Income Report for May 2022: NFTs, VeeCon, and more!
Entrepreneurs on Fire
John Lee Dumas
4.8 • 4.1K Ratings
🗓️ 17 June 2022
⏱️ 36 minutes
🧾️ Download transcript
Summary
Every month we put together an income report to share a behind-the-scenes look at the ups and downs of running a 7-figure business. In full transparency, it's not easy – but it IS possible. Through hearing about our mistakes, lessons learned, and our wins, we hope to inspire and motivate you to take action in your business with just one step forward every single day. For our full income report, visit EOFire.com/income105, and IGNITE!
May 2022 Income At-A-Glance
Gross Income for May: $249,139
Total Expenses for May: $23,828
Total Net Profit for May: $225,311
Difference b/t May & April: +$18,774
% of net profit to overall gross revenue: 90%
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Transcript
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| 0:00.0 | Boom! Shake the room, Fire Nation! JLD here and welcome to Entrepreneurs on Fire's May |
| 0:10.0 | Income Report for 2022. This month we'll be talking with our CPA, Ron, about what taxes |
| 0:17.6 | in fees are online entrepreneurs actually responsible for. We'll be talking with David |
| 0:22.5 | Lizard Bram, our legal counsel, about the question if you need to register your podcast as |
| 0:28.3 | a business. We'll also be talking about what went down in May. Kate had her inaugural |
| 0:34.1 | NFT minting experience. I went to Gary Vaynerchuk's Veecon in Minneapolis, which was a |
| 0:41.3 | blast. We have some great pictures in there as well. One with me and Gary himself. And |
| 0:47.0 | then of course, May 2022's income breakdown, detail for detail. And it was a doozy to give |
| 0:54.1 | you a quick little glance. Our gross income from May was $249,139. Our total expenses were |
| 1:01.1 | $23,828 for a total net profit of $225,300 in $11, which is a $18,000 increase from the |
| 1:10.8 | month prior. And our percentage of net profit overall gross revenue was a whopping 90%. |
| 1:16.7 | I love it when it's in the 90s as you know, Fire Nation. And we have all that I mentioned |
| 1:21.2 | and more when we get back from thanking our sponsors. Let's get real. Let's talk roll |
| 1:28.9 | by ADP, the first chat based mobile payroll app designed for small businesses and startups. |
| 1:34.8 | It makes running payroll as easy as sending a text, visit get roll dot com slash fire |
| 1:41.2 | to get your first three months free work and sales or interested in learning how to sell. |
| 1:47.1 | Then check out the salesman podcast with Wilburon. You'll learn how to find buyers and |
| 1:51.1 | win big business and effective and ethical ways with episode topics like the four step |
| 1:55.2 | process to influencing buying decisions. Listen to the salesman wherever you get your |
| 1:59.6 | podcast. |
| 2:00.6 | All right, Fire Nation. It is time to kick off with none other than our CPA on fire, |
| 2:06.6 | Ron. So Ron, take it away. Hello, John and hello, Fire Nation. This is Ron, |
... |
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