 550 schools in 3 countries) that much more incredible.

For example, the government has to approve every community PoP is going to build in. In addition, the community itself has to guarantee and dedicate 20% of the resources to that build.

I had no idea there was such strong involvement from the government, and PoP has entire teams of people who are solely responsible for building these relationships.

I also had no idea that the community had to dedicate its resources and labor before PoP would build anything, which makes perfect sense. If the community isn’t on board, the chances of a school being a success are incredibly slim.

Our school visits

At the first school we visited we learned about WASH: a program PoP has brought into their schools to prevent health issues, and therefore make it more likely that kids will be in school (instead of home sick).

Toilets, tooth brushes, and a faucet to wash their hands are 3 things these kids literally didn’t even know existed.

The WASH program not only builds the proper facilities for this to happen in – they actually teach the kids how – and why – personal hygiene is so important.

During our time there, the kids showed us how they’ve learned to wash their hands:

Pencils of Promise Field Trip

They gave us a few lessons on painting:

Pencils of Promise Field Trip

And they showed us their soccer skills:

Pencils of Promise Field Trip

After saying goodbye it was back on the road to grab lunch, and then we were headed to our second school of the day. It was there that we got to see the Teacher Support program in action.

Remember when I said there are a ton of hoops to jump through to even get to the point where everyone involved (PoP, the government and the community) agrees that a PoP school should be built?

The Teacher Support program brings that to a new level, because simultaneous to the build happening, the government is hand-selecting the principal and teachers who will lead these schools.

If they can’t find teachers to select (who are then paid by the government), then the build doesn’t happen.

So PoP put together the Teacher Support program so that local Guatemalans – who are a part of the PoP team, called “Technicians” – visit 1 time per week to run through a training program with the teachers:

  • Week 1: they co-create a curriculum that’s based on government standards
  • Week 2: they co-teach the class together
  • Week 3: the technician observes the teacher
  • Week 4: they meet to review what’s working and what’s not

This 4 week cycle repeats itself 7 times throughout a school year, each 4-week session focusing on a new part of the overall education to ensure the teachers both understand, and are able to communicate, the lessons.

Interesting fact: Guatemala is home to more than 20 different languages, many of them Mayan. However, the national language in Guatemala is Spanish. So in these schools teachers are not only educating students with basic reading and writing skills, but also teaching them a whole new language that 9 times out of 10 isn’t spoken in their home: Spanish.

Bright and early the next morning we were headed to our 3rd school visit – this time for an inauguration.

It was Sunday afternoon and we were headed towards a PoP school that would open its doors for the first time that very next day.

Pencils of Promise Field Trip

Upon arrival, it was impossible to miss the beautiful, hand-crafted sign they had hanging on the front of the school. It read:

The first seed for abundance is gratitude.

Being a part of the inauguration was our favorite part of the trip. About 100 community members were waiting for us to arrive with fireworks, balloons and a lot of clapping and cheering.

It was a pretty indescribable experience to not only show up to a school with a lot of happy children, but one that was also filled with the support of the community as well.

Pencils of Promise Field Trip

Pencils of Promise

That morning we had packed up our stuff – our 3rd and final night was in Antigua, so after the tape was cut, we were headed for the city.

We had some downtime before our farewell dinner, so John and I decided to explore the city. During our walk we talked a lot about our experiences over the past few days.

It actually reminded us A LOT of Puerto Rico – specifically Old San Juan – with the cobblestone streets, unique doors and old buildings.

But our main goal of our walk was to make it to top of a hill that had a cross on it – one that John had visited with his family when they were in Antigua before.

Even though it was rainy, and I definitely had no clue where we were headed, we set off in search of the cross…

Pencils of Promise Field Trip

Pencils of Promise Field Trip

Lo and behold, mission accomplished!

While I’m the most directionally-challenged person you’ll ever meet, JLD is like a compass.

Our last night with the in-country team and our fellow PoP Field Trippers included a great dinner out in Antigua and good company. It was the prefect ending to a very special 4 days.

Pencils of Promise

It’s really hard to put into words what it felt like to be on the ground in Guatemala.

To see the lack of opportunity, the lack of resources, and the lack of support was really eye-opening. And of course, it felt great to visibly see the impact PoP is making in these communities.

Thank you to our leader, Susie, and the entire in-country team for making this an experience we’ll never forget!

 

Prepping for an upgrade in Paradise

We’ve been working on this upgrade for quite some time now…

In fact, it started back in December 2016 with a lot of research.

This research phase had really been a long time in the making, but it wasn’t until recently we started discovering platforms that could actually offer us what wanted:

  • Flexibility,
  • Customization, and
  • The ability to layout the content in a better way

When we first launched Paradise in October 2013, that platform didn’t exist. We chose Customerhub because, well, we really didn’t have many other choices.

Luckily, now we do have other choices, and for the past seven months we’ve been working hard behind the scenes to make sure we not only chose the right platform, but that the transition to it would be as smooth as possible.

Transitional success!

In late July we officially brought all of our existing Paradise members onto the upgraded platform and we couldn’t be more fired up about the feedback!

We owe a massive thank you to Thinkific and their team for helping us immensely with this transition, in addition to Rob over at Themeific who helped us customize the heck out of new Podcasting home!

Want to check out the upgraded Paradise? Join us on our next live Masterclass!

 

Our 1-yr anniversary in Palmas Del Mar

In July we celebrated our 1-year anniversary in Palmas Del Mar in style. It was a month filled with events and celebrations to say the least!

In the first 15 days of July alone, we rocked…

  • The Rock fest (July 1)
  • A 4th of July party
  • Celebrating launch w/ ILSA (July 6)
  • The Corona Music Festival (July 8)
  • Krista’s Pink Party (July 15)

Talk about a party!

