At the end of 2024, as we approach the New Year swiftly, we have some tips to help you finish the year on a positive note!

As 2024 draws to a close, it's wise to begin preparing for your peak season. This is the perfect time to evaluate the successes and challenges of the past year and use those insights to fine-tune your strategies.

Your time, gym operations, gym brand, finances, and even business survival can be affected by whether or not you hire employees or independent contractors. Thankfully, choosing between the two doesn’t need to give you a headache. After reading this overview, you should know right away what’s best for you.

Fourth Quarter (Q4) is the period when businesses review their financial performance from previous months, make changes, and establish new goals for the upcoming year. A concise yet comprehensive financial checklist can assist small businesses in ensuring they address crucial financial indicators and take steps towards a better financial well-being.

So you’ve grown your gym or studio to the point where you need to hire some assistance? Congratulations! Not only is this a major milestone but a good employee will only make your gym more successful and take a load off your shoulders.

Hiring can be a pain though if you don’t follow the right procedures. Here are four considerations to help you make the right hiring decision.

Knowing how to interpret key financial metrics such as revenue, expenses, cash flow, and profit margins can help you assess the effectiveness of your business strategies and pinpoint areas that may need improvement. With a solid understanding of your financial reports, you can confidently steer your business towards success and achieve your goals.

When seeking professional financial or bookkeeping guidance, you might encounter terms like "financial consultant" or "financial advisor." While these titles may seem to indicate the same profession, it's important to note that financial consultants and advisors serve different roles.

Together, CPA’s and Bookkeepers form a dynamic team that plays a critical role in ensuring the financial well-being and success of a business. Their collaboration and expertise are essential in driving growth, managing risks, and maximizing financial performance. When handling your gyms finances, it's crucial to consider the expertise and specialization of professionals you engage with.

When it comes to Key Performance Indicators (KPIs), there are three main categories that serve as the foundation for measuring success and progress. Understanding these three main categories of KPIs and how they interconnect is vital for making informed decisions and driving success in any organization.

A financial KPI, or Key Performance Indicator, is a quantifiable metric used to evaluate the performance of a company's financial health and overall business objectives. It helps in measuring and tracking specific financial goals, providing insight into areas such as revenue growth, profitability, liquidity, and efficiency.

Sales tax is a form of consumption tax imposed by the government on goods and services sold. It’s usually calculated as a percentage of the selling price. This tax is collected by the seller, (you) then remitted to the government. Understanding the intricacies of sales tax is crucial for effective management, ensuring a seamless process and avoiding future issues.

If you identify that fear is what’s causing you to avoid your numbers or preparing for taxes, Dr. Farbr recommends that you ask yourself if whatever you’re afraid of is likely to happen. “When we have fears, they’re possible, probable, or definite,” Farber said. “And oftentimes anxiety is the highest when we’re assuming the worst-case scenario.”

Sucess is as much about mindset and approach as it is about performance. Oftentimes, the greatest roadblock to our overall achievement is ourselves. The way that we think affects everything that we do. So how do we grow past ourselves and our own limitations? Read this blog to find out!

With all the rewards that come with owning a gym, you are bound to face some challenges as well. But by focusing on providing exceptional service, staying adaptable to industry changes, and continually striving for improvements, you can overcome any struggles you may face, and ultimately build a successful, thriving gym business.

Setting effective business goals for a gym involves a combination of financial, operational, and customer-centric objectives, as well as regularly reviewing and adjusting as needed. In this blog, you’ll find fifteen different examples of gym specific business goals!

With our ten strategies of building a better business, you’ll learn how to embrace failure, stay resilient, and reach for the sky!

Whether you’re DIY or outsourcing to the experts, prepare to build your 2024 increase on a solid financial foundation, with accurate bookkeeping.

Do you have to charge sales tax on your gym members? Unfortunately, the answer isn’t always clear-cut. After a brief run-through though of the basics though, you should be equipped to find the answer quickly and avoid legal trouble!