From you submission, I am unsure whether you are joining as a member, whether he is hiring you as an employee or whether the business structure you both have set up makes you as a co-owner.
I am unclear if you are assisting him in building his business. Are you a contractor, a consultant?
However, having said the above, you know your worth and the individual hiring you should also know your value as well as what the current salary is of a “fitness coach” in your area. If the business is owned by the individual presenting the offer, he/she should have included the “salary budget” in his business plan.
Hi Kristin, You may want to think about becoming a Team Beachbody Coach. I am loving my experience and my earning potential is high! The products are phenomenal, evidence-based on safe. It is comprehensive system to offer your clients. The best part is you can do this from home! Contact me at www.beachbodycoach.com/Bodybelieve…good luck!!
Hi Kristin. Congratulations! You’re absolutely correct, this is a HUGE open-ended question! 🙂 There are so many considerations here. For example, you use the term “employee” here, but is this really the arrangement that you guys are working towards, or will you be an independent contractor (which is what your question actually implies from words such as “join on with a fellow coach,” and “how to handle finances.”)? Handling finances to me indicates that you guys are considering an independent contractor arrangement – is this correct? Charges for services, fee-split arrangements, liability insurance coverages, marketing, facility access, and who receives client payments are all just A FEW of the many details you guys may need to consider.
I would highly recommend your getting together, and each outlining how you see the arrangement working. Then, spend an hour or so with an experienced business attorney (preferably one with experience working with fitness clients) to memorialize your agreement/arrangement on paper.
I hope that this helps.