Many fitness professionals find out the hard way that there's a lot more to starting a business than just running an ad in the local newspaper and raking in the clients. In addition, there is a vast difference between being an independent personal trainer and owning a business. This lecture examines some of the very basic, yet very critical—and often overlooked—elements that go into opening and running a successful enterprise.
By Derrick Wilburn, MBA
- Name and understand the fundamental differences between the three basic business structures and different kinds of IRS tax filing status.
- Summarize the key differences between the sole proprietorship, partnership, LLC, S-Corp and C-Corp and describe which makes the most sense for the majority of small business owners.
- Identify each of the four quadrants of the "Cash Flow Quadrant."
- List and summarize the "5 Ps" of marketing.
- Identify important differences between growth through hiring employees and independent contractors and associated legal ramifications.
- List important financial relationships necessary for a business to run (and grow) smoothly.
|Fitness Business Basics - CEC Course ||Module|
About the Author
Derrick Wilburn, MBA IDEA Author/Presenter
Derrick Wilburn, MBA, is co-pioneering the nation’s first mobile fitness training licensing system and has co-authored a series of books that present a detailed path for fitness professionals to make the transition from club trainer to successful business entrepreneur. He is the founder of Wholly Fit and the Colorado Dance Machine, and is a partner in Achieve Fitness USA and Fundamental Fitness Products.
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