In that particular missive, I made an important point: once you’re making money with your training gym, you need to know how to leverage it over time.
And I stand by that logic!
BUT
To make money in your training gym, you need to have a basic understanding of business finance.
I know this isn’t exactly the sexiest topic for most training gym owners.
But you know what IS sexy?
Not being overdrawn on your bank account! To say nothing of making a solid income in exchange for your heart and hustle. 🙂
Business finance for a typical training gym isn’t that complicated. You don’t need to have a fancy degree. But you DO need to understand the basics.
But what if you reeeeeally don’t like this stuff?
The good news is that much of the day-to-day bookkeeping should be outsourced anyway.
And as to taxes? Paying for a qualified accountant is an investment that will almost always pay itself back with a solid return.
So a lot of the most unsavory bits will fall to others on your team.
But you DO need to have a solid grasp of the basics. You can outsource execution, but you’ll still need to be able to understand what’s happening with your business’s finances.
If you need help on that front, read these books.
- Profit First
- Profit First for Microgyms
- Simple Numbers
- The Ultimate Blueprint for an Insanely Successful Small Business
Wishing you a great night of sleep knowing your business and personal finances are in good shape,
Mark
Lotsa love,
Mark
PS We got a BIG announcement coming this week.
For the first time in (literally) years, Keeler and I are going to give you a chance to take a peek deeeeeep Inside the Unicorn and show you glittery innards of Mark Fisher Fitness. 🙂
Save the date October 23rd- 24th.