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Understanding The Balance Sheet For Gyms
Running a fitness business is all fun and games until your accountant starts talking about income statements and balance sheet for gyms. Suddenly, you’re lost in terms that sound important but don’t make much sense. You probably know they’re key to understanding your business’s financial health, but they can still feel overwhelming. And it’s not […]
READ MOREShould You Buy a Fitness Franchise Now?
From time to time, we make guest appearances over on the popular podcast, All Things Franchising, where we share our insights on gym franchising and the fitness industry as a whole. If you haven’t tuned in yet, All Things Franchising is hosted by Linda Ballesteros of Mpower Franchise Consulting, a consulting company that helps new […]
READ MOREBest Converting Intro Offer For Fitness Businesses
How can you convert new members to go back to your gym? Our very own Fitness CPA owner, Eric Killian, gives a tip on how to help new customers build a healthy gym habit and his game-changing book recommendation.
READ MOREIt’s Time to Ditch Your Free Introductory Offer
If you're in the fitness industry, chances are you've offered a free introductory promotion to new members. Free class, free week, free month - you name it! And while this may be a popular tool to get people in the door, is it really the best approach to growing your business?
READ MOREHow To Build & Expand Your Fitness Network
Trainers and fitness coaches talk a lot about doing the “extra 1%”; a principle that when consistently applied, transforms seemingly small actions into noticeable progress. For those committed to fitness, the “extra 1%” could mean doing the extra rep, using your best form even when the instructor isn’t watching, or finishing the final 30 seconds of your AMRAP strong.
READ MOREHidden costs and risks of mixing business and personal expenses
A common mistake made by many business owners is the failure to maintain separate business and personal expenses. Whether paying for personal items out of your business bank account or using a personal credit card to make business purchases, this business practice is one that ends up being problematic for multiple reasons.
READ MOREEmployee Retention Credit 101: A Complete ERC Guide for Tennis Clubs & Racquetball Clubs
Are you a tennis or racquetball club owner who’s been led to believe that the Employee Retention Credit (ERC) isn’t for you? Think again! Here at The Fitness CPA, we’ve worked with a lot of tennis and racquetball clubs over the past few years that wrongly thought they didn’t qualify for the Employee Retention Credit (ERC) or they filed already and received hundreds of thousands of dollars less than they should have.
READ MOREWhat is a Deemed Election and How Does it Affect Your Employee Retention Credit Refund?
Have you heard of ‘the butterfly effect’? It’s a phrase used to illustrate the concept that small, seemingly insignificant actions or decisions can lead to, or result in other unpredictable and far-reaching consequences in life. In the accounting world, we refer to this as “deemed elections” – a passive choice that occurs as a result of having made another choice. In other words, choosing one option might implicitly mean not choosing another.
READ MOREPaying Workers: Employees vs. Contractors for Gyms & Fitness Businesses?
Are you a fitness business owner? Then, you know that hiring instructors is a crucial decision. One of the key choices you'll face is whether to classify them as employees or independent contractors. In this post, we'll help you navigate this decision by exploring the factors you should consider, the risks involved, and when it's suitable to use each option. Get ready to make an informed choice!
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