It’s hard to believe it’s already been a year, and we’re incredibly grateful for the amazing community we’ve connected with here in Puerto Rico.

This year has been a huge reminder that who you surround yourself with makes all the difference.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

July 2017 Income Breakdown*

Product/Service Income: $115,913

TOTAL Journal sales: 770 Journals for a total of $30,860

The Freedom Journal: Accomplish your #1 goal in 100 days!

  • TheFreedomJournal.com: $3,965 (76 Hardcovers & 35 Digital Packs sold!)
  • Amazon: $13,771 (364 Freedom Journals sold!)
  • Total: $17,736

The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!

  • TheMasteryJournal.com: $2,087 (40 Hardcovers & 19 Digital Packs sold!)
  • Amazon: $11,037 (290 Mastery Journals sold!)
  • Total: $13,124

Podcasters’ Paradise: The #1 Podcasting community in the world!

  • Recurring: $20,849 (4 annual, 195 monthly)
  • New members: $11,400 (30 new members)
  • Total: $32,249

Podcast Sponsorship Income$47,500

Podcast Websites: $5,000 Your all-in-one podcast website peace of mind

Free Podcast Course: A free 15-day course on Podcasting

Free Webinar Course: A free 10-day course on Webinars

Free Goals Course: A free 8-day course on Setting & Accomplishing Goals

Funnel On Fire: A free 8-day course on Creating a Funnel that Converts!

Skills On Fire: $92

Podcast LaunchAudiobook$192 | eBook: $20

Affiliate Income: $81,998

*Affiliate links below

Resources for Entrepreneurs: $39,755

Courses for Entrepreneurs: $37,286

Resources for Podcasters: $1,567

Other Resources: $3,390

  • Amazon Associates: $687
  • Other: $2,703

Total Gross Income in July: $197,911

Business Expenses: $57,731

  • Advertising: $10,815 (includes FB ads)
  • Affiliate Commissions (Paradise): $791
  • Accounting: $816
  • Cost of goods sold: $3,300
  • Design & Branding: $2,021
  • Education: $354
  • Legal & Professional: $1,686
  • Marketing: $1,500
  • Meals & Entertainment: $651
  • Merchant / bank fees: $1,261
  • Amazon fees: $8,606
  • Shopify fees: $90
  • Stripe fees: $19
  • PayPal fees: $618
  • Office expenses: $461
  • Payroll Tax Expenses / Fees: $1,422
  • Paradise Refunds: $1,305
  • Promotional: $2,525
  • Sponsorships: $8,375
  • Show notes (email Mallard Creative!): $468
  • The Freedom & Mastery Journal: $5,019
  • Travel: $736
  • Virtual Assistant Fees: $3,268
  • Website Fees: $1,624

Recurring, Subscription-based Expenses: $2,986

  • Adobe Creative Cloud: $100
  • Boomerang: $70 (team package)
  • Brandisty: $24
  • Authorize.net: $91
  • Cell Phone: $130 (Thank you, ShrinkABill!)
  • Google: $45
  • Internet: $300
  • eVoice: $10
  • Infusionsoft CRM: $396
  • Insurance: $551
  • Libsyn: $207
  • Manychat: $25
  • Chatroll: $49
  • PureChat: $20
  • ScheduleOnce: $9
  • Skype: $3
  • Shopify: $169
  • TaxJar: $19
  • TypeForm: $350 (annual fee)
  • Workflowy: $5
  • WPEngine: $49
  • MeetEdgar: $49
  • Taxes & Licenses: $300
  • Zoom: $15

Total Expenses in June: $60,717

Payroll to John & Kate: $15,900

In our May 2014 Income Report and our June 2016 Income Report, Josh focuses on how to pay yourself as an entrepreneur. Check them out!

Wondering what we do with all of our net revenue? We share all in our April 2017 Income Report 🙂

Total Net Profit for July 2017: $137,194

 

Biggest Lesson Learned

The first seed for abundance is gratitude

Our Pencils of Promise field trip taught me a lot – both personally (by way of showing me that you can make a difference), and professionally (there is so much that goes on behind the scenes of a successful operation that we never give credit for).

But it also taught me a strong lesson about gratitude.

I’m already a very strong believer in the importance of gratitude, but like many of us, I can sometimes forget that the garbage man not showing up on time, or the fact that some of the gas stations make you go inside to pay, doesn’t signify the end of the world.

The gratitude we were shown in Guatemala was a shining example of how powerful it really is. Families with close to nothing went out and bought us bottles of water while we were visiting the schools; the teachers had coffee mugs made for us; and one principal made keychains for us.

With close to nothing, they’re giving us gifts.

Seeing the sign at the last school we visited with the words “The first seed for abundance is gratitude” was a perfect reminder.

Alright Fire Nation, that’s a wrap!

EntrepreneurOnFire

Until next month, keep your FIRE burning!

~ Kate & John

Note: we report our income figures as accurately as possible, but in using reports from a combo of Infusionsoft & Xero to track our product and total income / expenses, they suggest the possibility of a 3 – 5% margin of error. 

Click here for all of EOFire’s Income Reports

This post was written by Kate Erickson, Content Creator and Implementer at EOFire. Follow Kate on Social:

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The post Entrepreneurs On Fire: July 2017 Income Report appeared first on Entrepreneurs on Fire with John Lee Dumas.

       

 

 

from EntrepreneurOnFire.com | Inspiring interviews w/ today’s most successful Entrepreneurs http://ift.tt/2wECPjk

Latest EOFire Podcast Entrepreneurs On Fire: June 2017 Income Report

Here’s the latest Entrepreneur On Fire Podcast for your enjoyment!

