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WGO - EP 9 - 3 Buckets
Manage episode 457599199 series 3612581
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Mastering Gym Finances: The Three Essential Money Buckets
In this episode of the Wealthy Fitness Entrepreneur, Pat and Doug delve into the crucial aspects of financial planning for gym owners. The discussion emphasizes the importance of establishing a money model to streamline business finances. Doug explains the concept of the three money buckets—Payroll, Base Operating Expenses (BOE), and Profit—detailing how each should be managed to maintain profitability. Listeners will learn practical insights on setting aside appropriate payroll percentages, managing operating expenses, and ensuring a healthy profit margin. Doug also offers advice on building financial reserves and reverse engineering sales goals to match financial needs. This straightforward approach is designed to help gym owners better control their finances and build lasting wealth.
00:00 Introduction and Episode Kickoff 00:16 The Importance of Money Management 01:39 Understanding the Three Buckets 02:22 Bucket One: Payroll Management 05:31 Bucket Two: Base Operating Expenses 06:14 Bucket Three: Profit and Reserves 09:47 Reverse Engineering Your Sales Goal 11:48 Conclusion and Final Thoughts
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