Time to Bust Some Money Myths in Your Fitness Business!

“Managing your money doesn’t have to be time-consuming, nerve-wracking, or overwhelming!”

Time to Bust Some Money Myths in Your Fitness Business!

It’s myth-busting time! You deserve to know the real deal about managing your money in the fitness industry. I truly believe that many fitness businesses are thriving and paying their owners well, and managing money doesn’t have to be a time-suck. But there are some myths out there that need to be set straight:

❌ Myth #1: Sending Your Income & Expenses to Your Accountant Every April Counts as “Doing Your Finances”

Nope, not even close. Your accountant can only work with the info you give them, and if you’re not regularly updating your financials, you’re flying blind. As the CEO of your fitness business, you need to make decisions based on up-to-date financial facts, not just a gut feeling or stale figures.

❌ Myth #2: You Can Run a Profitable Fitness Business Without a Money Management System

Think again! Poor money organization is the number one reason owners don’t pay themselves. Sure, you can get by with an Excel spreadsheet for a while (and we’ve got a great free one, just hit reply and say “spreadsheet”), but as your business grows, so does its complexity. A solid money management system is essential for long-term profitability.

❌ Myth #3: Having ONE Business Bank Account Is Enough

Definitely not. All our profitable clients have more than one business account. You can’t feed your business from one big plate without overeating. At a minimum, you need separate accounts for profit, owner’s pay, and tax savings.

The Reality Check

Let’s be clear on what’s really going on here:

✅ Bad Info In = Bad Info Out: Keep your financial info up to date. Your accountant files your taxes based on what you provide, and if you’re not looking at your finances regularly (ideally weekly), you’re not getting helpful insights.

✅ Organization is Key: Without proper money organization, paying yourself becomes a challenge. Start simple if you must, but be ready to scale your system as your business grows.

✅ Multiple Accounts for Success: Separate accounts help you manage profit, pay yourself, and save for taxes without dipping into business funds.

Managing your money doesn’t have to be time-consuming, nerve-wracking, or overwhelming. We’ve got a long roster of successful fitness businesses to inspire and support you. 

Ready to take charge of your finances and bust those myths? Let’s do it together!  Contact us to see if one of our programs would be a good fit for your Fitness Business.