59. The Financial Basics for a Profitable Online Fitness Biz

The Basics for a Profitable Online Business 00:00 Introduction and Overview 01:11 The Number One Mistake Fit Pros Make in Managing Finances 04:15 Setting a Budget and Paying Yourself First 05:52 Tracking Expenses and Knowing Your Numbers 09:45 Recommended Tools for Tracking Finances 10:39 Separating Revenue into Different Accounts 11:39 Paying Yourself a Regular Salary 13:13 Creating an Emergency Fund and Profit Account 19:20 The Emotional and Financial Benefits of Outsourcing 22:00 When to Consider Hiring a Professional 26:05 The Value of Financial Guidance and Planning 27:45 Setting Up Business Finances 28:15 LLC vs. S Corp 29:10 Understanding Different Business Structures 30:09 Benefits of an S Corp 31:29 Determining the Breakeven Point for an S Corp 32:34 Considerations and Costs of an S Corp 33:37 Paying Yourself and Other Employees in an S Corp 34:37 W-2 vs. 1099 Employees 35:54 Investment Strategies for Retirement 37:24 Importance of Risk Management and Insurance 40:30 Diversifying Income and Retirement Planning 45:03 Tax Planning Strategies 📲 Stay Connected : 📷 𝐈𝐧𝐬𝐭𝐚𝐠𝐫𝐚𝐦: https://www.instagram.com/brentkromer_/ 🔵 𝐅𝐚𝐜𝐞𝐛𝐨𝐨𝐤: https://www.facebook.com/brent.kromer/ 🌐 $𝟏𝟎𝐤 𝐂𝐥𝐢𝐞𝐧𝐭𝐬 : https://app.closers4fitness.com/v2/preview/l8I2kkqrbkOBJx3cRN6b?notrack=true ✉ 𝐄𝐦𝐚𝐢𝐥: [email protected]