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Wealth Management Expert: Jim Dew

The Proven Financial Strategies Fitness Studios Need To Know

By Mike Arce | July 15, 2020

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Show Notes

During these difficult times, these are the exact financial strategies fitness studios need now more than ever.

Here’s what you’ll learn from Wealth Management expert Jim Dew… 

How Fitness Studios Become Financial Champions

In his book “Beyond a Million,” Jim Dew lays out the steps businesses need to take to go from financial players to financial champions.

“When you’re just a player in the financial game, you have limited options. You’re just focused on your business and not anything that has to do with wealth building,” Jim says.

With difficult times, if you’re managing all of the finances for your business, things are likely to crash and burn. 

Now, if you’re already feeling that pain through these tough times, fear not. You didn’t do anything wrong and you’re not alone. 

One key is to generate revenue as fast as possible. That’s why my team and I built a virtual fitness option for your studio here: www.elitevirtualstudio.com 

How Fitness Studios Can Legally Pay Less In Taxes

Now more than ever, every dollar counts. There are several ways your fitness studio can pay less in taxes now and in the future.

Jim Dew breaks down many of these tactics specific to fitness studio owners in this episode with action steps you can take today.

If your business is ever fully operational again, you’ll love that you know how to save this money for multiple reasons:

  • You can stockpile more money for rough times in the future
  • You’ll be able to properly pay yourself as a business owner
  • You’re going to be ahead of the tax game every single year

How Financial Strategies Protect Your Fitness Studio

Financially, there’s a lot that goes into being a business owner and you’ll find yourself asking questions:

  • Do I have to set up 401(k)s for my team?
  • What do I do about paying their Healthcare?
  • Is there such a thing as GOOD Debt?
  • What happens if there’s another wave or I’m forced to close again?
  • What if I want to acquire another fitness studio?

Jim Dew breaks down all of these questions so you can get through this and become setup to tackle future downturns. 

So, while this might seem like a difficult time for this episode, I promise it’ll be worth it long-term.

Another great episode on mastering your fitness studio’s financial strategies is my interview with Tina Garza.