June 2017 Income At-A-Glance

Gross Income for June: $178,750

Total Expenses for June: $43,449

Total Net Profit for June: $135,301

Difference b/t June & May: +$20,182

eofire income report button

Why We Publish An Income Report

This monthly income report is created for you, Fire Nation!

By documenting the struggles we encounter and the successes we celebrate as entrepreneurs every single month, we’re able to provide you with support – and a single resource – where we share what’s working, what’s not, and what’s possible.

There’s a lot of hard work that goes into learning and growing as an entrepreneur, especially when you’re just starting out. The most important part of the equation is that you’re able to pass on what you learn to others through teaching, which is what we aim to do here.

Let’s IGNITE!

CPA On Fire’s Monthly Tax Tip

What’s up Fire Nation, my name is Josh Bauerle. I’m a CPA and the Founder of CPA On Fire, where we specialize in working with entrepreneurs to minimize their tax liability while keeping them in line with the ever-changing tax laws.

I’ve been working with JLD & Kate at Entrepreneurs On Fire for years now, and they’ve included me in these monthly income reports with unlimited access to all their accounts so I can verify that what they report here is complete and accurate.

And because they believe in delivering an insane amount of value to you, my job doesn’t stop at the verification level; I’ll also be providing tax and accounting tips to you along the way!

Josh’s June Tax Tip: Spending money in the startup phase

The startup phase of a business is an exciting time. It’s filled with hope and possibilities of what the future will hold for your brand new business.

But it’s also likely a time of spending money.

From office equipment, to software, to mentors and everything in between, before you are bringing in money you are likely spending a decent chunk of it.

And that’s fine – most businesses have to spend a little money on the essentials before they can start making money. However, when it comes to taxes there are some rules to be mindful of when it comes to spending money in the startup phase.

First, let’s define the startup phase

In the eyes of the IRS, the startup phase lasts until you are open for business and ready to start accepting money from paying customers.

This doesn’t mean you have to have your first sale to be out of startup phase, you just have to be open and ready for business.

Why does it matter what the IRS considers the startup phase of your business?

Because the amount of deductions you can write-off during the startup phase may be limited.

Basically, the IRS will only allow you to write off up to $5,000 of startup expenses in the year they were incurred. The remaining amount will have to be amortized over 15 years.

Let’s look at an example and see how this plays out in real life.

Lets say you started a new business around a podcast.

And lets say that between your equipment, education (including Podcasters’ Paradise, of course!), mentors, etc. you racked up $20,000 in expenses before your business was officially ready to take on sponsors and start making money.

In that case, the first $5,000 of the $20,000 total will be immediately deductible on that years taxes.

The remaining $15,000 will have to be amortized over 15 years – meaning you can only deduct $1,000 per year over the next 15 years.

That’s quite a bite out of what seemed like a huge tax deduction!…

When you’re just getting started with a new business, it’s easy to get carried away in the excitement and start spending more money than you need to, and a lot of people use the idea that the money being spent is a tax deduction as justification for spending it.

That’s why it’s important to understand the tax rules around startup expenses.

If it’s something you truly need, the deduction is just an added bonus. Otherwise, it’s always best to start out lean and stick to the necessities. The IRS rules around startup expenses are just one more reason to do so.

As always, please feel free to contact me if you’d like to discuss what would be best for YOUR business. I LOVE chatting with Fire Nation!

*Bonus* If you haven’t checked out Josh’s FREE course on business entities yet, you can get it here!

What Went Down In June

JLD’s Providence College 15-yr Reunion

JLD's Providence College Reunion

It’s always tough for me (JLD) to come to terms with the fact that College only lasted for four years, because the impact it had and the memories made seem to outweigh that reality by a long shot.

To think I have been OUT of college 4 times longer than I was IN college is mind-blowing, but all we can do is try to enjoy the moment and treasure the memories.

Memories were made on my 15-year Providence College reunion, which happened to coincide with PC’s 100 year anniversary.

It was a weekend of fun, sun, and friends. I hope your summers are filled with the same Fire Nation!

3 Weeks in Maine & Cali

Once the reunion weekend was over, John and I met up in Maine for a week filled with more sunshine, docks, lakes and family time.

It’s pretty amazing what we were able to fit into a single week, including seeing Mamma Mia at the Ogunquit Playhouse and getting tickets to see The Moth podcast LIVE at the State Theater in Portland!

The Moth Podcast

With beautiful weather, great company and a ton of games and laughs, Maine proves once again it’s The Way Life Should Be.

The end of week one sent me packing to Las Vegas to meet up with my family for four days, followed by a 3 day camping trip in Carlsbad, and then a fun-filled week of water parks and bbq’s in San Diego!

John stayed put in Maine to speak at Maine’s Startup & Create Week in Portland, check out the American Ninja Warrior gym, meet up with Puerto Palooza Alum Steve Cabral, and spend some great QT with his family ==>

Working on the road continues to get easier as we learn how to prepare better and how to best set aside specific focus time for work.

A Farewell to FireUP

A couple of months ago we announced a new project in one of our income reports: FireUP.

FireUP was a suite of website apps we were creating with a partner, JC, to help improve email optin conversions and turn your website visitors into leads and sales.

Sounds pretty awesome, right?!

Unfortunately, our MVP didn’t make it.

With low interest and a lot of time invested, we chatted with JC and made the tough decision to shut it down.

Fire Nation, proof of concept is SO important; otherwise you could end up spending a lot of time and money creating something that doesn’t stick. Fortunately, with several checkpoints we were able to recognize the early signs and cut our losses.

We’re so grateful for the partnership and friendship we’ve solidified through this experience. JC and his team are absolute rockstars, and we’ve really enjoyed this experience working with them.

Never be afraid to say good-bye to a project or something else in your business that you know isn’t working. Be sure you have the analytics and data in place to backup your decision, as this can make a really tough decision at least a little bit easier to make.

