Self-employed Fitpros across the UK are facing a whole new platform of problems as they approach one week of official Lockdown. Gyms are closed, outdoor bootcamps and Pilates classes stopped and one to one PT halted.
In today’s podcast, Neale and I give 7 clear money and business tips to help Self Employed Fitpros during the coronavirus lockdown. The 7 tips include everything from how to pivot online, and other government-based support that is available.
This was filmed on 23rd March, so please note that changes to government guidelines and rules, may have taken place since recording.
If you have asked, “I’m self-employed what the hell do I do?” Then watch the full video below and check out the Show notes below:
Grab the FitPro Sessions Podcast show notes:
0:30 Introduction to Episode 033 of the FitPro Sessions Podcast
1:30 What the hell do I do as a Self-Employed Fitpros
2:30 Tip 1: Motion equals emotion
5:00 Tip 2: Know the fact landscape
6:15 Tip 3: Write a debt list and spending diary
9:45 Tip 4: Pivot your Self Employed Fitpros business
13:11 Tip 5: Return to your budget every week
14:55 Tip 6: Prepare your evidence
17:08 Tip 7: Where to go to get income help 5 resources
23:00 Its how you deal with the unknown that will count
25:00 Reach out to us and join us in our Inner circle Facebook Group for more guidance and support
Tip 1: Motion equals emotion
Conversations around money are often at the centre of high anxiety emotions and tension as well as arguments and frustrations.
A great way to dissolve these frustrations is to add motion into any money conversations, so take a walk with your spouse whilst talking through the facts of where your money is right now.
Tip 2: The fact landscape
Know the facts about your money so you can draw a really clear landscape. Know when all of your money is due to go in and out and make sure there isn’t anything surprising lurking around the corner.
This will allow you to see the facts for what it is, rather than get anxious about the fantasy of what MIGHT be the case.
Tip 3: Write a debt list and spending diary
Take a look at your previous few months of personal expenses and business expenses, and write your debt list so you know exactly what money is going in and out.
This means that you can trim down any excess spending, and ensure you are prioritising your expenses
Tip 4: Pivot your Self Employed Fitpro Business
What can you change in your self-employed fitpros business right now that will help your cashflow?
As a small business, you can “turn on a sixpence” so that means you can respond very quickly to these turbulent times, especially in comparison to large companies with big overheads.
Have a brainstorm of all the ways you can increase cash flow during the Coronavirus lockdown. This might include offering virtual boot camps, classes or one to one sessions. You might launch a digital product or membership.
You can also create “advance payment options” for your existing clients, whereby they pay upfront for a few months now, which will increase your cashflow in the short term.
Tip 5: Return to your budget every week
As a FitPro you take measurements to manage your client’s progress, you can apply this same philosophy to your money management.
The more you measure, the more you monitor, the more you can manage.
Tip 6: Prepare Your Evidence
Preparation is key. There are a lot of different legislations and guidelines coming out every day from the UK government. As these develop, there will be something that will help you, and usually, the best preparation you can do is to collate your evidence of income.
As a self-employed fitpro, any financial help will probably want proof of your income.
Therefore prepare a copy of 3 years of business accounts, or if you are self-employed, you can go into your Government gateway and download 3 years of self-assess summaries.
It is also useful to have three months of PAYE (if your employed) salary slips, or clear indication of what you have taken home as income over the last three months.
Tip 7: Where to go to get income help 5 resources
If you are all out of options, and there is nothing you can do to boost your income, then there is support from the government available to you. Here are 5 ways you can get help with income during the coronavirus lockdown.
- You can apply for Employment Support Allowance (even as self-employed fitpros) from the first day of sickness, rather than 8th day of sickness. This is appropriate if you are sick, your immediate family are sick (and you are isolating), or if you are isolating to avoid the illness due to being high risk. FIND OUT MORE
- Time To Pay – If you need to defer HMRC tax payments to increase cashflow you can contact HMRC on this special helpline.
Call them on: 0800 015 9559
- Business Interruption Cover – If you have had to stop your services and close facilities as a result of the government guidelines, phone your insurance provider to find out how you can claim off your insurance for this.
- No Business rates for 12 months. If you are a larger Fitness Business that has been paying business rates, then these will be halted for 12 months
- Coronavirus Business Interruption Loan Scheme (CBILS) can help you with cashflow and increasing short term income FIND OUT MORE
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Dedicated to More
Hayley “7 Money Tips” Bergman
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