Episodes
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#243: In this episode, we tackle the financial challenges that fitness business owners face during slow seasons. Join me as I share practical strategies for assessing your financial situation, generating revenue, and making smart spending decisions to help you navigate these quieter times successfully.
Key Points:
Assessing Your Current Financial Situation
Review cash flow statements to identify income and expense patterns.
Differentiate between fixed and variable costs to find potential savings.
Establish a financial buffer for peace of mind during slow months.
Strategizing Revenue Generation
Diversify income streams with online classes, merchandise, or workshops.
Create promotions and discounts to attract new and returning clients.
Implement membership retention strategies to maintain steady cash flow.
Smart Spending and Budgeting
Trim unnecessary expenses by reviewing subscriptions and contracts.
Prioritize investments that will yield future revenue growth.
Set a realistic budget that reflects the slower months while planning for growth.
Resources:
Fitness Profits Book
Connect with Us:
Book a Q&A
www.yourfitnessmoneycoach.com
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Episode
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#242: In this quick episode, I share three must-do tasks to set your fitness business up for a successful new year. By focusing on your finances, tax planning, and goal setting, you’ll make sure you’re ready for what’s next. Tune in for practical, actionable tips to wrap up the year with clarity and confidence.
Key Takeaways:
Review Financial Performance: Evaluate this year’s revenue, expenses, and cash flow. Identify trends to inform your strategy for next year.
Plan for Taxes: Save on taxes by making strategic last-minute deductions, contributions, or business investments.
Set Business Goals: Define 2-3 specific goals for growth in the new year based on this year’s performance and insights.
Listen Now:
Episode
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Missing episodes?
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#241: In this episode, Billy Hofacker interviews Daniel Meng, a former gym owner who sold his gym for $900K ($950K with interest). Daniel shares his inspiring journey—from his days as a college baseball player to becoming a personal trainer for celebrities like Kenny Chesney and eventually running and selling a successful fitness business.
Topics covered:
Transitioning from a private to a semi-private training facility
Key strategies for gym owners at different stages: those starting out and those ready to sell
The importance of systems, financials, and simplicity for a smooth exit
What adds value to gym evaluations and what detracts from it
How Daniel used a broker and tips for a seamless selling process
The impact of surrounding yourself with the right people
Whether you’re planning to sell your gym someday or just want to optimize your business, this episode is packed with insights that can help you run a smarter and more profitable gym.
Links and Resources:
EpisodeConnect with Daniel Meng: [email protected]
Newsletter sign-up link
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#241:In this episode, we explore the often-overlooked topic of how gym owners should compensate themselves. It's not just about taking home a paycheck—it's about creating a strategy that aligns with your personal life goals and sustains your business for the long term. Billy breaks down a practical 4-level system for owner’s compensation, starting small and building up to profit distributions. He also shares key mindset shifts gym owners need to make and how to find the right financial guidance tailored to your unique situation.
Key Takeaways:
Build Your Business Around Your Life: Start with the vision of what you want your personal life to look like and ensure your business supports that.
Adopt a Pay-Yourself-First Mentality: Break through the limiting beliefs that hold you back from paying yourself properly.
The 4-Level System:
Level 1: Start with something, no matter how small.
Level 2: Cover your bare-bones budget.
Level 3: Add a little extra for flexibility.
Level 4: Include profit distributions.
Seek Trusted Guidance: Find a mentor or coach who understands your needs, rather than offering one-size-fits-all advice.
Links & Resources:
Episode
Newsletter sign-up link
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#240: In this episode, I sit down with fitness business coach Vince Gabriele, a seasoned expert in the industry with over 20 years of experience. We cover crucial aspects of owning a fitness business, from effective marketing strategies to the importance of being “obsessed” with your customers.
