Knowing what numbers to track, measure and monitor on a regular basis are essential skills necessary for running a successful fitness business. While fitness professionals don’t need to be certified public accountants, or have a degree in economics or finance; it is important to understand the basic underpinnings of accounting and finance.
Business planning sets a clear roadmap to success. An extension of the business planning process is budgeting and forecasting which represent the process of creating plan for long-term success.
Key Takeaways include:
- Understanding the difference between accounting and finance, and just as importantly, what role each plays in your success
- Knowing the essential KPIs you should be tracking and measuring on a monthly basis
- Being able to define the key elements of a business plan and the accompanying business planning process
- Preparing a budget for a fitness business
CEC/CEUs- ACE: 0.2, NASM: 0.2, AFAA: 2, ACSM: 2
Course One - Understanding KPI's, Accounting, and Finance to Start or Grow Your Business
- Describe the difference between accounting and finance, and just as importantly, what role each plays in your success
- Understand the purpose of a balance sheet, the key financial categories that compose it and what each section means
- Craft a profit and loss statement, the key categories that compose it, and finally, how it’s used to determine the financial viability of your business
- Understand the essential KPIs you should be tracking and measuring on a monthly basis
- STUDIO SUCCESS and Financial Basics
- Accounting and Finance for the Fitness Professional
- Key Performance Indicators Every Studio Operator Should Know
Course Two - The Business Planning and Budgeting Process
- Be able to define the key elements of a business plan and the accompanying business planning process
- Describe each step in the business planning process and how it’s used
- Understand the two main approaches used in developing an annual budget and which budgeting format is most suitable for you
- Be able to prepare a budget for a fitness business
- Be able to generate a three month forecast
- Building a Business Plan and Pro Forma to Attract Investors and Drive Profitability
- The Framework for a Strategic Business Plan
- Business Planning for Fitness Professionals
- Financial Basics
- Budgeting and Forecasting for Fitness Professionals
Testing Your Knowledge
Once each course is completed, you will take a short eight question test that is designed to measure your retention of the content from the course. A score of 80% on the first test and 75% on the 2nd course test represents mastery and will result in earning the designated course CEC/CEUs.
"AFS has the most comprehensive benefits for studio owners and fitness professionals in the industry. With all the value AFS provides, the real question is: why wouldn’t you become a member? I'm a member myself!"
2013 IDEA and 2006 ACE Instructor of the Year