This week is all about finances and most of all making sure we’re ready to go when we are allowed to re-open

Yesterday was our Guest Interview with Daniel sharing his knowledge on the Profit First Formula 🙌🏻

Today I’m sharing financial tips to get you set up and make sure you’re making the most of your gym or business when you re-open

1️⃣ Multi-purpose Equipment

Today I’m at the gym as we’re having our new rig installed

On this new rig we will be able to have 6 people on it at once

And it’s multi-purpose 😎

So, if you are setting up your own gym or purchasing new equipment make sure you go for multi-purpose equipment

Something like a leg press is super expensive and only has one purpose

2️⃣ Staff

For us we will only ever take on full-time staff

We’ve tried the part-time route before but we find we are never a priority

So for full-time staff we have to get our finances in check and figure out exactly what salary we will pay them ➡️

Remember, you’re paying them to coach your clients

You still have to pay to run everything else and market your business

You aren’t paying them to chase the leads and make the sales ❗️

So figure out a fair wage 💸

3️⃣ Subscription

Think about everything you pay for

Click funnells – $97, Leadpages – $35

Active Campaign vs Mailchimp

All of them have your benefits…so make sure if you’re paying more you’re using those extra features

Head over to your subscriptions and make sure you aren’t over-paying or still paying for things you don’t use! 💸

4️⃣ Facebook Ads

I need you to be in control of what you’re spending and the actual cost of everything

cost per lead, cost of application, cost of sale

This cost per sale is KEY 💸

If your programme is £100 and it’s cost you £100 to get that sale you’ve broken even

Doesn’t matter how many leads you got❗️

Sure, if you have a lot of leads coming in the chances of you making more sales is higher

But that isn’t a given ❌

On the flip side, if you put your price in the advert you may get less leads but still make more sales because they are more serious about applying as they already knew the cost

So understand your numbers!!

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I hope these tips are helpful for you

David 🙂