1. Budgeting 101: Know Your Numbers

• What to Do: Create a detailed budget that outlines your income and expenses.
• Example: Break down your budget into categories like coaching salaries, equipment, utilities, and marketing.
• Scenario: You allocate $5,000 a month for coaching salaries, $1,000 for equipment, and $500 for utilities. At the end of the month, you find that utilities only cost $400. You decide to reallocate the extra $100 to marketing, specifically to a Facebook ad campaign targeting local parents interested in cheerleading for their kids.
• Tool Tip: QuickBooks offers a comprehensive budgeting feature that allows you to set budget limits for different categories, integrate with your bank for real-time tracking, and even generate monthly or quarterly budget reports.

2. Revenue Streams: Diversify, Diversify, Diversify

• What to Do: Look for additional revenue streams beyond membership fees.
• Example: Offer cheer camps, workshops, or a pro shop.
• Scenario: You decide to host a summer cheer camp and charge $200 per participant. You market the camp through your gym’s social media and newsletters. With 20 sign-ups, you make an extra $4,000. You use this revenue to purchase new tumbling mats and also set aside a portion for your emergency fund.
• Tool Tip: Square not only provides point-of-sale solutions but also offers robust inventory management features. You can track product sales, set low-stock alerts, and even manage vendor relationships, all from a single dashboard.

4. Pricing Strategy: Finding the Sweet Spot

• What to Do: Set your pricing based on value, competition, and your target market.
• Example: If you offer specialized coaching, you can charge a premium.
• Scenario: You decide to increase your monthly fee from $100 to $120 due to new equipment and a specialized tumbling coach. You communicate this change transparently to your gym members, explaining the added value. The increase is well-received, and you even see an uptick in new sign-ups interested in the specialized tumbling classes.
• Tool Tip: SurveyMonkey allows you to create targeted customer surveys that can be sent via email, social media, or embedded on your website. The analytics feature helps you interpret the data, giving you valuable insights into what your customers value most and what they’re willing to pay for it.

5. Expense Management: Cut the Fat

• What to Do: Review your expenses and look for cost-cutting opportunities.
• Example: Negotiate with vendors for better rates.
• Scenario: You review your expenses and find that you’re spending a lot on cheer mats. You reach out to your vendor and negotiate a 10% discount for bulk orders. This saves you $200 on your next order, which you then allocate to upgrading your sound system for better practice sessions.
• Tool Tip: Expensify automates the entire expense management process. You can import expenses directly from your bank or take photos of your receipts. It categorizes and tags each expense, making it easier to review and identify potential cost-saving areas.