Do you know how much money comes in and out of your business? Are you all over it like white on rice OR do you dig your head in the sand and ignore all money conversations? ??
If it’s the latter, you’re in biiiggg trouble. If you have no idea what’s happening with your finances you are flying blind.
By that I mean, your business will be reactive versus proactive, you will find yourself being in ‘chaos’ mode rather than calm mode, and there won’t be any money in your bank account.
You can’t measure what you don’t track; and if you don’t track you can possibly be spending more than you’re making ==> This is a one way ticket to the Fitbit danger zone❌❌
We all have our own money stories and personal relationship to it. There are a ton of emotions tied in with money – this is the result of societal and familial conditioning. How you think about money, and the meaning you give to money will dictate the types of decisions you make in your business.
If this is something you have never delved into then I encourage you to read to the powerful book Sacred Success: A Course In Financial Miracles by Barbara Stanny. This is my top ‘go-to’ books for my Fit Pro clients who are in my Tribe Business Amplifier Mentorship – it’s seriously powerful!
[su_quote]Financial stability is necessary to reduce any distraction to reaching your greatness. You cannot possibly follow your destiny if you’re drowning in debt or struggling to make it.[/su_quote]
That aside, I know that thinking about your finances can produce icky feelings – feelings of shame, embarrassment, hopelessness and lack. However choosing to be ignorant of your financial situation is just making it worse. Also, these emotions don’t have to be true for you. It is possible to have a thriving fitness business and feel excited, hopeful, proud and deserving of your finances.
So a Fitbiz Basic is this – get brutally honest with yourself and go through your financials with a fine tooth comb. This is the starting point.
At the simplest level, work out how much you’re earning, what’s going out (expenses) and see if you’re happy with the balance.
The next step is to analyse your expenses and see if you can trim them. Are you spending money on things you don’t need to (*ahem* like me, who happened to realise that I was leaking $500/month on memberships and shit I wasn’t using … ooops ?).
Following on from that analyse your income; can you predict your income over weeks and months, or are you constantly chasing money or waiting on invoices? The answer to these questions will determine what systems you need to enhance or implement.
Lastly, is the balance between the two satisfactory? Are you happy with it, can you live on it comfortably (while taking into consideration savings, holidays, education etc, are you able to focus on your PT craft and service or are you worried about cash?
This is where you need to sit down and spend a few hours going over your accounts and contemplate these questions. Yes, I understand that this process is time consuming (and somewhat punishing) but if you want hit your business potential this is a no brainer.
You don’t need to overcomplicate this but you do need to do it!
And I promise that once you do this you WILL feel better. You will feel in control!??
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