Mar 30, 2021
John Briggs, author of Profit First For Microgyms, joins me to discuss Profit First and how it relates to gym owners. Check out this episode and get your finances on track. You work too hard not to benefit financially.
If you listen to this episode, you’ll hear the following mentioned:
- Successful gyms have multiple revenue streams
- Profit First for Microgyms
- The difference between microgyms and globogyms
- Why nutrition is a good service post-Covid
- Most owners aren’t paying themselves enough
- Why being a fitness professional is one of the most important job
- “Profit is the necessary fuel for a viable business.”
- 6 figure take home pay is very possible
- 20-30% margin is possible but most have 5-10
- How Profit First helps to get past Parkinson’s Law
- Why you need to sometimes cut sessions
- The first step is doing whatever you can to pay yourself what you need
- Other funds (e.g. equipment account) can be used for emergencies
- Once your equipment funds has enough, you can stop transferring
- Don’t open a second location without maximizing the first
- Once you’ve got a fully funded reserve account, the fun begins
- Fix This Next
- How to win Friends and Influence People
- Primal Leadership
- Profitfirstformicro
- com
Contact Billy directly about possibly doing coaching with him, visit https://yourfitnessmoneycoach.com/coaching-with-me/ and fill out the form.
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You can also search for the Your Fitness Money Coach podcast on major podcast apps.