Personal Fitness Professional Winter 2023

Page 18

FEATURE ARTICLE By Billy Hofacker

YourFitnessMoneyCoach.com

WHERE ARE YOU OVERSPENDING OR UNDERSPENDING? It’s crucial to have structure in all areas of business, and finances are no different | By Billy Hofacker

F

itness professionals usually make one of two mistakes when it comes

spending, so they don’t. This can lead to missed opportunities for their business to thrive.

fortunately, most fitness professionals simply don’t have the structure to keep themselves

to spending money. In one scenario, they spend money on whatever feels good in the moment rather than basing

At the root of both of these problems is a lack of awareness around the finances. Having a good picture of the accounting, including an

where their growth takes them. Now that we’ve established a common root problem for poor financial decisions,

it on a system or comprehensive strategy. This is a recipe for disaster, and entrepreneurs who do this oftentimes don’t make it, due to

accurate income statement and knowledge of cash flow is paramount to making financial decisions. Even if you have a basic understand-

let’s look at some common areas where overspending occurs.

breaking the #1 rule in business: “Don’t run out of cash!” On the other extreme is the fitness profes-

ing of the numbers, hiring some outside help (bookkeeping, accounting, etc.) could be one of the best investments you can make.

1. Personal Expenses: One of the first areas to look at is your personal spending habits. Fitness businesses, whether a one-person-

sional who makes the opposite, but equally pernicious, mistake. They are so nervous about

It’s crucial to have structure in all areas of business, and finances are no different. Un-

show or larger operation, can struggle when the owner needs to pull too much

18 | WWW.PERSONALFITNESSPROFESSIONAL.COM | WINTER 2023


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