Competitive Bodybuilding as a Business??

[bbminded]

For those who currently are, or wanting to become a professional bodybuilder, and chose to do so as there only means of income, how do you go about setting a business??
As an example, and to make it real easy to try and get across my question, Lets look at Jay Cutler: I know he decided at the age of 18 he was going to become a pro bodybuilder. And his girlfriend(now wife) became a nurse. I know Jay invested in property in Cali. early on in his career. And i watched a video of his where he said that from a business standpoint it was best to sell his properties and invest 100% into himself!
So with the money he makes through supplement contract, guest posing, DVD sales, autographed pictures, Competition Prize money, magazine contracts, etc etc. how does that work in a business model?
Please excuse my ignorance for a lack of knowledge of owning and running a business, but is/or can it be as simple as starting an LLC and/or what can you write off on your taxes as a professional bodybuilder(ex.trainer/consultant, food, vehicle, home/office etc etc??

 

[jay o.]

Just gonna go ahead and throw this in there in case you didnt know, but he was and i believe he still is a real estate agent, thats how he made most of his money i think. Besides that, hes become an ambassador of the sport, and becoming that alone will make him lots of money on top of what he was already doing.

 

[TheAnabolicFreak]

In the entire sport of professional bodybuilding only about 10-15 men actually make decent money. The rest do things like Gay 4 Pay, sell steroids at their local gym etc to support themselves. Sad but true.

You have a much better shot at becoming a succesful personal trainer (not training bodybuilders but the average fat woman who has a well off husband who wants her to get in shape and is willing to shell out a few grand for training sessions that most likely she wont even show up for).

Also opening up a "Research" chemical company who advertises on bodybuilding/fitness boards can be a fairly good business (provided you are doing it in a smart manner).

So yes you can make money from the fitness industry but chances of doing it an a competing pro are usually not in your favor. Good luck in your endeavours

 

[bbminded]

I completely agree with your statement " yes you can make money from the fitness industry but chances of doing it an a competing pro are usually not in your favor."
Im just curious how the ones that have/do set up a business. Is it as simple as filing a sole proprietor LLC in your state(if thats even possible) or do they have to have some other kind of business to write of there income they make in bodybuilding? Or is say like, winning the Mr. Olympia just like winning the lottery in terms of taxes?

In the entire sport of professional bodybuilding only about 10-15 men actually make decent money. The rest do things like Gay 4 Pay, sell steroids at their local gym etc to support themselves. Sad but true.

You have a much better shot at becoming a succesful personal trainer (not training bodybuilders but the average fat woman who has a well off husband who wants her to get in shape and is willing to shell out a few grand for training sessions that most likely she wont even show up for).

Also opening up a "Research" chemical company who advertises on bodybuilding/fitness boards can be a fairly good business (provided you are doing it in a smart manner).

So yes you can make money from the fitness industry but chances of doing it an a competing pro are usually not in your favor. Good luck in your endeavours

 

[tazzie]

The LLC has nothing to do with the issue- the only thing an LLC does is cause you to report income on the LLC tax return and then your personal return on a k1 as opposed to schedule c income.

The real issue is how do you generate revenue "or make money" as a pro regardless of whether you put it in an LLC or report it as schedule C income. I think that has been beaten to death.
That being said, I am a corporate attorney and will be happy to overcharge you for a properly set up LLC

 

[supertrucker212]

Completely agree with Anabolic Freak. Jay Cutler was already well off financially at 22 when he turned pro because he DID make most of his money in the real estate business. I think anybody that has the goal of bodybuilding being their only, or even a source of income needs to do a reality check. Again, like a previous post VERY few make decent money at it. Let's not kid ourselves, to get to that top tier in bodybuilding it takes a lot of drugs, drugs like everything else in life costs money. Food and gym memberships aren't free either. So from purely a financial standpoint you gotta have a decent amount of cash set aside for bodybuilding on top of everyday living expenses. Bodybuilding and getting ready for a show in particular are very time consuming, (why I have no desire to compete, I could never do it with my job), here in the US the 40 hour work week is damn near extinct. The work week is and will continue to get longer and longer, (more like 50, 60, 70, 80 or more hours a week, imagine working that and trying to do a show),. In the US we grind, we go, go, go, we don't sleep 8 hours a night, and take long lunch breaks, and are guaranteed to be done at a certain time everyday, whether white collar or blue collar, (unless you have a government job),. I know I sound negative, but trying to coincide the bodybuilding lifestyle with American lifestyle is NOT easy, and in some cases impossible, (that's why many top level bbers don't have children and remain single and are lucky to be self-employed or don't work typical jobs, yes many resort to selling drugs and doing porn, very true),. Sorry, but there's times that due to work and life's demands, you're gonna miss a meal and you're gonna miss a workout, but that's life sometimes. Now that doesn't mean you shouldn't make every effort to not miss a meal or workout though. I would say to the OP evaluate your life, (financial situation, family situation, and your job demands), and go from there. I personally see nothing wrong with being a dedicated gym rat and taking gear to look better than most of the population. Not to beat you down, but you need to be realistic in your goals. Test the waters in the NPC and go from there.
To the OP, I'm not sure you even wanna make a living as a bodybuilder. If you don't I apologize for interpreting your question that way. I'm just rambling on about what you could be up against even at the amateur level.

 

[BigNShredded]

I have transformed MY PASSION for bodybuilding in to a CAREER in the nutritional supplement industry. I am the Owner of Supreme Sports Enhancements, we've been in business for almost 5 years now. There is a TON of money to be made in the HEALTH and FITNESS INDUSTRY, but hardcore bodybuilding unfortunately is only a small percentage of that demographic, which is why I will be creating another nutritional supplement company marketed for GENERAL HEALTH AND WELL BEING.