This article was updated on September 17th, 2018
Venue Rent can appear confusing as some colleagues may think that there is a separate amount paid between the consultant and Slimming World.
When you open your Franchise Account, you see your group fees at the top of the screen. This amount is your income and is what you would add to your business finance spreadsheet when calculating your profit / loss.
Next, you enter your Rental amount for the venue.
Then, the remaining amount is split between yourself and Slimming World, depending on your situation.
As such, the rent is paid in full by the Consultant.
At the end of group, Mark has earnings (takings) of £125. This is called Income.
From this amount, the room rent of £25 is deducted. This is an expense.
The remaining earnings from this is now £100.
If Mark is on 25% earnings, he would take £25 from the remaining earnings. Slimming World takes the remaining £75.
If Mark is on 50% earnings, he would take £50 from the remaining earnings, and Slimming World would take the remaining £50.
We’d recommend obtaining a receipt or document from your venue each month to confirm how much you’ve paid in rent to keep your records up to date. With this, you can track your expenses and log them on your spreadsheet. At the end of the year, keep your receipts safe in case HMRC ask to see them.