So you’re thinking about opening a gym. As the world deals with pandemic uncertainty, this may be a great time to get into the fitness business. But before you pull the trigger, there are some things you should know. Paul Halme shares his tips for gym ownership during a pandemic.

Check the episode out HERE

In This Episode: Gym Ownership During Pandemic, Finance, and NFTs

[00:50] Who is Paul Halme? What is his story?

[2:33] Owning a gym, how to get in, and the financial aspect

[4:54] How Paul got through the recession

[5:50] What was Paul’s “WHY“?

[8:56] How the gym and consulting company navigated 2020; including how to finance the business

10:10 How Paul financed his lifestyle and how he kept everything operational during 2020.

[13:25] Advice for business owners and rules of thumb to follow

Important Quotes:

“To new business owners: you need to have a basic understanding of finances and your cash flow. Because if you don’t, it is gonna be painful“

“Get your money lined up now, so that if something goes wrong, you already have it.”

“Once you do things the right way, you have systematized everything, you can literally follow Tim Ferris’ 4-hour workweek“

“If you survive the tough times, you are geared to enjoy the better times so much more.”

“You have to have good cash flow, line of credit, systems, budgets (P&L that you can understand) — this will be a game-changer.“

“Treat your gym as a publicly-traded company.”

“My “Why” is I just loved it. I love the people, I love helping people and seeing them changing their lives.”

“Plan ahead… have your business ready so if something goes wrong I do have a business line of credit, I do have a business credit card, I do have options. Give yourself options that you can work with.“

Recommended Book: MONEY Master the Game: 7 Simple Steps to Financial Freedom – Tony Robbins

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Connect with Vijay on Instagram: @RealVijayKailash, LinkedIn: Vijay Kailash, CFA | LinkedIn, and his website: https://vijaykailash.com/