Chart of Accounts

By Blog, Profit First
Let's talk today about your Chart Of Accounts.   A teacher of mine once explained a chart of accounts to me by telling me to simply just say the words slower.   At the time I didn't find it helpful in the slightest, but here I am sharing it with you, so it must have made some impact. Hopefully you are able to see the...
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Coaches Percentage of Pay vs. Revenue

By Blog, Profit First
Ready to learn about Coaches Percentage of Pay vs. Revenue? The important tip we are covering today is Key Performance indicators of Coaches Percentage of Pay in comparison to revenue.   What I mean by that is the percentage of team members expense to the revenue they bring in.   The idea being, we take your team member expense total, and divide that by your...
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Corporate Rent

By Blog, Profit First
Do you understand how the concept of corporate rent works?   Today we are taking a look at a beloved tax strategy that we have used for years, we call it Corporate Rent or the Augusta rule.   The rule was create in Augusta, Georgia, which is where they have the Masters golf tournament every year. During the time period of the tournament they get...
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YOU, My Friend, Deserve Profit!

By Profit First
What if I told you that YOU Deserve Profit from your microgym? 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...
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Eat Your Veggies

By Profit First
OK, So I am going to admit something about myself. I LOVE food, but there are just not a whole lot of veggies I like to eat When start a new meal or diet plan, I tend to be frustrating to nutritionists, because I am just picky. For what its worth, I apologize to all nutritionists out there on behalf of the vegetables haters. We...
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Understanding Your Tax Entities

By Profit First
Tax Entities... What are they and why should I care?   Let's cover the "WHAT" first... When I say "tax entities" what do I mean by that? Well, I am talking about your LLC's, your S Corporations, your C Corporations, often even soul proprietorship is lumped in with that as well.   The is where we get to the "WHY should I care" part of...
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Financial Statements Explained: Do you fully understand your Financial statements?

By Profit FirstNo Comments
Are you sure you fully understand your financial statements?   Often in our videos and blog posts. you will hear us talking about the need for "reviewing your Financial Statements".   So, what are we actually talking about when we say "Financial Statements"?   We are talking about Profit and loss/income statements and your balance sheet. Let’s start with talking about the balance sheet. When...
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Tracking Your KPI

By Profit FirstNo Comments
Today we are going to go over Key Performance Indicators or "KPI".   Key performance indicators or "KPI" are like they say, indicators on key components of your business and how it is performing. It is important to be tracking your KPI's, done the right way, they become the root  that helps pinpoint the cause of many effects on your gym.   Too often, we...
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Overcoming Roadblocks with Shannon Karn Simmons

By Profit FirstNo Comments
Did you see my Live this morning with the brilliant Shannon Karn Simmons, owner of Netbooks Accounting Services, which specializes in book keeping and implementing Profit First for fitness business owners.   Some of the things we discussed was... Considering a change inside of your fitness business? Let us share some tips for making that change simple and successful. Struggling to commit to fully implementing...
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LEG: A Profit First Principle

By Profit FirstNo Comments
I bet you are curious what you leg has to do with your gyms profits.   LEG or "Length of Engagement" is tracking the average length of engagement for your members.   This can be easily tracked in your CRM by taking the current date and subtracting their starting date, this will give you the total number. Then you can take these numbers together to...
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