#241:In this episode, we explore the often-overlooked topic of how gym owners should compensate themselves. It's not just about taking home a paycheck—it's about creating a strategy that aligns with your personal life goals and sustains your business for the long term. Billy breaks down a practical 4-level system for owner's compensation, starting small and building up to profit distributions. He also shares key mindset shifts gym owners need to make and how to find the right financial guidance tailored to your unique situation.
Key Takeaways:
Build Your Business Around Your Life: Start with the vision of what you want your personal life to look like and ensure your business supports that.
Adopt a Pay-Yourself-First Mentality: Break through the limiting beliefs that hold you back from paying yourself properly.
The 4-Level System:
Level 1: Start with something, no matter how small.
Level 2: Cover your bare-bones budget.
Level 3: Add a little extra for flexibility.
Level 4: Include profit distributions.
Seek Trusted Guidance: Find a mentor or coach who understands your needs, rather than offering one-size-fits-all advice.
Links & Resources:
