Helpful Tax Deductions for Fitness Professionals
Studio owners and fitness instructors hustle long after class ends. Between preparing kickboxing sequences and dance routines, you're your ...
5 Ways to Keep Your Finances in Shape All Year Round
Tax season is an annual struggle for small business owners. It’s even worse for fitness business owners, who are also managing their busiest time of year. From confusing payroll documents to a mosaic of complex deductions, filing can be a nightmare. But, with careful planning and regular organization, you can stay on top of these financial demands throughout the year, rather than scrambling to catch up in three short months. These are five things you can do to better manage your finances in the year ahead.
Should You Hire an Independent Contractor or an Employee?
When you’re running a fitness studio or gym, one of the biggest decisions you’ll be faced with is figuring out the best way to grow your business. When’s the right time to expand your staff? Should you add more employees to your team or is it smarter to hire contractors? The answer can vary business to business, depending on your circumstances.
Key Metrics Studio and Gym Owners Should Track
When you’re running a fitness studio or gym, one of the most important ways to measure your success on an ongoing basis is to analyze your financial statements. How much revenue is your studio generating? How much money are you putting into the business? Not being able to answer these questions is like flying blind. The only way to get a clear picture of your studio or gym’s profitability is to do a deep dive into your financial statements, and there are a number of expenses you can and should be tracking.
The Future of Dynamic Pricing in the Fitness Industry
Over the past several months, the boutique fitness industry has begun to adopt a dynamic pricing model for selling spots in classes, with certain classes priced higher/lower depending on demand. And why not? Dynamic pricing, which we’ve seen take hold in other industries such as travel or entertainment, offers studios and gyms the ability to acquire more customers and earn more overall revenue. As the industry evolves towards a dynamic pricing model, we had the opportunity to sit down with ClassPass’ VP of Pricing and Inventory, Zach Apter, to uncover more about the impact dynamic pricing will have moving forward.
4 Ways to Stay on Top of Your Studio’s Revenue
If your love of fitness is what drove you to start your own business, producing exercise programs that get results is what you do best. But owning a fitness studio or gym is about a lot more than helping people get in shape. For Gina Mancuso, founder of CoreFitness in Philadelphia and a licensed physical therapist and trainer, getting started was a “major 'learn-on-the-job' adventure.” Yup. Really major.
How to Run Your Business with a Data-Oriented Mindset
As business owners, you’re constantly tasked with making decisions: about what marketing channels to explore, what class times to add or remove, whether you’re ready to open a new location, etc. To make those decisions, you may rely on the same business model and approach you always have, or go with what your gut’s telling you or what you see other studios doing in your area.
4 Tried and True Ways to Increase Capital When You Need It
As a small business owner, you may find yourself in a situation in which you need to increase your capital to invest in your gym or studio’s growth. It may be time to purchase new equipment or you may be looking to move to a larger space—whatever the scenario, as a small business owner, there are myriad reasons why it is beneficial to have a few go-to tactics to increase capital.
Everything You Need to Know About Chip Cards (and Why You Should Accept Them ASAP)
Seventy percent of consumers now have EMV chip cards. So if you're not set up to accept them, your business is officially behind. But beyond making you seem outdated, not accepting chip cards could have more serious implications for your business. Read on to learn everything you need to know about chip cards—and why it's so important that your business start accepting them ASAP.