A Merchant Roadblock

Turns out moving ourselves and the business to Puerto Rico involves way more moving pieces than we had originally anticipated…

While we knew the move wouldn’t be easy, there were a lot of unknowns that, one year later, we’re still running into.

One of the bigger roadblocks we’ve faced has to do with our merchant account, which is the service that pays us after our customer’s credit card has been successfully charged.

This has always been so confusing to me… but essentially how it works when you own an online business and accept online payments is:

  • Your customer pays for a product / service via an online form
  • That payment is ‘processed’ by a payment processor
  • The payment processor sends an approval code to your merchant
  • Your merchant charges the customer
  • Upon a successful charge, your merchant then sends you the money

There are a lot of providers that make this process super simple so you’re not having to involve multiple companies. A few of those easy-to-use payment systems are Shopify, Amazon, Stripe and PayPal.

When you use one of these services as your gateway to selling products, the processor and the merchant are bundled up.

However, with the requirements of our business being here in Puerto Rico, it’s been tough to find a simple solution because a lot of these ‘all-in-one’ services don’t support Puerto Rico.

So about a year ago, as we were getting things set up after our move, we were contacted by someone who told us that Heartland, a merchant provider, was definitely the merchant for us – they could support Puerto Rico and we’d be in great hands.

Of course, the honeymoon phase of our relationship with Heartland was incredible, but one year later I found myself wishing we’d never been introduced.

It’s all part of being an entrepreneur and running your own business, right?

In the moment, that reminder doesn’t always make you feel better. This is one of the toughest, most challenging situations I’ve dealt with in my 4+ years as an entrepreneur.

What it came down

Heartland couldn’t handle Puerto Rico, and so they passed us off to another merchant company called Global about one year after taking us on as a client.

Once we were transferred over to Global, everything fell apart:

  • Insanely poor communication on Heartland’s part
  • AMEX transactions weren’t being settled
  • Discover cards were all being declined
  • Our payment processor was actually shut down at one point, causing EVERY online payment to be declined
  • 2 merchant accounts were opened simultaneously…

…the list goes on.

The worst part about our merchant situation…

NONE of this was brought to our attention by Heartland or Global – we caught all of it ourselves.

This alone proves how insanely important it is to take 100% ownership and responsibility for your business. This could have happened to anyone – whether you’re in Alabama, California, the UK, or anywhere else in the world, having your finger on the pulse is a HUGE deal.

After about 20 hours of customer service calls and reaching out to anyone and everyone I could think of, it turns out Global won’t process AMEX payments for Puerto Rico.

Seems like something that should have been communicated at the very beginning, right?

This meant we not only had to have our merchant account open with Global, but we now had to open a completely independent merchant account with AMEX (and in the end, we opted to no longer accept Discover cards because we would have had to go through the same process there).

I could go on, but I won’t.

Roadblocks are inevitable – it’s how you handle them that determines your success.

The bottom line here is that there are going to be roadblocks you’ll face on your journey that will make you feel like giving up.

They don’t make any sense.

They are frustrating and feel like a huge waste of time.

And it can feel like NO ONE else cares.

Over the past several months I’ve felt completely helpless, angry, upset, and everything in between. But it is this type of challenge that sets successful entrepreneurs apart: we don’t give up.

Never forget that you, as a business owner, must take 100% ownership and responsibility for what’s happening (or not happening) in and to your business.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

June 2017 Income Breakdown*

Product/Service Income: $117,198

TOTAL Journal sales: 732 Journals for a total of $28,801

The Freedom Journal: Accomplish your #1 goal in 100 days!

  • TheFreedomJournal.com: $3,697 (76 Hardcovers & 25 Digital Packs sold!)
  • Amazon: $11,417 (279 Freedom Journals sold!)
  • Total: $15,114

The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!

  • TheMasteryJournal.com: $3,783 (78 Hardcovers & 25 Digital Packs sold!)
  • Amazon: $9,904 (249 Mastery Journals sold!)
  • Total: $13,687

Podcasters’ Paradise: The #1 Podcasting community in the world!

  • Recurring: $21,669 (5 annual, 207 monthly)
  • New members: $8,925 (31 new members)
  • Total: $30,594

Podcast Sponsorship Income$51,500

Podcast Websites: $5,700 Your all-in-one podcast website peace of mind

Free Podcast Course: A free 15-day course on Podcasting

Free Webinar Course: A free 10-day course on Webinars

Free Goals Course: A free 8-day course on Setting & Accomplishing Goals

Funnel On Fire: A free 8-day course on Creating a Funnel that Converts!

Skills On Fire: $452

Podcast LaunchAudiobook$128 | eBook: $23

Affiliate Income: $61,552

*Affiliate links below

Resources for Entrepreneurs: $53,936

Courses for Entrepreneurs: $5,942

Resources for Podcasters: $974

Other Resources: $700

  • Amazon Associates: $632
  • Other: $68

Total Gross Income in June: $178,750

Business Expenses: $40,036

  • Advertising: $1,620
  • Affiliate Commissions (Paradise): $1,007
  • Accounting: $350
  • Cost of goods sold: $3,491
  • Design & Branding: $1,980
  • Education: $230
  • Legal & Professional: $1,357
  • Meals & Entertainment: $1,341
  • Merchant / bank fees: $1,419
  • Amazon fees: $8,502
  • Shopify fees: $169
  • Stripe fees: $9
  • PayPal fees: $302
  • Office expenses: $922
  • Payroll Tax Expenses / Fees: $1,422
  • Paradise Refunds: $870
  • Sponsorships: $7,750
  • Show notes: $372
  • Travel: $2,143
  • Virtual Assistant Fees: $3,295
  • Website Fees: $1,485

