The money habits of successful gym owners

🌎 This week, Mateo sat down with Tad Wooton & Andy Smith, co-founders of Numberwise, an accounting firm that's spent the last decade working exclusively with gym owners and fitness businesses. They break down the benchmarks every gym owner should know — from payroll and rent to what your profit number is probably getting wrong. We get into when it makes sense to stop doing your own books, why most owners are undervaluing their own labor, and what separates the gyms that make money from the ones that just hope for the best.

P.S. If you like the show, then you'll love the Gym World newsletter. Every Friday, John Franklin breaks down the possibilities of making money in the fitness industry. Subscribe here (https://usekilo.com/gym-world/) so you don't miss out.

📱 Socials:

Numberwise (Instagram)

Numberwise (Website)

📺 Watch On:

https://www.youtube.com/@GymWorldWorldwide

🔥 Show Notes:

(0:00)The financial blind spot most gym owners have

(1:20) Who is Numberwise?

(2:43) Pitfalls of Self-Handling Bookkeeping and Accounting

(5:00) Run a successful gym with Kilo

(5:35) Preparing for Working with a Professional Accountant

(7:53) Commonalities Among Successful Gym Businesses

(9:05) Trends and Profit Margins in Different Gym Models

(14:41) Owner Pay and Business Profitability

(17:27) Preparing for Accounting Services

(19:42) Choosing the Right Accountant

(21:07) AI in Accounting

(23:31) Final Thoughts and Contact Information