Every gym owner should be getting and reviewing their P&Ls regularly to gauge the status of their business.
A P&L statement is a financial statement that summarizes a business’s income and expenses for a given period. It can be monthly, quarterly, or yearly.
It includes revenue from memberships and products, operating expenses, and non-operating income. Understanding the numbers on the P&L can help gym owners more accurately assess the financial health of their business.
It’s rare in the gym business to see any gym owner share their P&Ls, but in this episode, Tim and Randy do exactly that.
The proof of the pudding is in the eating - The reason for sharing the P&L is to show gym owners that what they teach here in the podcast and in the coaching programs is actually something that is happening.
Tune in to hear about the P&L numbers from Tim’s gym and how to build a million-dollar gym business!
Key Takeaways
- The importance of reviewing your P&L (00:43)
- The average profit of a gym (02:41)
- Keep the main thing the main thing (05:06)
- The profit of the pudding is in the eating (12:24)
- Our new million-dollar coaching program (14:07)
- The biggest problem gym owners face (16:54)
- How to make more profit (17:42)
Additional Resources
Passcode: BestYear2023!
----
- Learn more about our Business Accelerator Coaching Program for Gym Owners
- Grab your tickets for the 2023 FitPro Growth Summit
- Learn more about The Iron Circle
- Business Talk with Fitness Professionals Facebook group
---
If you haven't already, please rate and review the podcast on Apple Podcasts!