Recurring, Subscription-based Expenses: $3,413

  • Adobe Creative Cloud: $100
  • Boomerang: $70 (team package)
  • Brandisty: $24
  • Authorize.net: $91
  • Cell Phone: $200
  • Dropbox: $100 (annual)
  • Internet: $300
  • eVoice: $10
  • Infusionsoft CRM: $396
  • Insurance: $551
  • Libsyn: $207
  • Manychat: $30
  • Chatroll: $49
  • PureChat: $20
  • ScheduleOnce: $9
  • Skype: $3
  • Shopify: $190
  • TaxJar: $19
  • ThriveCart: $690 (1-time fee)
  • Workflowy: $5
  • MeetEdgar: $49
  • Taxes & Licenses: $300

Total Expenses in June: $43,449

Payroll to John & Kate: $15,900

In our May 2014 Income Report and our June 2016 Income Report, Josh focuses on how to pay yourself as an entrepreneur. Check them out!

Wondering what we do with all of our net revenue? We share all in our April 2017 Income Report 🙂

Total Net Profit for June 2017: $135,301

Biggest Lesson Learned

Don’t rush; practice patience

I’ve realized over the past several months that patience comes in a lot of shapes and sizes and is used in many different situations:

  • In line at the grocery store,
  • When we’re driving in traffic,
  • As we’re setting up our first funnel,
  • During a product launch,
  • Every time our friend or partner ‘does that thing’

What I’ve learned from this realization is that life is so much better when we’re able to separate ourselves from whatever frustration or anger might come as a result of the waiting game.

When I saw this quote from Joyce Meyer, it felt like it came at the perfect time:

Patience is not simply the ability to wait – it’s how we behave while we’re waiting.

Just the same way you can’t move the line at the grocery store, or dictate traffic, or know how to set up a funnel before you’ve actually set one up, you can’t rush your business journey.

Take a step back and appreciate what it is you’re creating.

Work hard, power through the tough roadblocks, get back up after you’ve been knocked down – but never let a lack of patience be the reason you quit.

Alright Fire Nation, that’s a wrap!EntrepreneurOnFire

Until next month, keep your FIRE burning!

~ Kate & John

Note: we report our income figures as accurately as possible, but in using reports from a combo of Infusionsoft & Xero to track our product and total income / expenses, they suggest the possibility of a 3 – 5% margin of error. 

Click here for all of EOFire’s Income Reports

This post was written by Kate Erickson, Content Creator and Implementer at EOFire. Follow Kate on Social:

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The post Entrepreneurs On Fire: June 2017 Income Report appeared first on Entrepreneurs on Fire with John Lee Dumas.

       

 

 

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Latest EOFire Podcast EOFire’s May 2017 Income Report

Here’s the latest Entrepreneur On Fire Podcast for your enjoyment!

May 2017 Income At-A-Glance

Gross Income for May: $196,304

Total Expenses for May: $81,185

Total Net Profit for May: $115,119

Difference b/t May & April: -$15,126

eofire income report button

Why We Publish An Income Report

This monthly income report is created for you, Fire Nation!

By documenting the struggles we encounter and the successes we celebrate as entrepreneurs every single month, we’re able to provide you with support – and a single resource – where we share what’s working, what’s not, and what’s possible.

There’s a lot of hard work that goes into learning and growing as an entrepreneur, especially when you’re just starting out. The most important part of the equation is that you’re able to pass on what you learn to others through teaching, which is what we aim to do here at EOFire.

Let’s IGNITE!

CPA On Fire’s Monthly Tax Tip

What’s up Fire Nation, my name is Josh Bauerle. I’m a CPA and the Founder of CPA On Fire, where we specialize in working with entrepreneurs to minimize their tax liability while keeping them in line with the ever-changing tax laws.

I’ve been working with EOFire for years now, and John and Kate have included me in these monthly income reports with unlimited access to all their accounts so I can verify that what they report here is complete and accurate.

And because they believe in delivering an insane amount of value to you, my job doesn’t stop at the verification level; I’ll also be providing tax and accounting tips to you along the way!

Josh’s May Tax Tip: Charitable Donations

Charitable donations are an item I get a ton of questions on, and it’s top of mind for me right now, as this past weekend I was in Texas representing a client in an audit that mainly centered around a large amount of charitable donations claimed on their 2015 tax return.

Luckily, the client had done everything by the book, and we came out of the audit without a scratch.

So this month, I’m going to tell you how you can do the same.

First, let’s talk about what a charitable donation is…

To qualify as a tax deductible donation, the money and/or property must have been donated to an IRS-approved nonprofit organization. That would include most churches, schools and places like Goodwill and Salvation Army.

What it does not include is donations to friends in need, donations at fundraisers that go directly to individuals, and even most of the Go Fund Me campaigns for people in need. If it’s not an IRS-approved nonprofit, it’s off the table for a tax deduction.

Next, let’s talk about what records you need to keep to protect yourself.

In the event you are like my client and the IRS comes calling, they classify donations in two categories: cash and non-cash.

Here’s a run down on both.

Cash Donations

This is the easiest one to show proof of.

First, make sure you record exact dates, amounts and who they went to for each donation. If you can make the donation via check, even better.

Second, make sure the organization you donate to issues you a tax receipt. Do these things and you’re fire-proof against the IRS.

Non-Cash Donations

This is where things can get tricky; non-cash donations consist of any type of property donated to a nonprofit.

For most people, it will be clothing, furniture, toys and other household items given to places like Goodwill and Salvation Army.

If your total non-cash donations are under $500, there’s not much you need to do. Simply ask the organization to give you a receipt and you’re clear.

But if it’s more than $500, the level of proof you’ll need to provide is higher.

