Your Fitness Money Coach Podcast - Helping Gym Owners Build Profitable Businesses

#242: In this quick episode, I share three must-do tasks to set your fitness business up for a successful new year. By focusing on your finances, tax planning, and goal setting, you'll make sure you're ready for what's next. Tune in for practical, actionable tips to wrap up the year with clarity and confidence. Key Takeaways: Review Financial Performance: Evaluate this year's revenue, expenses, and cash flow. Identify trends to inform your strategy for next year. Plan for Taxes: Save on taxes by making strategic last-minute deductions, contributions, or business investments. Set Business Goals: Define 2-3 specific goals for growth in the new year based on this year's performance and insights. Listen Now: Episode Newsletter sign-up link

#241: In this episode, Billy Hofacker interviews Daniel Meng, a former gym owner who sold his gym for $900K ($950K with interest). Daniel shares his inspiring journey—from his days as a college baseball player to becoming a personal trainer for celebrities like Kenny Chesney and eventually running and selling a successful fitness business. Topics covered: Transitioning from a private to a semi-private training facility Key strategies for gym owners at different stages: those starting out and those ready to sell The importance of systems, financials, and simplicity for a smooth exit What adds value to gym evaluations and what detracts from it How Daniel used a broker and tips for a seamless selling process The impact of surrounding yourself with the right people Whether you're planning to sell your gym someday or just want to optimize your business, this episode is packed with insights that can help you run a smarter and more profitable gym. Links and Resources: Episode Connect with Daniel Meng: daniel.meng@comcast.net Newsletter sign-up link

#241:In this episode, we explore the often-overlooked topic of how gym owners should compensate themselves. It's not just about taking home a paycheck—it's about creating a strategy that aligns with your personal life goals and sustains your business for the long term. Billy breaks down a practical 4-level system for owner's compensation, starting small and building up to profit distributions. He also shares key mindset shifts gym owners need to make and how to find the right financial guidance tailored to your unique situation. Key Takeaways: Build Your Business Around Your Life: Start with the vision of what you want your personal life to look like and ensure your business supports that. Adopt a Pay-Yourself-First Mentality: Break through the limiting beliefs that hold you back from paying yourself properly. The 4-Level System: Level 1: Start with something, no matter how small. Level 2: Cover your bare-bones budget. Level 3: Add a little extra for flexibility. Level 4: Include profit distributions. Seek Trusted Guidance: Find a mentor or coach who understands your needs, rather than offering one-size-fits-all advice. Links & Resources: Episode Newsletter sign-up link

#240: In this episode, I sit down with fitness business coach Vince Gabriele, a seasoned expert in the industry with over 20 years of experience. We cover crucial aspects of owning a fitness business, from effective marketing strategies to the importance of being "obsessed" with your customers. Key Topics Discussed: Knowing Your Customers: Vince shares why being genuinely invested in your clients is a game changer for business success. He explains how to do so with his "spotting" technique. Revenue Diversification: We explore the right timing for diversifying revenue streams and how it can affect long-term stability and growth. From Consumption to Production: Discover Vince's perspective on not just consuming content but using it to create something unique for your business. Living in Reality: Vince emphasizes that successful owners must maintain a grounded view of their business situation to avoid common pitfalls. The Psychology of Ownership: We discuss how the mindset of an owner can sometimes create obstacles, referred to as "chokeholds," and how to overcome these mental blocks. Marketing Case Study: We also share some fun moments discussing Vince's experiences with Brazilian Jiu-Jitsu (BJJ) and how he would market himself, given his experience. Tune in for a blend of practical advice and engaging stories that can help you take your fitness business to the next level! Important links: Download Vince's book here Book a Q&A with Billy here

#239: In this episode, we dive into the crucial relationship between profit and cash flow for gym owners. As a financial coach and fractional CFO, I share insights on why understanding and managing both aspects is critical for long-term success. Whether you're struggling with cash flow or looking to enhance your profit margins, this episode is packed with valuable tips and strategies you can implement right away. What You'll Learn: The critical differences between profit and cash flow and why both matter Tips for managing expenses effectively to improve cash flow Ways to implement tiered membership models for increased revenue Utilizing membership freezes or holds to maintain engagement and revenue The benefits of encouraging clients to use high-automation payment methods Resources Mentioned: 7 Profit Lever System Connect with Billy: Website: www. YourFitnessMoneyCoach.com Instagram Facebook LinkedIn Subscribe & Review: If you enjoyed this episode, please subscribe and leave a review on [Apple Podcasts, Spotify, etc.]. Your feedback helps us reach more gym owners and fitness professionals!

