Accounting for Gyms & Personal Trainers

Establishing and running a gym or personal training business is hard work. Apart from the usual small business compliance issues of GST, BAS and PAYG you have to contend with early starts, late finishes, maintenance of the gym equipment and clients not turning up on time (or at all). You probably need to deal with casual staff and sub-contractors and if you run a gym you have occupational health and safety issues not to mention superannuation and members to administer.

Having an accountant who understands the fitness industry can mean the difference between success and failure. Over the years, our team of accountants have mentored a number of gymnasium owners and personal trainers through the various stages of their business life cycle from start up right through to sale. We offer you experience, technical knowledge and an intimate understanding of the fitness industry.

Thinking of Starting a Personal Training Business or Gymnasium?

If you are looking to start a personal training business or gymnasium there are numerous issues to consider. As a business start-up specialist we can provide you with a comprehensive checklist of start up expenses broken down into categories including leasehold improvements, IT, marketing and signage, gym equipment and stock. These figures automatically feed into an integrated cash flow budget to help you identify your start-up finance requirements. These figures then slot into your business plan.

We’ll advise you on the most appropriate tax structure for your business taking into account income tax considerations, asset protection and future discount capital gains tax concessions. Next, we will help you select the most appropriate software for your business and factor in your business needs and level of accounting skill. Far too many personal trainers make the mistake of buying sophisticated ‘double entry’ accounting programs that are beyond their needs and level of accounting skill. They end up creating financial records that can only be described as a ‘computerised shoebox’ and the wrong software leads to frustration and excessive accounting fees. Our brief includes helping you reduce the cost of compliance and it starts with the right accounting software.

Given occupancy costs are often the second highest expense after wages in a gym, we can assist you to negotiate the terms of your retail lease and liaise with your solicitor through the process. We can also help you locate suitable funding to finance your gym fit out, equipment, franchise fee, motor vehicle or van through one of our affiliate partners.

Marketing Your Business  

For a gym owner, you need marketing muscle and it all starts with your branding. We can help you with ideas for your business name, logo and slogan. Next we’ll offer you advice regarding your website’s colour scheme, skin, functionality and content. We have worked with dozens of clients and liaised with graphic artists and our preferred website development team to create inexpensive but quality websites for clients. If you need help with your corporate brochure, newsletter or want to harness the power of social media to win more referrals we can also provide advice and direction. We believe our marketing skills distinguish us from other accounting firms.

Grow Your Profits

As accountants we can prepare some ‘what if’ financial scenarios so you know your business’ best and worst case scenarios. We can help you prepare a cash flow budget and project your profit and loss for your first year of operation. Using industry benchmarks we can analyse the performance of your gym and compare it against your competitors so you know what is working in the business and what needs working on.

We recognise you want to grow your business, your profits and your wealth. For that reason we strive to help you ‘know your numbers’ and that includes understanding the four ways to grow your business. If you understand the key profit drivers in your business we can talk you through profit improvement strategies and even quantify the profit improvement potential in your business using an intelligent software program.

Our mission is to fast track your business success and our team of gymnasium and personal trainer specialists offer you a full range of accounting, taxation and business coaching services including:

  • Start-Up Business Advice for Gym Owners & Personal Trainers  
  • Advice regarding the Purchase and Sale of your Gymnasium
  • Spreadsheets and Tools including a Start Up Expense Checklist, Templates for your Business Plan, Cash flow Budget, Letterhead and Business Card
  • Advice and Establishment of Your Business Structure
  • Tax Registrations including your ABN, TFN, GST, WorkCover etc.
  • Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
  • Accounting Software Selection and Training (Bookkeeping, Invoicing, Payroll etc.)
  • Preparation of Finance Applications for your Bank Loan (if required)
  • Preparation and Analysis of Financial Statements
  • Bookkeeping and Payroll Services
  • Tax Planning Strategies
  • Marketing including the establishment of your branding, brochures, website and social media strategies
  • Advice and Assistance with the Development, Content and Website SEO
  • Wealth Creation Strategies and Financial Planning Services
  • Industry Benchmarking and KPI Management
  • Vehicle & Equipment Finance – Leasing and Chattel Mortgage
  • Advice & Assistance with Pricing  
  • Advice regarding Claiming Motor Vehicle Costs
  • Recession Survival Strategies
  • Advice regarding Employee Relations and Workplace Laws
  • Business & Risk Insurances
  • Business Succession Planning

We are more than just tax and compliance accountants. We are ‘business and profit builders’ who offer you strategies to grow your business and your wealth. We genuinely care about your business success and the fitness industry has become a niche area within our accounting practice. To strengthen your gym or personal training business contact us today.

Cooke & Foley Small Business Advisors - Build Your Business, Grow Your Wealth

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