Geronimo Unfiltered13 Aug 2024

EVERYTHING You Need to Know About Your Gym or Fitness Studio’s Finances in 35 Minutes

Most studio owners are more familiar with their love language than their financial metrics. But did you know that everything you want in business and in life is on the other side of a couple of reports? Today I brought our CFO, Danny Chiha on the show to break down everything you need to know about reporting - it’s entry-level but do this and the game WILL change for you. You’ll hear: 2:11 - The biggest misconception ALL new business owners have about their money 05:26 - The three things you need to focus on to make more money and get the lifestyle you’re dreaming of 10:54 - What is a healthy profit percentage? 12:52 - Why cancelling your subscription isn’t going to do ANYTHING to your savings account 16:31 - The stats you should be looking at to become a RICH studio 17:31 - Which reports should you be checking in Xero? 19:35 - Should I include my wages as part of labour? 20:32 - The mistakes in your books that will make it VERY hard to sell when the time comes 21:59 - Is it better to pay yourself a wage or take profits? 22:26 - Should I be putting up my membership fees in keeping with inflation? 26:10 - is there a way to calculate your BAS ahead of time? 31:10 - What we’ve done at Geronimo to get our numbers financially healthy … and a whole lot more! WANT MORE: To say thank you for listening to the pod we’d like to gift you a FREE session to brainstorm a 3 Step Action Plan for your gym or fitness studio so you know EXACTLY what step you need to take to grow. Book in yours here Want to follow along behind the scenes? Check out @thegeronimoacademy and @hey.doza

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