Join us in this episode as we dive deep into the world of fitness finance with Duncan Lloyd, a Profit First Accountant from Cloud Accountant. If you've ever found financial terms confusing or are struggling to grasp the financial aspects of your gym or personal training business, this episode is tailored just for you. Duncan shares his expertise, breaking down the complexities and providing actionable insights. We discuss the importance of having five different bank accounts, how strategic coaching and communication can prevent unexpected costs and boost profits, and why understanding VAT and salaries is crucial. Plus, discover the secrets to maximising profit margins, securing commercial properties, and navigating tax inspections. Duncan's mission is to help you be profit-focused and set your fitness business up for financial success. Don't miss out on this essential financial guidance for your fitness venture.

 

Key highlights you won’t want to miss:

 

Banking Wisdom: Duncan explains why you should have five different bank accounts and how this can benefit your fitness business. It's a crucial foundation for financial success.

 

VAT Insights: Learn how to position VAT to consumers and understand its impact on your fitness business. 

 

Salaries and Dividends: Duncan breaks down the complexities of understanding salaries and dividends, ensuring you're on the right track financially.

 

Maximising Margins: Discover the key elements that can lead to excellent profit margins in the fitness industry. 

 

Community and Accountability: Duncan emphasises the importance of being part of a supportive community to make informed decisions. Spend more time on your business, not just in it.

 

Financial Essentials: Get answers to crucial questions about overdrafts, securing commercial properties, pensions, and what qualifies as a business expense.

 

Profit Focus: The key takeaway from this episode is to be profit-focused. Duncan's expertise will help you structure your fitness business for maximum profitability.

To find out how Fitness Marketing Agency can help your Fitness Business, book a demo call using the link below: 

https://fitnessmarketingagency.com/discoverycall?sl=podcastshownotes 

 

For more information, head over to our Podcast Page: https://fitnessmarketingagency.com/fmapodcast

 

Connect with Fitness Marketing Agency on Instagram: https://www.instagram.com/fitnessmarketingagency/

 

Connect with Duncan at Cloud Accountant: https://cloudaccountant.com/