If you are in the yoga and fitness industry and want to make it as a business, then there is no doubt that your enthusiasm for making it a business will have come from your passion for the industry. I can’t think of yoga instructors, or any other health or wellbeing instructors that decide to go into it because of the money. It is because of a love of what you do, a love of the mastery of something, and a passion for helping others to achieve goals and live their best lives.

So it is no surprise that many find the admin side of the business a struggle. But unfortunately, unless you’re earning enough to hire an assistant to take care of all that kind of thing for you, it does need to be done. Sadly, life in this business isn’t only about teaching and taking classes. However, in many ways, you can help your business to grow once you are on top of the admin side of things. But if the thought of the words taxes, accounts, and bills fills you with dread, then these tips are going to be for you, to help you to nail the financial side of your fitness business, as well as enjoy the day to day running of activities and classes.

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Look For Apps To Help

There is a saying that gets overused a lot at the moment, and that is that there is an app for everything. Though it can be often said in jest, there really are apps for everything! If you want to stay on top of your own finances and expenses for the business, then using an app like Quickbooks could be just what you need. If you do hire instructors or admin assistants, no matter how part-time, you can get a SmartPayroll app that all of the team can get for their phones. It allows you to coordinate diaries, which can be really useful in the fitness business. If you need to arrange class cover, and let others know when you’re going to be on annual leave, then these kinds of apps can help you to quickly nail that side of the business, and make each day run smoothly.

Look For People To Help

If you are doing things alone in business, then it can be a strain. So in many ways, if it is making your life hard to sort the finances out or keep on top of things, then it could be worth sacrificing some of the budget on people that will be able to help you. It could be something larger like the help of a company like the EPC Group, for example, as they can take care of the IT side of things, as well as data and other admin. If your business is a little smaller scale, then it could just be that getting an assistant to help a couple of hours a week could help you. Then you know it is being take care of, and you can focus on the classes and customer side of the business. You know what you need and what you can afford. But don’t struggle in silence. If you need help, then make sure that you get it.

Have a Business Bank Account

You can’t get your personal and business finances mixed up. So make sure that you have a separate bank account for the business and all of those funds. Not only does this make your day to day spending simpler and easier, but it allows you to make the bookkeeping and accounting side of things simpler too. If you have to stop and remember what everything was for, and you can’t remember if it was a business expense or not, then it can get you into a little bit of bother. You may even miss out on claiming something as a genuine business expense, as it came out of your personal bank account. So keep things separate and it will make everything much simpler.

Tax Return Online

When it comes to tax return season, it is so much simpler to be able to do it all online. So make sure that you get all of the relevant login and registration details that you need. There is no need to go through the long process of paper tax return each year.

Use Time Tracking Tools

When you are in this kind of industry, then you may be going to classes that are a little further out that you charge extra for, or perhaps for going to events to speak or to mentor. When you are doing something that you are charging by the hour, then getting a time tracking tool will allow you to be the most accurate, and make sure that you’re not overcharging, as well as not undercharging.

This can also work for team members that you have covering other classes. If they use a time tracking tool that can connect to your payroll system, then you can easily check that everyone is getting paid the right amount of money for their time, and you’re not being overcharged or involved too much by any of your cover instructors. It can take a little know-how to set it all up, using platforms like Xero or Accelo, for example. But it is going to be worth doing to make sure that you’re only paying the expenses and costs for what needs to be paid for.

If you’re not so financially savvy, then the financial administration side of things can seem complex and complicated. But it is something that does need to be looked at and planned for. So if you’re not sure what you’re doing, find the knowledge that you need, or hire someone to help you and to show you the ropes. When the day to day of the business is going well, it will allow you to have more time to focus on the growth of business and getting more customers to your classes, as well as expanding.

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