#238: In this episode of Your Fitness Money Coach Podcast, I'm sharing how public speaking has completely transformed my fitness business—and how it can do the same for you. Whether you're an entrepreneur looking to grow your business or just want to improve your communication skills, public speaking can open doors you didn't even know existed. In this episode, we discuss: My personal journey from speaking rookie to confident presenter The many ways public speaking builds authority and credibility in the fitness industry How improving your communication skills can positively impact your client relationships How public speaking can help you overcome fear, boost confidence, and even create new income streams PLUS, I'm excited to announce that my friend, fitness entrepreneur and world-renowned speaker Todd Durkin, is hosting a FREE webinar to help you master the art of public speaking. If you've been wanting to improve your speaking skills or get started on the right foot, you won't want to miss this! Show Links: Sign up for Todd Durkin's free public speaking webinar Listen to past episodes of Your Fitness Money Coach Podcast Subscribe to Billy's newsletter for more business and money tips Be sure to check out and register for the 7 Lever Profit System starting October 14th! It's first come first serve!

238: Balancing Short-Term Wins With Long-Term Success In this episode of the Your Fitness Money Coach Podcast, we dive into one of the biggest challenges fitness professionals face—deciding between short-term wins and long-term success. Whether you're focused on bringing in cash flow right now or investing in something that could pay off in the future, knowing how to balance the two is key. Here's what you'll learn in this episode: How to make decisions based on your current financial situation. When to prioritize immediate cash flow vs. investing in long-term growth. My own experience of deciding whether to take a speaking course for future opportunities. If you're looking for practical advice on growing your business today while securing your financial future, this episode is packed with insights you won't want to miss. Be sure to check out and register for the 7 Lever Profit System starting October 14th!

#237: Calling Robert Kyasaki blunt is an understatement. The author of Rich Dad Poor Dad argues that if 100 people were given 10K, only 4 of them would know what to do with it. In today's show, I dive into what is suspected would happen with the other 96 and what makes the 4 so different. I also share a story that I've never shared before of how I had a chance to find out what would happen if I were a part of this experiment. I talk about the value of actually knowing what you would do with 10K or any sum of money. We go through some different scenarios and what some priorities might be. One of the best (or the best) investments you can make is in yourself. It's hard to match the return you can get by enhancing your skills and adding more value to people which in turn will improve your cash flow and help you build your wealth and freedom. ===>Join the 7 Lever Profit System to Simply Drive More Profit and Cash Into Your Business Month After Month The 7 Lever Profit System is a 7-week Program that helps you with actionable steps on the unique levers that will add profit to your bottom line and cash in your bank account. Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram! Listen and grow! Your Financial Coach, Billy P.S. Are you looking to gain clarity around your finances and a clear path to grow and reach your financial goals? If so, a Fractional CFO might be exactly what you need. If you'd like to discuss how that might look, book a short call with me here! P.P.S. Want to read how I completely turned my finances around? Get a free copy of my book Fitness Profits.

#236: Fit Pros are generally good at tracking things. They track sets, reps, and tempo. When it comes to the numbers, not so much. My goal for today's episode is to simplify what to track on the personal finance side. Peter Drucker said what gets measured gets done. Getting in the habit of tracking things like your net worth and savings rate can do wonders for your progress. It's similar to your clients tracking their workouts or nutrition. Tune in to learn: What to track How to calculate it How often to track it Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram! Listen and grow! Your Financial Coach, Billy P.S. Are you looking to gain clarity around your finances and a clear path to grow and reach your financial goals? If so, a Fractional CFO might be exactly what you need. If you'd like to discuss how that might look, book a short call with me here! P.P.S. Want to read how I completely turned my finances around? Get a free copy of my book Fitness Profits.

#235: The Your Fitness Money Coach Podcast was started in August 2020. While it's been a ton of work, it's been one of the most rewarding things we've done. While starting your own show might be your next move, today we're talking about a way to leverage the power of podcasts in a way that has even less of a barrier to entry - Being a podcast guest may be one of the best ways to "get your name out." I've been a guest on countless podcasts and overall, they have had a dramatic impact on my business and bottom line. Today's guest is an expert in this space. Sam Brake Guia is the Co-founder of PodWritten, a podcast booking agency for health and wellness businesses, and the host of Mics to Millions, a podcast that shares interviews with top-tier hosts, insights from podcasting expert, and solo episodes to help you grow your health and wellness podcast. We discuss everything from why podcasting beats posting on social (although you don't have to stop doing that) to a step-by-step guide to getting yourself booked solid. Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram! Listen and grow! Your Financial Coach, Billy P.S. Are you looking to gain clarity around your finances and a clear path to grow and reach your financial goals? If so, a Fractional CFO might be exactly what you need. If you'd like to discuss how that might look, book a short call with me here! P.P.S. Want to read how I completely turned my finances around? Get a free copy of my book Fitness Profits.