First, you’ll want to record exactly what you donated, the estimated date you purchased it, the estimated price you paid for it and the current value of it.

So if you donate a couch to Goodwill, you’ll record you bought it on April 3, 2012 for $2,000 and the current value is $600.

Second, you’ll want to be even more sure the organization gives you a receipt with the donation value on it. This will be huge.

Finally, if your non-cash donations are unusually high that year – say over $10,000 – I would even go so far as taking a picture of each item you donate. Example: for your couch, take a quick pic of it and store with your records.

And one more note here: if you have a non-cash item you donated worth more than $5,000 that you’ve owned for more than one year, the IRS requires you get a third party appraisal to determine the exact value. This typically comes into play for people who donate vehicles.

Charitable donations are an awesome way to lower your tax liability and help those less fortunate – a true win/win.

But it’s also an area that is frequently abused on tax returns, and the IRS watches carefully. Follow the rules above and you’ll be in the clear in the unlikely event they do decide to take a closer look.

As always, please feel free to contact me if you’d like to discuss what would be best for YOUR business. I LOVE chatting with Fire Nation!

*Bonus* If you haven’t checked out Josh’s FREE course on business entities yet, you can get it here!

David’s May Legal Tip: Copyright & Trademark

What Can I Do When Someone Takes My Logo or Image?

This question came from EOFire listener Lori Eisenstadt: What can you do when someone takes your logo or image and uses it online?

First let’s separate logos and images.

Images

If you create an image, you own the copyright. This doesn’t apply to online memes where you just add some words – I’m talking about an image you created yourself or that an employee created for your company.

If you find that someone has taken your image and used it online, there are a few things you can do.

1. Of course, you can contact the person who’s using your content and nicely ask them to take it down.

They may or may not comply. If not, you can hire a lawyer and sue them, but that’s a bit of an extreme – and very costly – step.

2. Fortunately, there’s a simpler option: if the website, app, or service is located in the U.S. or does business in the U.S., they’re required to comply with the Digital Millennium Copyright Act (“DMCA”).

The DMCA has what’s called a “safe harbor” provision for online service providers.

Websites that host user-created content – for example, every social media site – can’t be sued when infringing material appears on the site, as long as they comply with “takedown notices.”

These are notices provided by copyright holders that a piece of infringing content has appeared on the site.

If you go to any website or app that has user-generated content and search around a bit, you’ll find a section called “Copyright” or “DMCA” or “legal” – something like that.

They will have either a form you can fill out or an email address to which you can send the notice. In most cases, the content will be taken down quickly at that point.

Often the site will then initiate a process to ensure that the notice was valid.

Be sure to keep good records of images and other content that you create, so if you ever have to prove that you actually created it, you’ll be able to show that you’re the rightful owner.

Use caution, because some people abuse the DMCA takedown process – see this blog post for some examples.

Logos

The same info that applies to images also applies to logos (since a logo is a type of image), but logos are also trademarks.

A trademark is anything that identifies your company as the source of goods or services.

If someone is using your logo without permission – and they’re using it to market competing goods or services – they may be liable for trademark infringement and unfair competition. This is the type of situation where you’re definitely going to want to bring a trademark lawyer in to advise you.

Trademark law is complex, and there may be valid reasons for someone else to use your logo – for example, if they’re doing a “taste test” to see if consumers prefer your goods or theirs, or if they’re reporting factual information about your product or service.

If you’re not ready to hire a lawyer, and your trademark is being used online in a manner that you think is violating your rights, you may be able to take advantage of a takedown procedure similar to the one described above in the “Images” section.

Again, search the website or app for instructions on how to do so.

Wrapping It Up

It’s important to make sure that your valuable intellectual property is not being used against your wishes. Be sure to search for your brand name regularly on Google and your preferred social media networks. And, of course, always contact a legal professional if you run into a potentially serious issue.

Thanks, Lori, for submitting this question!

If you have a legal question that you’d like me to cover on a future EOFire Income Report, click here to email me and I’ll be sure to give you a shout-out when I join John and Kate to talk about your legal questions!

Want to stay on top of how intellectual property issues like trademarks and copyrights affect your business? Download my free Intellectual Property for Entrepreneurs Checklist!

What Went Down In May

The Mastery Journal 1-day

Following suit with The Freedom Journal Kickstarter campaign, The Mastery Journal Kickstarter campaign offered a pretty special pledge level: a full day with JLD in Puerto Rico.

The investment was not insignificant: $10,000, not including travel.

Because we know pricing is a tough thing to wrap your head around, we want to breakdown how we came up with this number, and why it’s worth every penny.

How’d we come up with 10k?

Charging what you’re worth is a known struggle for most entrepreneurs, especially when you’re first starting out.

Has John always charged $10k for his time?

Not even close. There was a definite progression up to this number, which developed in line with the following factors:

  • John’s desire to do one-on-one coaching;
  • Other revenue streams; and
  • Our bigger vision.

When you’re first starting out, you likely don’t have multiple income streams. While this should be your goal, you have to build up to it one step at a time.

So when coaching was the only income stream we had, and EOFire and JLD were still proving themselves as a great brand and a credible leader, the investment matched that.

As the brand and JLD became more widely known and trusted, so did our diversification. With other income streams coming into play like Fire Nation Elite and Podcasters’ Paradise, we were able to start weighing our time investments in different areas.

The scales started to tip, and one-on-one coaching was no longer the only way we were generating revenue.

Because of this, John was able to increase the investment for one-on-one time with him.

And when we talk about the bigger vision, this is for the business as a whole. If John were to spend all of his time doing one-on-one coaching, we never would have been able to do things like create Podcasters’ Paradise, or launch The Freedom and Mastery Journals.

