Billy Hofacker, a finance coach for fitness professionals and multi-gym owner, shares his powerful journey from financial crisis to success. After having his car repossessed and racking up $130,000 in debt, he transformed his life and now coaches others in the industry. He discusses the critical need to separate personal and business finances, offers strategic hiring advice, and emphasizes the importance of proper tax planning. Billy also highlights how fitness discipline can translate to financial management, encouraging listeners to embrace responsibility and seek mentorship.
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Car Repossession
In 2010, Billy Hofacker's car was repossessed, revealing $130,000 of debt.
This event became a turning point, motivating him to transform his finances.
volunteer_activism ADVICE
Financial Foundations
Separate business and personal finances for clarity.
Plan for taxes and price services properly to avoid discouragement.
volunteer_activism ADVICE
Strategic Hiring
When hiring, consider payroll percentages and set a budget.
Project best-case, likely, and worst-case scenarios to make informed decisions.
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Timeless Lessons on Success, Profit, and Finding Your Way
Jonathan Goodman
Fitness Profits
Fitness Profits
Billy Hofacker
I interviewed Billy Hofacker of Your Fitness Money Coach - as he was referenced in Jonathan Goodman's new Book - 'The Obvious Choice' (it's a great book, get it if you have a service based business)…
Billy shares his journey from financial crisis to becoming a successful (multiple) gym owner and financial coach for fitness professionals.
Billy transformed his finances after having his car repossessed, paying off $130,000 in debt within 5 years, and ultimately $500,000 total.
We covered everything from separating business and personal finances to planning for taxes, proper pricing, strategic hiring decisions, and long-term investment strategies.
Some key points;
• 0:07 - Introduction to Billy Hoffacker, finance coach and fit pro with over 20 years of experience who owns two physical locations and was quoted in Jon Goodman's Book
• 2:57 - The pivotal moment that changed everything: Billy shares the emotional story of having his car repossessed and discovering he had $130,000 in debt
• 9:29 - Common financial pitfalls for beginners: Billy reveals why separating business and personal finances is crucial and explains why proper tax planning and pricing are essential foundations
• 11:12 - Strategic hiring advice for growing fitness businesses: Learn the three-scenario approach to making smart staffing decisions (best case, likely case, and worst case)
• 16:45 - The mindset shift: Billy explains how fitness professionals can apply their existing self-discipline to transform their finances, comparing financial success to fitness achievement
His site is here; https://yourfitnessmoneycoach.com/
Grab his book here; https://fitpro.yourfitnessmoneycoach.com/
Book a call with him here; https://YFMCscheduling.as.me/QA-Call
LinkedIn: https://www.linkedin.com/in/billyhofacker/
Facebook: https://www.facebook.com/billyhofacker/
Watch the interview on YouTube here; https://www.youtube.com/watch?v=s4V8fuQPDmE
Connect with Kate here;
www.katemartinmentor.com
The Health Coaching Business Podcast 
