The Business of Boutique Fitness
409: Misconstrued Beliefs: Everyone else is more valuable than me
In our very first episode tackling misconstrued beliefs, we spoke about how to reevaluate your business’s finances.
That included asking yourself the tough questions – ‘am I overpaying my staff? And can those expenses be renegotiated?’
When I gave the same advice to my colleagues, the response I got was universal and worrying:
‘My instructors, trainers, teachers, and expenses hold more value than I do to the studio and how I pay them and myself will reflect that.’
Y’all, once again, I totally get it.
In fact, when I first started expanding my team, I paid my staff an inflated salary.
I just wanted to be seen as a good boss.
Until the year-end rolled around and I was barely making money myself.
That’s when I realized one thing:
Your studio is your rodeo.
If you don’t value yourself financially, you sure ain’t valuing your business or your team.
Join me in today’s episode as I tackle this belief headfirst and share my 30/30/30 profit roll, how to value yourself in your business, and what ‘constantly being in hiring mode’ means!
In this episode you’ll learn:
- The real reasons why you aren’t paying yourself
- Whether or not you are paying your instructors an above-average rate
- A breakdown of my 30/30/30 profit roll
- How to start evaluating your instructors based on the client experience
- Ways to renegotiate with open financials
- The misconstrued belief of your worth
LINKS:
https://www.instagram.com/studiogrowco
With grit & gratitude,
Lisé