Knowing Your Customers: Vince shares why being genuinely invested in your clients is a game changer for business success. He explains how to do so with his “spotting” technique. Revenue Diversification: We explore the right timing for diversifying revenue streams and how it can affect long-term stability and growth. From Consumption to Production: Discover Vince's perspective on not just consuming content but using it to create something unique for your business. Living in Reality: Vince emphasizes that successful owners must maintain a grounded view of their business situation to avoid common pitfalls. The Psychology of Ownership: We discuss how the mindset of an owner can sometimes create obstacles, referred to as "chokeholds," and how to overcome these mental blocks. Marketing Case Study: We also share some fun moments discussing Vince's experiences with Brazilian Jiu-Jitsu (BJJ) and how he would market himself, given his experience.
Key Topics Discussed:
Tune in for a blend of practical advice and engaging stories that can help you take your fitness business to the next level!
Important links:Download Vince’s book here
Book a Q&A with Billy here -
#239: In this episode, we dive into the crucial relationship between profit and cash flow for gym owners. As a financial coach and fractional CFO, I share insights on why understanding and managing both aspects is critical for long-term success. Whether you're struggling with cash flow or looking to enhance your profit margins, this episode is packed with valuable tips and strategies you can implement right away.
What You'll Learn:
The critical differences between profit and cash flow and why both matter
Tips for managing expenses effectively to improve cash flow
Ways to implement tiered membership models for increased revenue
Utilizing membership freezes or holds to maintain engagement and revenue
The benefits of encouraging clients to use high-automation payment methods
Resources Mentioned:
7 Profit Lever System
Connect with Billy:
Website: www. YourFitnessMoneyCoach.com
Instagram
Facebook
LinkedIn
Subscribe & Review: If you enjoyed this episode, please subscribe and leave a review on [Apple Podcasts, Spotify, etc.]. Your feedback helps us reach more gym owners and fitness professionals!
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#238: In this episode of Your Fitness Money Coach Podcast, I’m sharing how public speaking has completely transformed my fitness business—and how it can do the same for you. Whether you’re an entrepreneur looking to grow your business or just want to improve your communication skills, public speaking can open doors you didn’t even know existed.
In this episode, we discuss:
My personal journey from speaking rookie to confident presenter
The many ways public speaking builds authority and credibility in the fitness industry
How improving your communication skills can positively impact your client relationships
How public speaking can help you overcome fear, boost confidence, and even create new income streams
PLUS, I’m excited to announce that my friend, fitness entrepreneur and world-renowned speaker Todd Durkin, is hosting a FREE webinar to help you master the art of public speaking. If you’ve been wanting to improve your speaking skills or get started on the right foot, you won’t want to miss this!
Show Links:
Sign up for Todd Durkin’s free public speaking webinar
Listen to past episodes of Your Fitness Money Coach Podcast
Subscribe to Billy’s newsletter for more business and money tips
Be sure to check out and register for the 7 Lever Profit System starting October 14th! It’s first come first serve!
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238: Balancing Short-Term Wins With Long-Term Success
In this episode of the Your Fitness Money Coach Podcast, we dive into one of the biggest challenges fitness professionals face—deciding between short-term wins and long-term success. Whether you're focused on bringing in cash flow right now or investing in something that could pay off in the future, knowing how to balance the two is key.
Here’s what you’ll learn in this episode:
How to make decisions based on your current financial situation.
When to prioritize immediate cash flow vs. investing in long-term growth.
My own experience of deciding whether to take a speaking course for future opportunities.
If you're looking for practical advice on growing your business today while securing your financial future, this episode is packed with insights you won’t want to miss.
Be sure to check out and register for the 7 Lever Profit System starting October 14th!
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#237:
Calling Robert Kyasaki blunt is an understatement.
The author of Rich Dad Poor Dad argues that if 100 people were given 10K, only 4 of them would know what to do with it.
In today’s show, I dive into what is suspected would happen with the other 96 and what makes the 4 so different.
I also share a story that I’ve never shared before of how I had a chance to find out what would happen if I were a part of this experiment.
