What do you wish you knew about paying taxes earlier in your career? What advice would you share with a new trainer?
And then there’s this. It’s more along the lines of finance than tax, but taxes figure into it.
It’s useful for trainers to determine their net income from different types of classes. Consider:
Hourly rate of pay or revenue per person
Cost of gas to commute
Music, based on the cost and how often you have to change it
Montly fees, if teaching a franchised format.
First of all, it can be eye-opening to see how different our net income can be based on what we teach, where we teach it, and how much we have to pay to upkeep each format.
There are all sorts of non-monetary considerations that make teaching classes “worth it” for trainers and group-ex instructors. Loving what we do, teaching a format we particularly enjoy, bonding with a customer base, convenience, needing to accumulate a certain number of hours in order for accreditation, commuting time, etc. Not every consideration has a dollar value attached. But it can help for setting goals and making decisions.