Your Fitness Money Coach Podcast

#220 We’re at the end of our 3-part series on reading financial statements.  By now you know that reading a financial statement is one of the most important skills of a successful business owner.  The balance sheet, one of the 3 financial statements, is crucial to understand if you want to stay in business and succeed.  The balance sheet will show you if your business has a positive net worth.  If the number on your balance sheet is too low or negative, you are most likely headed for trouble.  It will show you how much short-term cash you have on hand to cover responsibilities as well as how much long-term debt you have.  Tune in to learn a simple breakdown of the balance sheet and learn what you need to know to make informed decisions your future self will thank you for! 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   

#219:  In part 2 of our 3-part series on reading financial statements, we’re talking about profit margin.  Generally, fit pros know that a higher profit margin is a good thing, but there can be a lack of connecting the dots from the financial statement to real life.  Listening to today’s show will teach/remind you: What profit margin is - Of course, it’s the margin of profit but we’ll look into what that means Why it matters - Why it’s crucial to understand your business’s profit margin How to calculate it Some nuances you need to know as they relate to the fitness industry How to make sure you’re comparing apples to apples How to increase your profit margin without the endless chase of more clients 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. If you or someone you know is looking for a plan to dial in their finances and achieve some financial freedom, book a short call with me here!  P.P.S. You can book a call at that same link if you are interested in getting your financials dialed in and efficient with bookkeeping.    

#218: We start our 3-part journey of reading financial statements.  There is no better place to start than with the mack daddy of the financial statements, the P&L.  The P&L, also called an income statement, shows your company’s revenue, expense, gains, and losses over a given period (e.g. 3 months). Why it’s important is obvious but listen to this bite-sized episode for a deeper (but simple) look.  Developing the habit of reviewing your P&L properly each month is crucial for you to reach your potential for impact and financial success.  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. If you or someone you know is looking for a plan to dial in their finances and achieve some financial freedom, book a short call with me here!    P.P.S. You can book a call at that same link if you are interested in getting your financials dialed in and efficient with bookkeeping.    

#217: When I say “Fitness Business Unicorn,” I’m talking about a fitness business that is highly desirable yet difficult to attain.    Mark Fisher brings a wealth of experience not only building a Fitness Business Unicorn (Mark Fisher Fitness) himself but also helping other fitness businesses do the same. Many (all) of those businesses don’t have the same ingredients (e.g. being in Manhattan).    My point in saying that is although MFF is undeniably unique, we can all learn to implement the same solid principles in our business regardless of the location, target client, etc.    This value-packed conversation is a master class for gym owners who want to go from a lack of money and the less-than-ideal schedule that the industry is known for to more leads, amazing clients, and more income.    Applying the concepts we discuss here is guaranteed to bring in all the leads you’ll ever need. The best part is it’s all simple, low-hanging fruit that anyone can do regardless of financial situation.    There is also much more as it relates to mindset and personal development. This is where the real juice is! Can’t wait for you to listen! Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram! Learn more about Mark's Business Mastermind here.  Listen and grow! Your Financial Coach, Billy  P.S. If you or someone you know is looking for a plan to dial in their finances and achieve some financial freedom, book a short call with me here!    P.P.S. You can book a call at that same link if you are interested in getting your financials dialed in and efficient with bookkeeping.  

#216:  Finances like life are a journey with many ups and downs and twists and turns.  The good news is just like life, you can get quite a ways off course, and still recover and finish strong.  The older we get, the less true that is.  Losing 100% of your net worth at 25 is completely different than that happening at 45 or especially 65.  Oftentimes when we are behind, we are more likely to look for the “hail mary.”  We invest in something we don’t understand or put all our hope in crypto.  This topic is important to me because I was behind. I had no savings and no plan.  I was headed for trouble financially.  I followed the principles I share in this episode and they have served me well.  Applying the steps outlined in this show allowed me to quite literally become a different person, financially and otherwise.  If you’re behind financially, join the club! With some simple steps and consistency over time, you can turn things around! 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. If you or someone you know is looking for a plan to dial in their finances and achieve some financial freedom, book a short call with me here!  P.P.S. You can book a call at that same link if you are interested in getting your financials dialed in and efficient with bookkeeping.    