I talk about the value of actually knowing what you would do with 10K or any sum of money. We go through some different scenarios and what some priorities might be.
One of the best (or the best) investments you can make is in yourself. It’s hard to match the return you can get by enhancing your skills and adding more value to people which in turn will improve your cash flow and help you build your wealth and freedom.
===>Join the 7 Lever Profit System to Simply Drive More Profit and Cash Into Your Business Month After Month
The 7 Lever Profit System is a 7-week Program that helps you with actionable steps on the unique levers that will add profit to your bottom line and cash in your bank account.
Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy
P.S. Are you looking to gain clarity around your finances and a clear path to grow and reach your financial goals? If so, a Fractional CFO might be exactly what you need. If you’d like to discuss how that might look, book a short call with me here!
P.P.S. Want to read how I completely turned my finances around? Get a free copy of my book Fitness Profits.
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#236:
Fit Pros are generally good at tracking things.
They track sets, reps, and tempo.
When it comes to the numbers, not so much.
My goal for today’s episode is to simplify what to track on the personal finance side.
Peter Drucker said what gets measured gets done.
Getting in the habit of tracking things like your net worth and savings rate can do wonders for your progress. It’s similar to your clients tracking their workouts or nutrition.
Tune in to learn:
What to track
How to calculate it
How often to track it
Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy
P.S. Are you looking to gain clarity around your finances and a clear path to grow and reach your financial goals? If so, a Fractional CFO might be exactly what you need. If you’d like to discuss how that might look, book a short call with me here!
P.P.S. Want to read how I completely turned my finances around? Get a free copy of my book Fitness Profits.
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#235:
The Your Fitness Money Coach Podcast was started in August 2020. While it’s been a ton of work, it’s been one of the most rewarding things we’ve done.
While starting your own show might be your next move, today we’re talking about a way to leverage the power of podcasts in a way that has even less of a barrier to entry - Being a podcast guest may be one of the best ways to “get your name out.”
I’ve been a guest on countless podcasts and overall, they have had a dramatic impact on my business and bottom line.
Today’s guest is an expert in this space.
Sam Brake Guia is the Co-founder of PodWritten, a podcast booking agency for health and wellness businesses, and the host of Mics to Millions, a podcast that shares interviews with top-tier hosts, insights from podcasting expert, and solo episodes to help you grow your health and wellness podcast.
We discuss everything from why podcasting beats posting on social (although you don’t have to stop doing that) to a step-by-step guide to getting yourself booked solid.
Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy
P.S. Are you looking to gain clarity around your finances and a clear path to grow and reach your financial goals? If so, a Fractional CFO might be exactly what you need. If you’d like to discuss how that might look, book a short call with me here!
P.P.S. Want to read how I completely turned my finances around? Get a free copy of my book Fitness Profits.
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#234:
Today’s show was inspired by an article I saw on MSN. It was about the things Warren Buffet says broke people waste their money on.
One of the best strategies to make sure you’re headed in the right direction is to figure out how you can guarantee failure.
Once you learn how to guarantee failure, avoid those things at all costs!
Check out the show to learn the 10 things you’ll want to be careful you’re not wasting your money on.
Some of these things might be robbing you of your future!
If you don’t want to take it from me, take it from Warren, one of the greatest investors of all time!
Here are some great quotes from Mr. Buffet:
“The most important investment you can make is in yourself. That’s how knowledge builds up. Like compound interest.”
“I’m not prude about it, but to quite an extent, gambling is a tax on ignorance.”
“Do not save what is left after spending, but spend what is left after saving.”
Check out the full MSN article.
By the way, if you want to dive a little deeper and make sure your cash is flowing in the right direction, check out the Plan For Profit Workshop happening on 8/29!
Plan for Profit Workshop
Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy
P.S. Are you looking to gain clarity around your finances and a clear path to grow and reach your financial goals? If so, a Fractional CFO might be exactly what you need. If you’d like to discuss how that might look, book a short call with me here!
