You may have heard of John Lee Dumas’ award-winning podcast, Entrepreneurs on Fire, but have you met his better half, Kate Erickson? Kate is the COO at Entrepreneurs On Fire and a successful and strategic entrepreneur in her own right.
Kate Erickson
Daisy Gamboa
Kate is featured in the new book The Common Path to Uncommon Success, where she shares her Content Creation Plan strategy. The book offers a revolutionary 17-step roadmap that provides a proven path for entrepreneurs to achieve the financial, location, and lifestyle freedom they are capable of.
The premise of her feature in chapter seven, Design Your Content Production Plan, is to show entrepreneurs how they can guarantee consistency AND create flexibility in their business that allows them time to work ON their business instead of IN their business.
She also credits their ability to travel for extended periods, vacation with family and friends, and step away from their business for several days directly to the content production plan they use at Entrepreneurs On Fire.
Entrepreneurs On Fire has always sought out a positive relationship with its audience and wanted to share the ins and outs of the business to help other entrepreneurs succeed in theirs. As a result of this endeavor, Kate prepares monthly income reports to share with listeners. These income reports, initially inspired by Pat Flynn, are prepared with the entrepreneur in mind.
The purpose of the income reports is to share with the audience:
1. Transparency in their business
Being big believers in the ability for everyone to succeed, the team started to produce and publish their income reports and share their business activities to inspire others to start their entrepreneurial journey. Having gone through the growing pains of starting their business themselves, they share the ups and downs of entrepreneurial life and show you what it takes to build a multiple 7-figure business.
2. How they build their revenue
The idea has always been to show you the types of projects required to bring in those large revenue numbers. Building a successful business doesn’t happen by accident – it requires a lot of hard work, dedication, and determination. The team wants to be honest with you and show you what is genuinely needed.
The Common Path To Uncommon Success book cover
book cover
3. It keeps them accountable for their numbers
Producing the monthly income report keeps the business accountable to their business numbers. Each month Kate runs the profit and loss statement and pours over the numbers to understand how much revenue came in and what expenses were incurred in the month. This report is an excellent way to understand what is going on in your business and stop money leaks before they become more significant money losses.
4. They share their wins and losses with their audience
True to transparency, the team also shares with their audience that being a successful entrepreneur is not all about big wins. Not every idea will be a big money generator or pan out in the way you predict. The key to entrepreneurship is resiliency and navigating through the losses is part of the game. There are lessons in every failure, and they encourage you to use the data and improve on those numbers.
5. Guest spots from their CPA and lawyer
Knowing that they were not qualified to answer many of the tax and legal questions that came in from their audience and to remain faithful to serving their audience, the team offers guest spots to professionals. A monthly guest spot for their CPA, who provides tax and accounting advice, and their lawyer guests to discuss legal questions and issues around owning your own business every other month.
The bottom line is that if you are running your business without knowing your numbers, you are putting your business at risk. The Common Path to Uncommon Success devotes an entire chapter to managing your money in business, as far too many entrepreneurs avoid knowing their numbers. When you track your revenue and expenses each month, that activity alone will save you an immeasurable amount of money in your business, resulting in more take-home money for you.
