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Cash Flow Management for the Fitness Professional

By June 26, 2021July 17th, 2021Blog, Cash Management, Profit First

Grow Your Fitness Business

Recently, I got a great opportunity. I was invited to do a guest spot on Kelly Coulter’s fantastic series Grow Your Fitness Business. Kelly is a phenomenal businesswoman who has been involved in online marketing and the fitness industry since the ’90s. She is THE name in Online Fitness Business Marketing. Her show is an invaluable resource for microgym owners. She covers everything from where to find start-up resources, to how to build and maintain a client base.

Smaller Plates

On Grow Your Fitness Business, I go over some of the laws concerning company finances and the practical effects of that. I explain how a seemingly profitable business can wind up unable to pay its employees if it doesn’t watch out for a common accounting mistake. And I explain the Profit First philosophy of smaller plates. (5:55) If someone uses a smaller plate they will consume fewer calories. The same goes for your business. If you have one giant bank account, compared to multiple bank accounts with smaller balances in them, you will consume more “financial calories.”

Building Your Plate

In this interview, I go over exactly how many different “small plates” your business should have and what they should be set aside for. After all, having chunks of undesignated money just leads to confusing accounting and creating the very problem you were hoping to avoid! I will guide you through what your various “small plate” accounts should be designated for and how you can keep the financials organized.

Don’t Miss Out!

There‘s much more information available in the full video, including a Q&A with Kelly and clarification of my accountant-speak. Everything is laid out for you to learn how to place Profit First for your Microgym. Be sure to check out Kelly’s show on Facebook at https://www.facebook.com/groups/fitnessprosideas. And be sure to watch the video to keep making the choice to be profitable!

 

To watch my full video, click below!

We will be offering a lot of advice on our page here, but we also would be happy to help you out on a more personal level. Feel free to hit us up if you need help preparing your taxes.

 

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More of a blog person?… THAT’S OK! We keep our INCITE TAX BLOG full of all of the same amazing content that you would find on our YouTube Channel, including John’s special guest interviews, such as the one with the founder of the Profit First System, Mike Michalowicz!

 

Don’t forget to order YOUR copy of Profit First For Microgyms, now available on AMAZON!

 

 

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