The Decisions That Finally Get Studio & Gym Owners Paid
About this episode
This episode discusses financial decision-making for studio and gym owners to ensure they get paid properly and make informed hiring choices.
Download the Episode 3 workbook → https://bit.ly/p-finance-in-february-workbook This episode is part of our 4-part Finance February series and in episode #3 we stop looking at numbers … and start using them. You’ve got awareness (Episode 1). You’ve got rhythm (Episode 2). Now it’s: what decisions are you making off the back of it? Because the goal isn’t “be good at finance”… it’s get paid properly and make calls like hiring/spending based on rules - not emotions. In this episode, you’ll learn: 1) Owner pay vs profit (and why most owners stay broke). Owner pay = the salary you’d have to pay someone to replace you (fair market wage) Profit = what’s left after the business runs properly (and then becomes dividends / drawings / extras) Most owners think they’re profitable… because they’re paying themselves $0 (that’s not profit, that’s unpaid wages) 2) The “Abducted You” test for owner salary. If you got abducted tomorrow … what would you list your job ad for? That’s your “owner salary” number? 3) Decision rules for hiring (and the 40% labour trigger). Hiring isn’t a feelings decision; it’s a ratio decision. You get “permission to hire” when you’re around the labour % you’re…
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