Maximizing Your Earnings: How and When Gym Owners Should Pay Themselves
In this episode of The Wealthy Gym Owners, Pat and Doug delve into the crucial topic of how and when gym owners should pay themselves. Recognizing the common mistake of owners paying themselves last or not at all, they discuss strategies for financial sustainability and growth. Doug shares insights from his experiences coaching gym owners and emphasizes the importance of understanding your gym's financials, setting a reasonable salary, and consistently drawing owner's pay. They also cover the benefits of an LLC taxed as an S corporation and provide practical tips for balancing investments in the business with personal financial health.
00:00 Introduction to Paying Yourself as a Gym Owner
00:40 Challenges of Paying Yourself in the Early Stages
03:03 Strategies for Paying Yourself First
06:56 Setting Up Your Payment Structure
10:26 Final Tips and Takeaways
13:34 Conclusion and Sign Off