P.P.S. Want to read how I completely turned my finances around? Get a free copy of my book Fitness Profits.
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#233:
Before you check out the 3 ways to improve cash flow, I wanted to make sure you knew about a special workshop we’re doing on 8/29.
Plan For Profit Workshop
What are some simple metrics by which to run your gym?
They need to be simple because if they’re not, chances are they won’t get used.
In today’s episode, Dam Kleckner and I dive into the important metrics and then some.
In addition to the simple numbers by which to run your gym, Dan breaks down a simple formula for generating all the leads you might need. Paid ads are great but you might want to ensure you’re doing these first.
Finally, Many owners are confused about when and how to expand their business. After tuning in, you’ll have some clarity around additional locations.
Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy
P.S. Are you looking to gain clarity around your finances and a clear path to grow and reach your financial goals? If so, a Fractional CFO might be exactly what you need. If you’d like to discuss how that might look, book a short call with me here!
P.P.S. Want to read how I completely turned my finances around? Get a free copy of my book Fitness Profits.
P.P.P.S. Sign up for the Plan For Profit Workshop here!
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#232:
Before you check out the 3 ways to improve cash flow, I wanted to make sure you knew about a special workshop we’re doing on 8/29.
It’s called Plan For Profit and we’ll be doing exactly that!
Isn’t that exciting?!?
I hope you’ll join us for a time of learning, growing, and improving cash flow!
Check out the webpage for the event or just register here! You’ll receive the access info as soon as you register!
I decided to focus on cash flow for a few reasons.Once, this time of year can be tricky when it comes to cash. It can seem more is flowing out than in and it might even be the case!
This is the perfect time to address the issue head-on and plan for profit!
Second, it’s overlooked.
Many people talk about gross revenue.
Some talk about profit.
The very best know the “magic is in the margin” and for that reason, they focus on cash.
Finally, it’s fun. It’s not about the money itself.
Money is not a goal. It’s a tool to do the things you want.
For those reasons, check out 3 points to look at when thinking about your cash flow.
For a more in-depth look as well as guidance planning for profit, check out the workshop and sign up here
Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy
P.S. If you need help setting up your business to help you “catch up” financially, book a short call with me here! It’s closer than you think!
P.P.S. If you don’t have clear financial goals and a path to get there, please book a call here.
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#231: Feeling behind financially isn’t a good feeling.
If that’s the case for you, you’re in good company.
Most people in this country are NOT prepared for retirement.
It’s easy to believe the lie that “it’s too late” or “why bother.”
I’m here to tell you that it’s never too late to improve your financial situation.
Just like people can build muscle in their nineties, they can make different financial decisions to improve their future.
I’m hearing more and more stories about people who accumulated a solid nest egg without taking several decades.
I’m not going to lie and say it’s going to be easy but it’s worth it.
I know the feeling all too well as I was definitely a late starter.
In this episode, I share some exact steps and a framework you can use to get started TODAY!
Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy
P.S. If you need help setting up your business to help you “catch up” financially, book a short call with me here! It’s closer than you think!
P.P.S. If you don’t have clear financial goals and a path to get there, please book a call here.
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#230
Would you rather have hundreds of thousands (maybe millions) of dollars or drive a brand new top-of-the-line car?
Well, that choice might be a reality.
The average new car payment in the U.S. is now a whopping $735.
What could you do with an extra $735 each month?
In today’s show, we dive into the actual cost of new (or even used) car payments.
I am in no way trying to be the fun police so if driving a fancy car is important to you, do you boo.
However, if you’re wondering if there might be a better way to look at cars, these concepts can be powerful.
My goal with this content is not to make it one or the other. You can have a car you enjoy AND build your desired future.
Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy
P.S. If you are just starting or have been in business for a while but need a reset, book a short call with me here!
