Your Fitness Money Coach Podcast - Helping Gym Owners Build Profitable Businesses

#232:  Before you check out the 3 ways to improve cash flow, I wanted to make sure you knew about a special workshop we're doing on 8/29.  It's called Plan For Profit and we'll be doing exactly that! Isn't that exciting?!? I hope you'll join us for a time of learning, growing, and improving cash flow! Check out the webpage for the event or just register here! You'll receive the access info as soon...

#231: Feeling behind financially isn't a good feeling.  If that's the case for you, you're in good company.  Most people in this country are NOT prepared for retirement.  It's easy to believe the lie that "it's too late" or "why bother."  I'm here to tell you that it's never too late to improve your financial situation.  Just like people can build muscle in their nineties, they can make different...

# 230 Would you rather have hundreds of thousands (maybe millions) of dollars or drive a brand new top-of-the-line car? Well, that choice might be a reality.  The average new car payment in the U.S. is now a whopping $735.  What could you do with an extra $735 each month? In today's show, we dive into the actual cost of new (or even used) car payments.  I am in no way trying to be the fun police s...

#231                                                                     After over 200 episodes I'm doing something for the first time.  I wanted to present to you an interview I did on another podcast.  The podcast is called Profit Made Simple and the host is Daniel Henderson.  Thankfully, I've been on many industry podcasts but I wanted to share this one for 2 reasons.  First, Daniel is Austral...

#230                                                                                                                                                                               We are talking about an exciting topic, paying yourself! Doesn't that sound good? Far too many gym owners and Fit Pros are either not paying themselves consistently or not paying themselves enough.  Let's fix that.  This...

#229 Travis Barnes spent 10 years behind bars and managed to get out and grow his multi-million dollar company Journey 333 to 5 locations in 5 years.  Today, along with Todd Durkin, he's developing the Impact-X franchise.  You do not want to miss this episode as it's one of the most powerful shows we've done.  It's jam-packed with lessons that will improve your life, business, and relationships. ...

#228 Today's show was inspired by a book I'm reading called Switch by Chip and Dan Heath.  Making a positive change isn't easy but there are some things we can do to help ensure our success.  One thing we know is helpful is having clarity on where we want to go.  This is worth spending some time thinking about.  As Zig Ziglar said, "If you aim at nothing you'll hit it every time." Tune in to learn...

#277 Two areas you do not want to ignore as a gym owner are accounting and legal. Good advice in these areas is worth their weight in gold.  It's a prime example of an ounce of prevention being worth a pound of cure. Whether you've been in business for a while or are just starting, understanding the difference between different types of business structures can be confusing and overwhelming.  For t...

#226 Today we're talking about a topic that I've barely mentioned but is important to me. In 2012 I was in Todd Durkin's mastermind. At that time, he had a "Book of the Month" which was recommended.  One of those books was a Jeffrey Gitomer sales book. In the book, Gitomer recommended that readers join Toastmasters International if they were serious about communication and leadership.  I joined im...

#225 Today's episode was recorded the day before my Perform Better debut in Orlando, FL.  Multiple times per day, I was asked, "Are you nervous?" Reflecting on that question, I thought it would be fun to share my thoughts.  While it was helpful for me to do so, the real reason is that I believe the way I see it could be useful to you.  While you may or may not have aspirations to speak on your fee...

#224 In 1996 , a book came out that forever changed the world of personal finance.   I was only 16 years old but a couple of years later, I became certified as a personal trainer through the ISSA.  My first mentor was the owner of the neighborhood gym where EVERYONE worked out their chest on Monday. Frank Rossi had been owning and operating the All Natural Gym and took me under his wing.  I rememb...

#223:  We all have a certain pattern we follow with money.    That pattern is determined by what's "under the surface."   The deep programming under the surface stems back to childhood.    What did your parents or caregivers teach you (verbally and non) about money?   Was money considered "the root of all evil."    Or maybe it was that "rich people are jerks" or that you can't have a great family...

