My Zhou Agency Story: How We Partner Together to Fulfill my Dream of Opening My Own Gymnasium
Business Owner: Irina Kudina
Business Name: IK Gymnastics LLC
Business Location: Chicago, IL
The Backstory
I moved to Chicago from Ukraine in 1999 and wanted to fulfill my dream of starting my own gymnastics schools for children to learn the art of “flying”. I knew I had the skill sets to be a great coach having been a professional athlete my whole life and a former World Champion and three-time Soviet Union All-Around Champion in Sports Acrobatics. However, how to turn gymnastic skill sets into a business was completely foreign to me, and I needed someone who I could trust to help me along the journey. I was very fortunate to have quite a few parents that are experts in their trades who helped me tremendously in starting up the venture. Justine and her team are instrumental in helping me transform my vision into a reality and make my gymnastics school one of the best in the Chicago area, and it is still growing.
Business Formation That Went Far Beyond Form Filling
There are lots of accounting firms that could file a new business. However, what really impressed me was Justine and her team’s advisory throughout the whole process that went far beyond paperwork.
At the start-up stage, my biggest hurdle was how to finance the business. My business manager (who happens to be a parent and an expert attorney) and Justine worked together to build a viable business projection and a strategy to fund the business with the lowest possible cost. Justine walked me through remortgaging my primary residence, introducing me to commercial bankers to get equipment loans. They also advised me to get an unsecured business loan from people who trusted my ability to run a good school (mostly parents). One piece of advice really stands the running of time: Borrow the money while you can, do not give out any ownership to people who do not understand the business. I would not have been able to run the gym the way I envisioned if we have a lot of hands in the pot. Justine and her team are very wise indeed, very experienced in the field.
Bookkeeping & Financial Review Services That Yielded Better Margins
Once my business was up and running, I used Zhou Agency’s bookkeeping and Financial Review Services for my operating activities. Besides the basics of keeping my records in order and fully compliant, the team regularly reviewed my financial reports, performed comparisons to industry standards, and identified unexpected trends in my financials, which led to operating decisions that significantly improved my business and yielded better margins in the long run.
Increased Employee Satisfaction & Retention
Another recommendation came from Justine to change the payroll structure from 1099 to W2s and provide health care benefits for some of my key employees after she heard how much frustration I was having with employee turnover. It created a huge difference in employee retention. It changed my focus from being consumed by administrative activities to doing what I love again - which is to coach gymnastics!
Tax Saving Strategy to Run My Business in a Tax-Smart Way
Zhou Agency team offers me tax-saving advice throughout the year. They regularly review my financials and identify opportunities in tax savings to help me to run my business in a tax-efficient way.
A couple of years ago, the team helped me to set up a small business retirement plan for myself and my employees, comparing the pros/cons of a 401k plan vs. a pension plan. The result was a $40k in tax savings, a retirement fund for myself, and added employee loyalty. Zhou Agency team is always able to weave together my passion and purpose with a business plan that made sense for me!
Risk Management Advisory Tailor-Made to My Business
In a small business such as mine with a high risk of accidents occurring in the facility, it was important for me to be protected from liabilities that could be very expensive and may end up costing me my whole business. Because I had worked with Zhou Agency all along the way, it was an added convenience to have my risk management need taken care of by the same team that understood my business situation. The process was very easy, and they actively worked to secure the right amount of coverage for all my exposures. They also review the risk management policies with me on an annual basis to ensure we get the proper coverage with the lowest cost. They are truly amazing!
The Result
As a result of Zhou Agency’s support, my business became profitable in the second year and I was able to open up a second location. Over the years, Justine and her team had become a trusted advisor for all my financial decisions. I feel so happy to have someone in the industry with their expertise to support my business growth all along the way. They really listen and get to know my business to provide the advice that works best for me. I couldn’t be happier and entrust my business with any other partner!