As 2024 comes to a close, it’s the perfect time to ensure your gym is set up for a strong and successful new year. A little preparation now can save you time, money, and stress later. Here’s your ultimate year-end checklist with key financial and legal steps every gym owner should take before the clock strikes midnight on December 31st.
1. Review Your Financial Statements
Take a deep dive into your financials to understand where your gym stands and identify areas for improvement in 2025.
- Revenue and Expenses: Review your profit and loss statement to pinpoint trends. Are there opportunities to increase revenue or reduce costs?
- Membership Dues: Identify unpaid memberships or billing discrepancies and clean them up before year-end.
- Budget Planning: Use this year’s data to set realistic financial goals and a budget for 2025.
2. Prepare for Tax Season
The IRS is just around the corner, so get ahead of your tax responsibilities.
- Organize Documents: Gather all receipts, invoices, and financial records to streamline tax preparation.
- Schedule a Meeting with Your Accountant: Review deductions, credits, and strategies to minimize your tax liability.
- Plan for Tax Payments: If you owe taxes, ensure you have funds set aside to avoid penalties.
3. Update Key Legal Documents
Your gym’s legal foundation is just as important as its financial health.
- Membership Agreements: Ensure your agreements reflect current services, cancellation terms, and payment policies.
- Liability Waivers: Update waivers to include new equipment, classes, or risks introduced in 2024.
- Staff Agreements: Review contracts to ensure proper employee classifications (W-2 vs. 1099) and updated roles.
4. Check Your Compliance and Licenses
Make sure you’re meeting all state and local requirements.
- Business Licenses: Verify that all necessary permits and licenses are renewed and valid for 2025.
- Insurance Policies: Review your coverage to ensure it aligns with your current operations and risk profile.
- State-Specific Rules: Stay compliant with any new regulations that came into effect this year.
5. Reflect and Plan for 2025
The end of the year is a great time to reflect on your wins and lessons from 2024 and plan for what’s ahead.
- Evaluate Your Services: What worked well this year? Are there services or programs you could add or retire?
- Engage Your Members: Consider surveys or feedback forms to understand how you can improve member satisfaction.
- Set Clear Goals: Establish business goals for 2025, whether it’s growing memberships, improving retention, or launching new programs.
Why This Matters
Taking the time to wrap up your financial and legal responsibilities now not only ensures compliance but also positions your gym for growth in 2025. A strong foundation means fewer surprises, better decision-making, and more time to focus on what you love—helping your members thrive.
Let’s Tackle Your Year-End To-Do List Together!
At Gym Lawyers PLLC, we specialize in helping gym owners navigate the financial and legal complexities of running a fitness business. Need help reviewing contracts, waivers, or compliance issues? Schedule a consultation today and start the new year with confidence.