#222:  Albert Einstein described compound interest as the 8th wonder of the world.  He said that those who understand it, earn it, and those who don't, pay it.  Like my man Big Al said, compound interest can either work for you or against you.  For the 56% of US households who say they'd have trouble covering a 1K emergency, it's working against them.  If we don't get this problem under control, w...

Nothing great is ever accomplished alone.  None of us have the time or skills needed to be all we can be.  For that reason, we need the power of other people.  To help us out, I brought the owner of www.barbelljobs.com , Sebastian Gast on the show.  One of the most common struggles I hear is gym owners being burnt out because they are either doing too much and/or they don't know how to hire.  Not...

#220 We're at the end of our 3-part series on reading financial statements.  By now you know that reading a financial statement is one of the most important skills of a successful business owner.  The balance sheet, one of the 3 financial statements, is crucial to understand if you want to stay in business and succeed.  The balance sheet will show you if your business has a positive net worth.  If...

#219:  In part 2 of our 3-part series on reading financial statements, we're talking about profit margin.  Generally, fit pros know that a higher profit margin is a good thing, but there can be a lack of connecting the dots from the financial statement to real life.  Listening to today's show will teach/remind you: What profit margin is - Of course, it's the margin of profit but we'll look into wh...

#218: We start our 3-part journey of reading financial statements.  There is no better place to start than with the mack daddy of the financial statements, the P&L.  The P&L, also called an income statement, shows your company's revenue, expense, gains, and losses over a given period (e.g. 3 months). Why it's important is obvious but listen to this bite-sized episode for a deeper (but simple) look...

#217: When I say "Fitness Business Unicorn," I'm talking about a fitness business that is highly desirable yet difficult to attain.    Mark Fisher brings a wealth of experience not only building a Fitness Business Unicorn (Mark Fisher Fitness) himself but also helping other fitness businesses do the same. Many (all) of those businesses don't have the same ingredients (e.g. being in Manhattan).   ...

#216:  Finances like life are a journey with many ups and downs and twists and turns.  The good news is just like life, you can get quite a ways off course, and still recover and finish strong.  The older we get, the less true that is.  Losing 100% of your net worth at 25 is completely different than that happening at 45 or especially 65.  Oftentimes when we are behind, we are more likely to look...

#215:  Aaron started his gym like a lot of us do, because he wanted to help people and he saw how fitness helped him.    He started on his own after a corporate stint making just a few hundred dollars per month.    He put his head down, worked hard, and started making real money.    While he built up a great business and developed a positive relationship in his community.    There was one problem....

#214:  Do you find you find yourself working long hours without feeling like you're moving the needle?  If so, you'll want to listen to this action-packed interview with Charles Alexander , creator of the $ Day Work Week.  Whether you end up working 4 days or not, there are some takeaways guaranteed to improve your life and increase your profits.  Charles and I discuss: The 2 crucial steps to cut...

#213:  As per The E-Myth Revisited by Michael Gerber, most business owners start as technicians.  For them to move past being the chief cook and bottle washer, they have to learn to improve their systems and create repeatable processes that others can do.  The goal is to get to a point where personal needs are met and there is a little extra to take care of others, gain more freedom, etc.  Part of...

#212: Stephen Covey said to begin with the end in mind.  I can't think of a better place to do that than with pricing.  It's always sad to see fitness business owners with broken models to the point that even if they filled up their schedules, they wouldn't be bringing home what they need.  For that reason, I decided to break down some simple strategies to help you avoid the pitfalls of poor prici...

Some people think that you can't start building wealth until you have a big income.  I'd argue that it starts much sooner than that.  As Stephen Covey says, "Start with the end in mind." Contrary to popular belief, there are plenty of things to do in order to improve your money situation regardless of your current income.  In fact, in this episode, I break down an exact strategy of what you can do...

#210: Can gym owners become wealthy? While most do not, with a shift in mindset, the attainment of some crucial skills, and time, it is certainly possible! This is an important conversation that needs to be heard.  Whether you are in the early stages of gym ownership or are further along you will both be inspired and educated with ideas to speed up your financial journey! Here is some of what you'...