Flashback Episode: Is Your Business An Asset?

In this episode, Tim and Randy will talk about the business side of fitness businesses which presents a problem for a lot of gym owners. One of the biggest issues in that arena is that gym owners use their businesses as a personal ATM or checking account. They run all their personal expenses out of the business, which may be rooted in the fact that most of them started out as solopreneurs, and that just ends up creating a big mess because they can never tell how their business is doing at any one time.It’s very important for a gym business to be treated as a separate entity from its owner, with the owner being on the outside and being paid by the business. The gym owner must also have their personal expenses and life outside of the business. That way, they can always have a clear cut picture of how healthy their gym is doing.Tim and Randy will talk about the importance and benefits of one building their business as an asset and break down exactly what a gym owner can do to achieve that. Tim will also share what he currently focuses on to achieve the same with his gym business, and hopefully, this will help you on your own path to turning your gym into the asset it should be for you.Key Takeaways:You should have a business as its own living, breathing creature that sustains itself (04:06)Starting a business is potentially creating an asset for yourself (07:55)Businesses fail because the owners failed to see a trend or the direction in which the business was going (09:38)A healthy gym business that you can turn around and sell (11:53)Your business should provide you with the quality of life that you ultimately want (15:53)How to create a game plan for exactly what you're doing with each of your days so you can win in 2020 (19:35)Additional Resources:Marketing Talk with Fitness Professionals Facebook Grouphttps://PFMarketingSolutions.com/Datawww.PFMarketingSolutions.com/Automationwww.ProfitGPS.comwww.PFMarketingSolutions.com/Call--If you are interested in a free audit for your gym, visit http://bit.ly/free_gym_audit--You can find out more about Tim and the strategies covered in this episode by checking out our website.--Would you rather watch the video version instead?Head over to our YouTube channel to watch this episode by going here--If you don’t already have my book, get your copy FREE here.--Connect with Tim:Schedule A CallFacebookInstagramLinkedInConnect with Randy:FacebookInstagram--Subscribe to the podcast on Apple, Spotify, Google, Stitcher, YouTube or anywhere else you listen to your podcasts.If you haven't already, please rate and review the podcast on Apple Podcasts!