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

#234: Today's show was inspired by an article I saw on MSN. It was about the things Warren Buffet says broke people waste their money on. One of the best strategies to make sure you're headed in the right direction is to figure out how you can guarantee failure. Once you learn how to guarantee failure, avoid those things at all costs! Check out the show to learn the 10 things you'll want to be careful you're not wasting your money on. Some of these things might be robbing you of your future! If you don't want to take it from me, take it from Warren, one of the greatest investors of all time! Here are some great quotes from Mr. Buffet: "The most important investment you can make is in yourself. That's how knowledge builds up. Like compound interest." "I'm not prude about it, but to quite an extent, gambling is a tax on ignorance." "Do not save what is left after spending, but spend what is left after saving." Check out the full MSN article. By the way, if you want to dive a little deeper and make sure your cash is flowing in the right direction, check out the Plan For Profit Workshop happening on 8/29! Plan for Profit Workshop 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.

#233: Before you check out the 3 ways to improve cash flow, I wanted to make sure you knew about a special workshop we're doing on 8/29. Plan For Profit Workshop What are some simple metrics by which to run your gym? They need to be simple because if they're not, chances are they won't get used. In today's episode, Dam Kleckner and I dive into the important metrics and then some. In addition to the simple numbers by which to run your gym, Dan breaks down a simple formula for generating all the leads you might need. Paid ads are great but you might want to ensure you're doing these first. Finally, Many owners are confused about when and how to expand their business. After tuning in, you'll have some clarity around additional locations. 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. P.P.P.S. Sign up for the Plan For Profit Workshop here!

#232: Before you check out the 3 ways to improve cash flow, I wanted to make sure you knew about a special workshop we're doing on 8/29. It's called Plan For Profit and we'll be doing exactly that! Isn't that exciting?!? I hope you'll join us for a time of learning, growing, and improving cash flow! Check out the webpage for the event or just register here! You'll receive the access info as soon as you register! I decided to focus on cash flow for a few reasons. Once, this time of year can be tricky when it comes to cash. It can seem more is flowing out than in and it might even be the case! This is the perfect time to address the issue head-on and plan for profit! Second, it's overlooked. Many people talk about gross revenue. Some talk about profit. The very best know the "magic is in the margin" and for that reason, they focus on cash. Finally, it's fun. It's not about the money itself. Money is not a goal. It's a tool to do the things you want. For those reasons, check out 3 points to look at when thinking about your cash flow. For a more in-depth look as well as guidance planning for profit, check out the workshop and sign up here 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 need help setting up your business to help you "catch up" financially, book a short call with me here! It's closer than you think! P.P.S. If you don't have clear financial goals and a path to get there, please book a call here.

#231: Feeling behind financially isn't a good feeling. If that's the case for you, you're in good company. Most people in this country are NOT prepared for retirement. It's easy to believe the lie that "it's too late" or "why bother." I'm here to tell you that it's never too late to improve your financial situation. Just like people can build muscle in their nineties, they can make different financial decisions to improve their future. I'm hearing more and more stories about people who accumulated a solid nest egg without taking several decades. I'm not going to lie and say it's going to be easy but it's worth it. I know the feeling all too well as I was definitely a late starter. In this episode, I share some exact steps and a framework you can use to get started TODAY! 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 need help setting up your business to help you "catch up" financially, book a short call with me here! It's closer than you think! P.P.S. If you don't have clear financial goals and a path to get there, please book a call here.

#230 Would you rather have hundreds of thousands (maybe millions) of dollars or drive a brand new top-of-the-line car? Well, that choice might be a reality. The average new car payment in the U.S. is now a whopping $735. What could you do with an extra $735 each month? In today's show, we dive into the actual cost of new (or even used) car payments. I am in no way trying to be the fun police so if driving a fancy car is important to you, do you boo. However, if you're wondering if there might be a better way to look at cars, these concepts can be powerful. My goal with this content is not to make it one or the other. You can have a car you enjoy AND build your desired future. 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 are just starting or have been in business for a while but need a reset, book a short call with me here! P.P.S. If you don't have clear financial goals and a path to get there, please book a call here.