P.P.S. If you don’t have clear financial goals and a path to get there, please book a call here.
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#231 After over 200 episodes I’m doing something for the first time.
I wanted to present to you an interview I did on another podcast.
The podcast is called Profit Made Simple and the host is Daniel Henderson.
Thankfully, I’ve been on many industry podcasts but I wanted to share this one for 2 reasons.
First, Daniel is Australian and I’m from NY so the conversation might be entertaining just because of that.:)
Seriously, we are both so passionate about finances as they relate to the fitness business that it created a unique conversation.
We tackled topics like:
How to go from debt to financial freedom
Common financial mistakes you’ll want to avoid
Actionable tips to achieve a financially healthy business
How to ensure you stay Fitness Business Money Smart Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy
P.S. If you are just starting or have been in business for a while but need a reset, book a short call with me here!
P.P.S. If you don’t have clear financial goals and a path to get there, please book a call here.
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#230 We are talking about an exciting topic, paying yourself!
Doesn’t that sound good?
Far too many gym owners and Fit Pros are either not paying themselves consistently or not paying themselves enough.
Let’s fix that.
This episode is a follow-up to #158 published on 2/28/23.
In that show, we discussed:
How to systematically pay yourself every month
How to determine how much to pay yourself
How to give yourself a raise
How to balance paying yourself and investing in business growth
This installment discusses the bigger issue of adjusting your mindset to ensure you are paying yourself.
I’m pumped because I know someone’s life will change as a result of this change.
Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy
P.S. If you are just starting or have been in business for a while but need a reset, book a short call with me here!
P.P.S. If you don’t have clear financial goals and a path to get there, please book a call here.
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#229
Travis Barnes spent 10 years behind bars and managed to get out and grow his multi-million dollar company Journey 333 to 5 locations in 5 years.
Today, along with Todd Durkin, he’s developing the Impact-X franchise.
You do not want to miss this episode as it’s one of the most powerful shows we’ve done.
It’s jam-packed with lessons that will improve your life, business, and relationships.
We’ve all experienced adversity in our business and lives and if there is one certain thing, it’s that we’ll experience some more.
While learning marketing and sales techniques are great, the lessons in this podcast are much more important.
Tune in to learn:
What Travis can teach us after having “lost” 10 years of his life
How he moved through his “dark night of the soul”
How to keep an attitude of gratitude regardless of circumstances
A sure-fire tactic to improve in ANY area of life
We’ll be having Travis back for a second installment but please don’t miss the gems contained in this one!
Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy
P.S. If you are just starting or have been in business for a while but need a reset, book a short call with me here!
P.P.S. Similar to having a good lawyer, having solid bookkeeping is crucial for long-term success. If you’d like your books taken care of so you can gain clarity and focus on what you’re uniquely good at, book a call at this same link.
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#228
Today’s show was inspired by a book I’m reading called Switch by Chip and Dan Heath.
Making a positive change isn’t easy but there are some things we can do to help ensure our success.
One thing we know is helpful is having clarity on where we want to go.
This is worth spending some time thinking about.
As Zig Ziglar said, “If you aim at nothing you’ll hit it every time.”
Tune in to learn some specific examples of what a clear financial target looks like.
Learn how to avoid the most common goal-setting mistakes regarding your dough.
We also go through a quick checklist to make sure you’re on track with your financial goal.
I hope this content serves as a gentle reminder to pursue a worthy goal and be able to go with the flow with whatever may come your way.
Finally, I discuss 3 ways to help ensure you stay on track. Setting a goal is one thing but as it’s been said, you get paid for done!
Listen to this episode, apply what you learn, and teach it to others. By the way, be sure to connect with me on Instagram!
Listen and grow!
Your Financial Coach,
Billy
P.S. If you are just starting or have been in business for a while but need a reset, book a short call with me here!
P.P.S. If you don’t have clear financial goals and a path to get there, please book a call here.
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