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Finance/Accounting

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Top Money Tips for Fit Pros

By Ryan Halvorson | June 19, 2018 |

Money is often a dirty word among fitness professionals. Most get into the business to help others, but you can’t pay bills with good intentions, says Frank Pucher, owner of Fitness 121 Personal Training in Roseland, New Jersey, and author of Smart Money Moves: A Practical Approach for Earning, Growing & Protecting Your Money. He adds that the financial side of fitness should receive as much detailed attention as the programs you design.

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Are You Ready to Sell Your Fitness Business?

By Shirley Archer, JD, MA | May 10, 2018 |

Are you thinking about selling your personal training studio or fitness business? Your business is probably your primary source of income, and selling it will mean you’ll lose that annual income but achieve a one-time capital gain. Are you prepared for that? IDEA member Toby Davis, senior adviser at Sun Acquisitions, Chicago, shares the following tips for anyone preparing to turn over the keys:

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Get Your Business Out of Debt in Three Steps

By Brent Gallagher, MSS | April 19, 2018 |

What if you walked into your facility tomorrow and everything was paid off?
What if there were
no weight equipment or treadmill payments due;
no payments due for a rubber floor or a state-of-the-art sound system; and
no loan bills due—that is, no bank requesting its piece of your pie plus interest?
What if instead of paying the bills (aka “your debts”) every month, you could put all that money into a savings account and begin to build true wealth? Does this sound like a fairy tale?

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How to Find Your Epic

By Ryan Halvorson | February 15, 2018 |

The fitness industry is a rewarding and inspiring place to be. However, it’s not without its challenges, and getting ahead with passion alone can be difficult. The most successful fit pros know that to build an epic life and career, they must invest in education and learn from those who’ve been there and done it.

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The Importance of Introductory Offers

By Troy Fontana | August 23, 2017 |

Early in my career as a personal trainer, I was confused as to why my client base was growing at a glacial speed. After all, I had spent years preparing, applying principles, learning program design and getting certified so that I could have a career that would change people’s lives for the better.

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“How did you finance your personal training business or studio when you started it?”

By IDEA Authors | March 20, 2017 |

The journey I took to open my own facility was long and happened in small steps. I was working in a big gym in Washington, D.C., when I decided it was time to step out on my own. My landlord was also a client, and when I told her what my intentions were, she suggested moving out of my studio and into a one-bedroom apartment in the same building. I turned the living room into the workout space and used the bedroom as my living space. I financed the move through what little savings I had, $2,000, plus a $1,500 loan from my parents.

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Avoiding Payroll Tax Problems

By Mark E. Battersby | March 20, 2016 |

The Internal Revenue Service can be tough on collecting income taxes, but it’s even tougher where payroll taxes are concerned. Mistakes in withholding and paying withheld taxes can be expensive, even when a third-party payroll service is involved, as the IRS recently revealed (TIGTA 2015).

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Business on a Budget

By Brent Gallagher, MSS | December 13, 2015 |

Is the new year rekindling your desire to open a training facility? What’s stopping you? Do you think you don’t have enough cash to get started?

You aren’t alone. Countless personal trainers share the dream, yet not everyone has the courage to get started. But if you’re reading this, you’ve already taken the first step toward launching your vision.

Discover how to open a facility with relatively low funds—and get a blueprint to help make your dream a reality in 2016.

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The Multi-Studio Membership Model: Partner or Competitor?

By Amanda Vogel, MA | August 16, 2015 |

Have you heard about the new kid in town? Almost overnight, an
innovative, tech-driven business model has arisen in the fitness
industry that’s reinventing how consumers access gyms and experience
exercise. It’s called a multi-studio membership. For one
low, recurring monthly fee (typically $99), fitness consumers who’ve
signed up for a membership gain access to countless studios/gyms and
hundreds or thousands of classes in their cities, and sometimes in other
cities, too.

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Friendly Competition: We Can All Get Along

By Cathie Ericson | May 15, 2015 |

When Jack and Jenna Oliver opened Above the Bar, a CrossFit® facility in Fort Walton Beach, Florida, 2 years ago, they knew it wouldn’t be an overnight success. However, they didn’t expect the competition to be so fierce. First, they had to deal with a Planet Fitness grand opening (with $10 monthly memberships); then, another CrossFit facility set up shop just a few miles away. Despite the competition, their box was so successful that they moved to a larger location—only to find out that a 24 Hour Fitness® was opening up less than a mile away!

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Analyzing Flash Deals

By Alyse Mason Brill | October 23, 2013 |

Fitness professionals around the world have jumped on the flash-deal bandwagon to try to generate more business and attract new clients. It looks like an attractive arrangement: Flash deals, such as Groupon or LivingSocial offers, put your business in front of a whole new audience, bring some new faces through the door and help you grow and expand your client base and revenue.

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Mobilize Your Personal Training Staff

By Michael Torres | May 23, 2013 |

The fiscal year is coming to a close, and you have a chance not only for a successful final push but also to connect with your personal trainers in a way that inspires them. Use the following tips to build a cohesive team, empower your trainers and, ultimately, sell sessions.

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IDEA Fitness Journal

IDEA Fitness Journal

Current Issue:
December 2019

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