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Episode 254: Developing Financial Fitness: Building Budgets, Making Projections, and Understanding ROI for Boutique Fitness Studios
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What We Cover In This Episode:
The ways that people are searching for a financial wellness on an individual level [0:51]
What to consider about cash flow management and it’s role in a business’s success [3:57]
Where to start with budgeting operational costs and streamlining your financial model [8:18]
How to approach funding an expansion [14:57]
Our advice for steering clear of making emotional decisions [18:53]
Some ways people can optimize cost, without compromising quality [21:02]
A look at Nick’s journey to becoming a business owner [29:08]
Our weekly “Fit Favorites” and what is in YOUR gym bag? [32:41]
Quotes:
“The only way the business goes out of business is if you run out of money, so be obsessed with your cash flow management. Whether you are good at it or not, whether you like it or not, it’s the most critical thing to your business.” [Nick, 5:16]
“Whether you’re just learning, getting started, starting to track a model or forming a budget, you always need to keep profitability in mind because at the end of the day, it's a business and you’re trying to make money.” [Megan, 21:05]
“Do not let additional revenue from one service or product fund a different product or service without the controlled research and development phase.” [Nick, 23:43]
LINKS:
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