If your goal is to grow a coaching business, then that’s one thing; however, if your goal is to create products and other types of services, then there has to be a point where you start doing less coaching and more implementation.

How do we know it’s worth it?

Investing $10k is a big deal, and with it comes pressure and expectations. But as we’ve grown EOFire and JLD has proven his expertise and knowledge time and time again, we have proof that the one-on-one investment is worth it.

Plus, John now has the confidence of nearly 1,700 conversations with today’s most inspiring entrepreneurs, and real relationships with master minds like David Siteman Garland, Pat Flynn, Amy Porterfield, Russell Brunson, and Tim Ferriss – just to name a few.

YOU believing that you’re worth every penny and that you will deliver on the expectations you’ve set is key to not only knowing that you’ve priced your product or service correctly, but also knowing that whoever makes that investment will also walk away knowing it was worth every penny.

Saul, welcome to Puerto Rico!

Now that we’ve given some background, let’s have a peek at John’s first 10k Day for 2017!

From JLD:

In 2016, I hosted two $10k days, and in 2017 I’ll be doing the same 🙂

The first person to rock the $10k day this year was Saul Marquez.

It started out with Saul and I jumping on a 30-minute strategy call the week before he came down to Puerto Rico so I could get a solid sense of where he was at with his business, where he wanted to go, and what he wanted most out of his ‘Day with JLD‘.

After our chat, I was FIRED up because I knew Saul was in the perfect place in his life and business to spend a day under The JLD Microscope.

Saul rolled into Puerto Rico Friday evening and I took him out on the town to meet a few friends and have a fun first night. We limited ourselves to one drink each, as we wanted to be 100% for Saturday’s 12-hour strategy session.

Early Saturday morning, we both awoke bright eyed and bushy tailed, prepared to IGNITE the day.

Without going into too much detail of what Saul and I accomplished, I’ll share that by the end of the first hour I had identified a MAJOR hole in Saul’s business model:

He had no FUNNEL.

In my words, a FUNNEL is the journey you take your Avatar on from the moment they are introduced to your brand to the moment you make a high-level offer.

There needs to be a LOT of value and know/like/trust at each level in your funnel, which in my opinion needs to be a minimum of six levels. I call this The JLD Method.

We built Saul’s ENTIRE funnel, and now Saul has EXACTLY what he needs to pour IGNITER fluid on the top of his funnel, and watch revenue drip (and eventually pour) out the bottom.

Saul (like my other 1 day peeps) has become a friend, and I know our paths will cross many times and that I will take pride in the success that awaits him.

And thanks to Saul, I now drink Matcha Tea!

Puerto Palooza

Saul’s 1-day in PR wasn’t the only deep-dive we did during the month of May…

Right before we launched The Mastery Journal on Kickstarter we had an idea: what if one of the pledge levels for the campaign included a 3-day mastermind here in Puerto Rico?

We’ve certainly gotten the request for an in-person mastermind or an event more than a few times from Fire Nation, so we figured this would be the perfect opportunity to give it a go.

Not knowing what to expect, we added a $6,500 pledge level to our campaign, which included a 3-day mastermind here in Puerto Rico, a signed Mastery Journal, and a spot on EOFire.

Five weeks later we had five attendees locked in and the planning was in full swing.

Even though we’d never hosted an intimate mastermind like this before we knew our experience with participating in masterminds and leading what we like to call a “hot seat” would play a huge role.

With a lot of logistical planning around travel and accommodations and a few strategy sessions between the two of us, we came up with a solid plan for the weekend.

We decided to host the mastermind at our home here in Palmas Del Mar; we knew this would add a personal and intimate touch that we’d never be able to create at a hotel or event center.

Puerto Palooza Mastermind

The first two days (Friday and Saturday) were the business-focused days.

Throughout these two days we crushed all five hot seats, which ran two hours each; we made sure all questions were answered with a shorter, wrap up hot seat; and we even had time to spare for some roundtable discussions.

Puerto Palooza Mastermind

All-in-all, the business-focused days were a perfect 10!

Then, the third day was reserved as our “Palooza Day”: a day to kick back and enjoy Puerto Rico, which we took full advantage of aboard a 40 person catamaran!

Puerto Palooza Mastermind

Island hopping, snorkeling and relaxing were all on the agenda, and we finished the day back at our home in Palmas with a BBQ pool party.

Puerto Palooza Mastermind

Image credit: Travis Chappell

While we don’t have Puerto Palooza II planned just yet, there’s a good chance it’ll be coming up soon, so stay tuned!

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

May 2017 Income Breakdown*

Product/Service Income: $131,158

TOTAL Journal sales: 963 Journals for a total of $37,750

The Freedom Journal: Accomplish your #1 goal in 100 days!

  • TheFreedomJournal.com: $5,646 (103 Hardcovers & 32 Digital Packs sold!)
  • Amazon: $14,070 (402 Freedom Journals sold!)
  • Total: $19,716

The Mastery Journal: Master Productivity, Discipline and Focus in 100 days!

  • TheMasteryJournal.com: $5,889 (111 Hardcovers & 36 Digital Packs sold!)
  • Amazon: $12,145 (347 Mastery Journals sold!)
  • Total: $18,034

Podcasters’ Paradise: The #1 Podcasting community in the world!

  • Recurring: $20,327 (4 annual, 203 monthly)
  • New members: $5,325 (26 new members)
  • Total: $25,652

Podcast Sponsorship Income$62,500

Podcast Websites: $5,000 Your all-in-one podcast website peace of mind

Free Podcast Course: A free 15-day course on Podcasting

Free Webinar Course: A free 10-day course on Webinars

Free Goals Course: A free 8-day course on Setting & Accomplishing Goals

Funnel On Fire: A free 8-day course on Creating a Funnel that Converts!

