Times are tough, and the landscape of the fitness industry’s future seems to always be changing. But by combining your business’ financials with the right expertise, you can make informed, data-driven decisions about how to reopen your studio successfully. In this episode, we speak with a wizard of financials in the fitness industry, who will teach you how to get your finger on the pulse of your studio’s financials by asking five critical questions. The answers will ensure not only your business’s survival, but also allow it to come out stronger on the other side. We also discuss the three biggest mistakes that studios make when it comes to their business’s financial health, and why they matter so much.
What You’ll Learn from this Episode:
• 5 questions that business owners need to get a handle on to survive the crisis and come out the other side even stronger
• The 3 biggest mistakes that studio owners are making when it comes to their business’s financial health and why those mistakes matter
Here’s the Complete List of Tips:
Under what operating conditions is reopening financially feasible? Ask yourself five questions:
- With the reduced occupancy, can I even break even?
- What are my core operating expenses? Trimming the fat to extend business longevity.
- What are my upfront costs to re-open?
- What will my class schedule look like? Aligning a schedule with your community’s needs and your financial impact in mind.
- What revenue offerings will I need to ensure my business is sustainable?
What are the 3 biggest mistakes that studio owners are making when it comes to their business’s financial health and why do those mistakes matter?
- #1 Not having a plan
- #2 Making decisions based on anecdotal information rather than reliable data
- #3 Being transactional rather than strategic – making individual decisions in a vacuum without understanding the broader context of how it fits into the overall business plan and affects other areas of business.