Elite Trainer Academy EP 04: The Business Side of Training: Set Yourself Up Right
11 snips
Aug 4, 2025 
Doug Egge, a financial expert from Mind Pump, joins to help personal trainers navigate the tricky business side of their careers. He shares vital insights on choosing the right business structure, like LLC versus sole proprietorship, and explains when it’s beneficial to elect S-Corp status. Doug discusses common tax pitfalls to avoid and highlights the top deductions trainers can claim. Listeners will also learn the importance of organized finances, effective expense tracking, and how a good CPA can make a difference.
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LLC Provides Liability Shield
- An LLC creates a separate legal entity that can shield your personal assets from business liability when structured and maintained correctly.
- You still need insurance and must follow compliance rules to preserve that protection.
Don't Rush To Form An LLC
- Delay forming an LLC until you have revenue because formation and ongoing state fees create real costs for startups.
- Start as a sole proprietorship and use a DBA and separate bank account until you outgrow it.
Separate Your Business Bank Account
- Open a separate bank account for your business using a DBA to avoid co-mingling personal and business funds.
- Keep all income and expenses for the business in that account to simplify recordkeeping and taxes.