In this episode, Tim and Randy will talk about the business side of fitness businesses which presents a problem for a lot of gym owners. One of the biggest issues in that arena is that gym owners use their businesses as a personal ATM or checking account. They run all their personal expenses out of the business, which may be rooted in the fact that most of them started out as solopreneurs, and that just ends up creating a big mess because they can never tell how their business is doing at any one time.
It’s very important for a gym business to be treated as a separate entity from its owner, with the owner being on the outside and being paid by the business. The gym owner must also have their personal expenses and life outside of the business. That way, they can always have a clear cut picture of how healthy their gym is doing.
Tim and Randy will talk about the importance and benefits of one building their business as an asset and break down exactly what a gym owner can do to achieve that. Tim will also share what he currently focuses on to achieve the same with his gym business, and hopefully, this will help you on your own path to turning your gym into the asset it should be for you.
Key Takeaways:
Additional Resources:
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If you are interested in a free audit for your gym, visit http://bit.ly/free_gym_audit
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