Every gym owner should be getting and reviewing their P&Ls regularly to gauge the status of their business.

A P&L statement is a financial statement that summarizes a business’s income and expenses for a given period. It can be monthly, quarterly, or yearly.

It includes revenue from memberships and products, operating expenses, and non-operating income. Understanding the numbers on the P&L can help gym owners more accurately assess the financial health of their business.

It’s rare in the gym business to see any gym owner share their P&Ls, but in this episode, Tim and Randy do exactly that.

The proof of the pudding is in the eating - The reason for sharing the P&L is to show gym owners that what they teach here in the podcast and in the coaching programs is actually something that is happening.

Tune in to hear about the P&L numbers from Tim’s gym and how to build a million-dollar gym business!

Key Takeaways

- The importance of reviewing your P&L (00:43)

- The average profit of a gym (02:41)

- Keep the main thing the main thing (05:06)

- The profit of the pudding is in the eating (12:24)

- Our new million-dollar coaching program (14:07)

- The biggest problem gym owners face (16:54)

- How to make more profit (17:42)

Additional Resources

- Webinar link: https://us02web.zoom.us/webinar/register/WN_7mAdf7noTUepTnyvS3VcIw?inf_contact_key=2b6c88b24d34e87488276b75706b6ff2cc0558ed5d4c28cbfab114022b1ec50d

Passcode: BestYear2023!

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- Learn more about our Business Accelerator Coaching Program for Gym Owners  

- Grab your tickets for the 2023 FitPro Growth Summit  

- Learn more about The Iron Circle 

- Business Talk with Fitness Professionals Facebook group 

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