Podcast LaunchAudiobook$164 | eBook: $92

Affiliate Income: $65,146

*Affiliate links below

Resources for Entrepreneurs: $56,039

Courses for Entrepreneurs: $7,359

Resources for Podcasters: $914

Other Resources: $834

  • Amazon Associates: $741
  • Other: $93

Total Gross Income in May: $196,304

Business Expenses: $78,613

  • Advertising: $7,727
  • Affiliate Commissions (Paradise): $1,970
  • Accounting: $350
  • Cost of goods sold: $6,607
  • Design & Branding: $1,980
  • Education: $144
  • Legal & Professional: $740
  • Meals & Entertainment: $1,517
  • Merchant / bank fees: $1,061
  • Amazon fees: $12,676
  • Shopify fees: $208
  • Stripe fees: $5
  • PayPal fees: $336
  • Office expenses: $1,284
  • Payroll Tax Expenses / Fees: $1,422
  • Promotional / events: $1,323
  • Property Tax: $807
  • Paradise Refunds: $2,000
  • Sponsorships: $13,750
  • Show notes: $215
  • Travel: $2,296
  • The Freedom & Mastery Journal: $15,079
  • Virtual Assistant Fees: $3,295
  • Website Fees: $1,821

Recurring, Subscription-based Expenses: $2,572

  • Adobe Creative Cloud: $100
  • Boomerang: $70 (team package)
  • Brandisty: $24
  • Authorize.net: $91
  • Cell Phone: $216
  • Internet: $300
  • eVoice: $9.95
  • Infusionsoft CRM: $396
  • Insurance: $551
  • Libsyn: $203
  • Manychat: $10
  • Chatroll: $49
  • PureChat: $20
  • ScheduleOnce: $9
  • Skype: $2.99
  • Shopify: $147
  • TaxJar: $19
  • Workflowy: $4.99
  • MeetEdgar: $49
  • Taxes & Licenses: $300

Total Expenses in May: $81,185

Payroll to John & Kate: $15,900

In our May 2014 Income Report and our June 2016 Income Report, Josh focuses on how to pay yourself as an entrepreneur. Check them out!

Wondering what we do with all of our net revenue? We share all in our April 2017 Income Report 🙂

Total Net Profit for May 2017: $115,119

Biggest Lesson Learned

Engaging with your audience

May was the start of Season 6 on my podcast Kate’s Take, and throughout this season I focused on a single topic: project management.

I learned a lot through creating the posts and episodes for this season, especially when it came to hearing straight from my listeners about the specific struggles they’re currently facing in their business.

Which got me thinking…

I wonder if others are leveraging tools like Google Forms and SpeakPipe to engage with their audience?

These are probably two of the simplest tools when it comes to collecting information, which is why I love them so much.  Plus, this engagement one-on-one with your audience is GOLD when it comes to understanding their biggest pain points and coming up with new ideas for what you can create for them that will be of value (i.e. what they’ll actually pay for!)

So I thought I’d go through a specific example of exactly how I’ve used these tools to gain feedback from my listeners.

Step 1: Set up the page

Once I have my goal in mind (in this case, to collect input for my next season on the podcast directly from my listeners) I’m going to set up the page I’ll be directing listeners to.

For this, I simply login to our site and add a new page.

Once I give the page a title and write a line or two about the purpose of the page, I’m ready to move on to step 2.

Step 2: Create the Google Form & SpeakPipe box

Because I’ll be asking my listeners to visit the page I created and either fill out a Google Form or leave me a SpeakPipe message, my next step is to create those two things.

The Google Form will simply ask which topic they’d like to hear about most (with an option for ‘other’ so they can write anything in that space), plus some other general info about how long they’ve been listening, how they found out about the podcast, etc.

You can check out my Google Form for Season 7 here.

Then, creating my SpeakPipe message box is just a matter of logging in to create the widget, and then pasting the code on the page like I’ve done here: EOFire.com/season7

Step 3: Create the call to action

Now that I have my page set up and my form and message box ready for input, I need to figure out what I’m going to say to actually get people to the page.

My call to action is typically in the intro and outro of at least 3 – 4 episodes: 1 of those episodes being the final episode of the previous season, and then 2-3 of them in the episodes I publish in between seasons.

Step 4: Encourage engagement

Don’t think that just asking for input one time is enough; you have to really encourage engagement, especially if your call to action is reaching people via a podcast.

If you think about it, podcast listeners are typically doing some other type of activity when they’re listening to your podcast, so the chances of them remembering something you only say 1 time is very unlikely.

There you have it. Now that you know how simple it is to request engagement and feedback from your audience, it’s time to put it to action!

Bonus step: if you want to take your engagement to a whole new level, also add a scheduler link on the page where people can sign up for a one-on-one chat with you via Skype or Zoom. Any time you can spend with your ideal audience one-on-one will equal massive results, because when you listen to the questions, struggles and pain points revealed, each one is a potential product, service or resource you can offer your audience.

Alright Fire Nation, that’s a wrap!EntrepreneurOnFire

Until next month, keep your FIRE burning!

~ Kate & John

Note: we report our income figures as accurately as possible, but in using reports from a combo of Infusionsoft & Xero to track our product and total income / expenses, they suggest the possibility of a 3 – 5% margin of error. 

Click here for all of EOFire’s Income Reports

This post was written by Kate Erickson, Content Creator and Implementer at EOFire. Follow Kate on Social:

Facebook FollowGoogle Plus FollowLinkedIn FollowTwitter Follow

The post EOFire’s May 2017 Income Report appeared first on EOFire Business Podcasts.

       

 

 

from EntrepreneurOnFire.com | Inspiring interviews w/ today’s most successful Entrepreneurs http://ift.tt/2sgf7vf