Flock & Gather Podcast. Allan Share talks with Shannon Simmons from Fit For Profit
Flock and Gather Podcast, Episode 225: Shannon Simmons from Fit For Profit on Building a Business That Pays You Back
Building a Business That Pays You Back
In Episode 225 of the Flock & Gather podcast, Allan Share, President of the Spa Industry Association, welcomes Shannon Simmons, founder and CEO of Fit for Profit. Together, they dig into a topic many spa owners avoid: money, and how to make sure your business actually pays you.
Shannon started her career as a public accountant and calls herself a recovering CPA. Today, she and her team at Fit for Profit help owners in the health and wellness space, many of whom never went to business school, put simple financial systems in place that work for the long term.
What Is Profit First?
To start, Shannon explains the Profit First system. It’s a modern version of the old envelope method, using separate bank accounts instead of envelopes. Every dollar that comes into the business gets a job before anything else happens: a few cents go to profit, a few to taxes, a portion to the owner’s pay, and the business runs on what’s left. As Shannon puts it, you’re the most important person in your business, so if you’re not getting paid, why are you doing this?
Keeping Money Simple
Next, Allan and Shannon talk about why thinking in small numbers helps. Everyone can relate to a single dollar, while a million can feel overwhelming. Shannon believes people overcomplicate money and then avoid talking about it altogether. Allan shares his late father’s favorite saying, “Ring the cash register, it covers all evils,” and Shannon adds that you aren’t really in business until you’ve made your first sale.
Crawl, Walk, Run
Then, the conversation turns to growth. Shannon explains that owners who try to run before they can walk often take on heavy debt, and it can take years to recover. She pushes back on the idea that you can’t afford to set aside profit while reinvesting in your business. Even 1 to 2% profit matters, and skipping ahead usually delays real success.
Paying Your Future Self
In addition, Allan and Shannon discuss saving early, from taking full advantage of a 401(k) match to letting compounding do its work. Shannon notes that the best day to start was yesterday, and the next best day is today. When you save first, you learn to live on what’s left.
She also takes on the daily coffee habit. Spending on what you love is fine, she says, as long as it’s intentional, fits your plan, and doesn’t put you in debt. Without a plan, spending tends to grow to match whatever money comes in.
Beyond the Monday Morning Checkbook
Allan also asks Shannon about one of his favorite industry expressions, the “Monday morning checkbook”: owners who see a balance in their account and assume they’re in business. Together, they outline four steps to start tomorrow:
- Open separate accounts for profit, taxes, owner’s pay, and operating expenses so tax season doesn’t catch you off guard.
- Keep business and personal expenses completely separate.
- If you need to take on debt, have a clear plan for that money before you borrow it.
- Get excellent professional and consulting support, and expect your needs to change as your business grows.
Key Takeaways
Finally, Allan and Shannon emphasize that managing money well is the foundation of a lasting business. As Allan puts it, money is the root of all success. By paying yourself first, keeping your finances simple and separate, and leaning on trusted advisors, spa owners can build sustainable, profitable businesses that last.
Whether you’re a spa owner, a solo practitioner, or a wellness professional who never went to business school, this episode offers practical, approachable advice on profit, cash flow, and taking care of your future self.
Topics covered: Fit for Profit, Shannon Simmons, Spa Industry Association, Allan Share, Profit First, spa business finances, paying yourself first, cash flow management, small business profitability, business bank accounts, tax planning, business debt, 401(k) savings, compound interest, intentional spending, crawl walk run, Monday morning checkbook, financial consulting, health and wellness business, and spa ownership.
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