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Success In Spite of 2020

By Business, Tax StrategyNo Comments

Today, I had the opportunity to sit and have a conversation with Billy Hofacker, a successful gym owner and business coach.    We discuss how he navigated the awfulness of 2020, from the start of COVID and business and gyms shutting down across the county to tentative reopenings.   He shares with us some things that he felt went right and is also transparent about…

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Retirement Planning for Gym Owners

By Business, RetirementNo Comments

Ok guys, hard facts time… You cannot count on selling your gym as your only retirement plan. That’s just not how it works in this industry, unfortunately.    The truth, at best, with great systems and resources, I have seen gyms sell for just a little more than their annual revenue.   Typically, however, a gym would normally just be purchased for its assets.  …

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Problems with your Lease Agreement?

By BusinessNo Comments

Over the past weekend, I had a potential new member reach out to me, looking to possibly join my gym.    In their message, they mentioned that their previous gym had closed its doors and that is why they were looking elsewhere.    Being the opportunist that I am, I got a bit more information and then ended up reaching out directly to that gym…

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5 Huge Tax Saving Strategies

By Tax Strategy, TaxesNo Comments

If you’re sick of being stuck paying a lot in taxes and are looking for some strategies to keep more money, then review these top 5 huge tax saving strategies and take action right now.   Paying attention to these as a business owner will not only make you a lot of money right now, but it will also grow your bank account perpetually, remove…

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Tips to Improve Your ROI as A Gym Owner

By BlogNo Comments

Today we are sitting down with one of my favorite people, Chris Cooper from Two-Brain Business. He is one of the best minds in the business!   Since creating the Two-Brains system 2 years ago, they have been just cranking out the content! They provide such incredible and much needed support to the small gym owner industry and I wanted to sit down with Chris…

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Bigger Isn’t Better: A Tale of Two Microgyms – and a Lesson in Finance

By Business, Cash ManagementNo Comments

Here’s a story about two microgyms we work with.   We’ll call the first one Multigym LLC.   Multigym LLC is in a major U.S. city. At the time of writing, the two owners had four locations earning more than $1 million in revenue.   The second gym we’ll call Singlegym LLC.   Singlegym LLC is in a small market. It has one location and…

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PPP Loan Forgiveness APPLICATION Walkthrough

By UncategorizedNo Comments

Received the PPP loan? You’re definitely going to want to watch the video that goes along with today’s blog for a more thorough explanation. This video goes about walking you through how to fill out your own PPP Loan Forgiveness application.    Starting from the top of the application, here is a brief overview of the process:   At the top of the application you…

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Accounting System a Mess? Fix it Fast!

By Accounting, Profit FirstNo Comments

Mindset Change   “Accounting is a necessary evil.” Geez! That sounds like a prison sentence where you are stuck having to do something even though you hate it. We can never get excited about something if we think it’s evil. Accounting is necessary. Not evil. When it’s approached properly… Your accounting efforts will produce financial statements that give you insights into your cash flow. It…

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