#231 After over 200 episodes I'm doing something for the first time. I wanted to present to you an interview I did on another podcast. The podcast is called Profit Made Simple and the host is Daniel Henderson. Thankfully, I've been on many industry podcasts but I wanted to share this one for 2 reasons. First, Daniel is Australian and I'm from NY so the conversation might be entertaining just because of that.:) Seriously, we are both so passionate about finances as they relate to the fitness business that it created a unique conversation. We tackled topics like: How to go from debt to financial freedom Common financial mistakes you'll want to avoid Actionable tips to achieve a financially healthy business How to ensure you stay Fitness Business Money Smart 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 are just starting or have been in business for a while but need a reset, book a short call with me here! P.P.S. If you don't have clear financial goals and a path to get there, please book a call here.

#230 We are talking about an exciting topic, paying yourself! Doesn't that sound good? Far too many gym owners and Fit Pros are either not paying themselves consistently or not paying themselves enough. Let's fix that. This episode is a follow-up to #158 published on 2/28/23. In that show, we discussed: How to systematically pay yourself every month How to determine how much to pay yourself How to give yourself a raise How to balance paying yourself and investing in business growth This installment discusses the bigger issue of adjusting your mindset to ensure you are paying yourself. I'm pumped because I know someone's life will change as a result of this change. 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 are just starting or have been in business for a while but need a reset, book a short call with me here! P.P.S. If you don't have clear financial goals and a path to get there, please book a call here.

#229 Travis Barnes spent 10 years behind bars and managed to get out and grow his multi-million dollar company Journey 333 to 5 locations in 5 years. Today, along with Todd Durkin, he's developing the Impact-X franchise. You do not want to miss this episode as it's one of the most powerful shows we've done. It's jam-packed with lessons that will improve your life, business, and relationships. We've all experienced adversity in our business and lives and if there is one certain thing, it's that we'll experience some more. While learning marketing and sales techniques are great, the lessons in this podcast are much more important. Tune in to learn: What Travis can teach us after having "lost" 10 years of his life How he moved through his "dark night of the soul" How to keep an attitude of gratitude regardless of circumstances A sure-fire tactic to improve in ANY area of life We'll be having Travis back for a second installment but please don't miss the gems contained in this one! 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 are just starting or have been in business for a while but need a reset, book a short call with me here! P.P.S. Similar to having a good lawyer, having solid bookkeeping is crucial for long-term success. If you'd like your books taken care of so you can gain clarity and focus on what you're uniquely good at, book a call at this same link.

#228 Today's show was inspired by a book I'm reading called Switch by Chip and Dan Heath. Making a positive change isn't easy but there are some things we can do to help ensure our success. One thing we know is helpful is having clarity on where we want to go. This is worth spending some time thinking about. As Zig Ziglar said, "If you aim at nothing you'll hit it every time." Tune in to learn some specific examples of what a clear financial target looks like. Learn how to avoid the most common goal-setting mistakes regarding your dough. We also go through a quick checklist to make sure you're on track with your financial goal. I hope this content serves as a gentle reminder to pursue a worthy goal and be able to go with the flow with whatever may come your way. Finally, I discuss 3 ways to help ensure you stay on track. Setting a goal is one thing but as it's been said, you get paid for done! 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 are just starting or have been in business for a while but need a reset, book a short call with me here! P.P.S. If you don't have clear financial goals and a path to get there, please book a call here.

#277 Two areas you do not want to ignore as a gym owner are accounting and legal. Good advice in these areas is worth their weight in gold. It's a prime example of an ounce of prevention being worth a pound of cure. Whether you've been in business for a while or are just starting, understanding the difference between different types of business structures can be confusing and overwhelming. For that reason, I brought Matt Becker from Gym Lawyers to answer our questions about all things legal. Just like you shouldn't ask your dentist to fix your car, don't ask an unqualified person for legal advice. You'll want to make sure you are setting things up properly both to protect yourself and to have the highest chance of 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 are just starting or have been in business for a while but need a reset, book a short call with me here! P.S. Similar to having a good lawyer, having solid bookkeeping is crucial for long-term success. If you'd like your books taken care of so you can gain clarity and focus on what you're uniquely good at, book a call at this same link.