Today’s tip is one that I feel is really the general theme of all the tips I have shared with you.
As a gym owner, most of us function with this mindset of “I am changing lives which is a noble purpose, and therefore I do not need to be paid. I am willing to sacrifice my own profits because the good I am doing outweigh my need to receive money.”
What I want/NEED you to consider is this… in order to continue doing good, you need to have cash available to support your life and the gym.
The reality is that even while changing lives, a gym that is not profitable will not be around for long. On the other hand, a gym that is profitable could be around for a long time, maybe even forever.
While I was writing the book Profit First for Microgyms, I was thinking about how important it is for gym owners to understand that they deserve to be profitable.
I understand what you are doing is noble, I go as far as saying you are saving humanity. BUT I also believe that to continue to do this, your gym needs to be making a profit.
So, though your mind may running in a few directions and your asking the big questions like “what allocations do I need to make for profit? How should my cash flow be going out of my bank account, or even taxes? I always want you to know that you deserve to be profitable!
At the end of the day it is what your members are begging you to do. Being profitable allows you to focus on your members experience instead of your survival.
Check out this short message below from me, that will hopefully help remove some of the guilt you may feel about receiving a profit from your microgym.
In my new book, Profit First For Microgyms, I break down Mike Michalowicz’s proven method, so that it is easily digestible by our Microgym owner community.
You can order your copy today by clicking here.
Interested in more tips and advice on how to better manage the financial health of your microgym?
I would LOVE to connect.
I share daily tips and advice not only for Microgym owners but for all of us being bullied by the IRS.