440. 5 Steps To Maximizing Profit In Your Health & Fitness Coaching Biz + How to Use Profit To Fuel Growth, Results & IMPACT

The Fitness Business Podcast with Erin Dimond and Jordan Dugger

Erin Dimond and Jordan Dugger

Health & Fitness, Nutrition, Fitness

4.6 • 667 Ratings

🗓️ 5 June 2023

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

As a business owner, you obviously want to make a profit or you might as well work a 9-5 with much less risk. When you do have profit, what do you do with it? How do you avoid sending excess money to Uncle Sam and, instead, reinvesting it into your business? I'm going to give you our perspective and 5 steps you can use to maximize the profit in your business.

Time Stamps:

(0:12) Talking Profit

(2:30) How to Understand Profit

(4:00) Health Summit Fundraiser

(5:48) All Businesses Aren’t Created Equal

(7:24) Avoiding the Tax Man

(10:49) What Should Your Profit Margin Look Like?

(13:29) Labor %

(17:45) Remembering Our Core Values

(19:30) There’s Always a Cost

(20:34) The Dumb Tax

(21:48) Attention is Today’s Oil

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Transcript

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0:00.0	The less dumb decisions you can make, the more money you'll make. Okay. Sometimes avoiding losses
0:05.1	are our biggest gains. And as you start to have success, you start to get cocky, you start to make,
0:09.1	you know, ill thought out decisions. You get distracted. You're pursuing like, oh, I'm going to create this
0:13.6	offer. I'm going to do this. I'm going to do that. And it just creates a cluster fuck of confusion, lost income, stress, and dumb tax.
0:22.9	Welcome back, fam. Welcome to the fitness business podcast.
0:24.5	Your co-host, Jordan here.
0:25.9	And I'm gonna talk to you today about profits, okay?
0:28.3	Specifically, I'm gonna cover how to understand profit,
0:31.0	what your profit should actually look like
0:32.9	as an online health fitness coaching business
0:35.4	and what you should do with your profit
0:37.4	to not only make sure
0:38.0	that you don't get fucked over on taxes and things like that, but to make sure that you're
0:42.2	feeding that profit back into making your program better, making your business better, and
0:47.0	ultimately making your life better, okay, because we should make profit in business.
0:51.8	It's not evil.
0:52.4	And I'm going to explain to you why.
0:53.3	So if you're listening to this, it's probably because. And I'm going to explain to you why. So if you're listening
0:54.3	to this, it's probably because you do have a deep passion for helping people, right? You love
0:59.4	probably seeing the transformations in your clients, both physically and mentally. I come from
1:03.2	that space. I was a personal trainer for years, online coach for years. I've been in the fitness
1:08.0	industry most of my life. And we do this mainly because we help people.
	...

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