#215:  Aaron started his gym like a lot of us do, because he wanted to help people and he saw how fitness helped him.    He started on his own after a corporate stint making just a few hundred dollars per month.    He put his head down, worked hard, and started making real money.    While he built up a great business and developed a positive relationship in his community.    There was one problem. He wasn’t paying himself enough.    He knew things needed to change as he didn’t like the money anxiety he was experiencing. Signing up more clients was great but it didn’t necessarily fix the stress around it.   He decided to get money smart. He improved both his mindset and his money skills.    Now Aaron takes home a healthy amount each month, closer to what he’s worth.    He’s got stacks of cash which helps lower stress levels. He’s intentional with his money. He now has a more abundant money mindset, and much of the chaos around money has been removed.    Check out Aaron’s story and how the same strategies that worked for him can work for you.    *By the way, Aaron just some numbers as they relate to personal income. Just to be clear, those are what Aaron pays himself in salary. His net owner benefit (NOB) is in 6-figures.  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. If you or someone you know is looking for a plan to dial in their finances and achieve some financial freedom, book a short call with me here!    P.P.S. You can book a call at that same link if you are interested in getting your financials dialed in and efficient with bookkeeping.    

#214:  Do you find you find yourself working long hours without feeling like you're moving the needle?  If so, you’ll want to listen to this action-packed interview with Charles Alexander, creator of the $ Day Work Week.  Whether you end up working 4 days or not, there are some takeaways guaranteed to improve your life and increase your profits.  Charles and I discuss: The 2 crucial steps to cut at least 4 hours out of your work week while sacrificing zero income loss How to know what your high-value tasks are An exercise to guarantee you don’t fall into the dangerous “hustle and grind” mindset Learn more about Charles and his programs at www.YourcharlesAlexander.com.  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. If you or someone you know is looking for a plan to dial in their finances and achieve some financial freedom, book a short call with me here!    P.P.S. You can book a call at that same link if you are interested in getting your financials dialed in and efficient with bookkeeping.    

#213:  As per The E-Myth Revisited by Michael Gerber, most business owners start as technicians.  For them to move past being the chief cook and bottle washer, they have to learn to improve their systems and create repeatable processes that others can do.  The goal is to get to a point where personal needs are met and there is a little extra to take care of others, gain more freedom, etc.  Part of that process includes learning to think like an investor.  While many people make decisions based on the short term and what feels good, investors think about the long term.  Charlie Munger said, “Most people are too fretful, they worry too much. Success means being very patient, but aggressive when it’s time.” Some of the characteristics of those who think like investors are: They know the best path isn’t always intuitive They balance their decisions for both short and long-term gains They understand math They know how to view others They invest in what they understand By listening to Think Like an Investor, you’ll learn actionable steps on how to think and make better decisions today. Your current and future self will thank you! 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. If you or someone you know is looking for a plan to dial in their finances and achieve some financial freedom, book a short call with me here!  P.P.S. You can book a call at that same link if you are interested in getting your financials dialed in and efficient with bookkeeping. Remember there are no successful fitness business owners who don’t have accurate financial records and reporting! It’s an absolute game-changer and one of the best things you can do.       

#212: Stephen Covey said to begin with the end in mind.  I can’t think of a better place to do that than with pricing.  It’s always sad to see fitness business owners with broken models to the point that even if they filled up their schedules, they wouldn’t be bringing home what they need.  For that reason, I decided to break down some simple strategies to help you avoid the pitfalls of poor pricing.  “Poor pricing produces poor profits.” -Billy Hofacker Here’s what you’ll learn: What is the “common” rate in your area? What are you worth? Your desired rate Justifying your rate 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. If you or someone you know is looking for a plan to dial in their finances and achieve some financial freedom, book a short call with me here!  P.P.S. You can book a call at that same link if you are interested in getting your financials dialed in and efficient with bookkeeping. Remember there are no successful fitness business owners who don’t have accurate financial records and reporting! It’s an absolute game-changer and one of the best things you can do.   

Some people think that you can’t start building wealth until you have a big income.  I’d argue that it starts much sooner than that.  As Stephen Covey says, “Start with the end in mind.” Contrary to popular belief, there are plenty of things to do in order to improve your money situation regardless of your current income.  In fact, in this episode, I break down an exact strategy of what you can do whether you’re making: 30K or less 50K 100K or more  Simply do or improve the suggested steps and watch your money grow (over time).  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. If you or someone you know is looking for a plan to dial in their finances and achieve some financial freedom, book a short call with me here!  P.P.S. You can book a call at that same link if you are interested in getting your financials dialed in and efficient with bookkeeping. Remember there are no successful fitness business owners who don’t have accurate financial records and reporting! It’s an absolute game-changer and one of the best things you can do.