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Mike Michalowicz talks to us about his book "Profit First" and how you can turn your fitness business into a money maker.
Mike gives us details on the cash management system that will ensure any business of any size, in any industry, no matter how much debt it carries or how many years it has been operating will become permanently profitable.
Top Tips from the Show:
Profit First Formula is Sales – Profit = Expenses
-Stop whats not working, and start focusing on what is working and amplify that.
- Set up multiple accounts, when money comes in, disperse it in pre-determined percentages.
- Change the way your operating to work within the confines of what money is available for operating expenses – remove the temptation
- Be selective of your clients – not all clients are created equal, look at the ones at that are your best and focus on them. If you have the courage to get rid of your weakest clients and automatically your profits get boosted.
Mike Michalowicz is the entrepreneur behind three multimillion dollar companies and is the author of "Profit First, The Pumpkin Plan" and "The Toilet Paper Entrepreneur." He's a former small business columnist for The Wall Street Journal and the former business makeover specialist on MSNBC.
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The Fitness Business Podcast aims to deliver weekly education, information and inspiration to fitness business owners & managers or any fitness industry professional. We feature fitness industry experts, consultants and owners from across the globe. We also interview non-industry experts to bring you leading education to help you run your business more effectively, efficiently and profitable!
All of our podcasts are hosted by Chantal Brodrick. Chantal is a fitness business coach, certified group fitness coach and personal trainer.
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