The
Podcast

Podcast Episode 80: {Epic Mindset Shifts} My bills are always bigger than my revenue. How do I finally see a profit?

I’m going back in time, y’all. Eleven years to be exact to when I was in my first year of business after I got married.

I hit a problem that we all struggle with where month after month, my expenses were bigger than my revenue.

And I was wondering, “When on earth would I finally see a profit?”

Now, back then, I wasn’t known for keeping the most beautiful P&Ls. Mine were looking like a barely readable ledger. But even though they didn’t look as wonderful as they do now, one thing was certain: my revenue was growing.

The business was doing some serious numbers for what we were and maxing out its potential.

However, one problem – I had all the expenses that came with that.

And since I was so focused on how the revenue was coming in, I just assumed that we always had things covered. I just thought it was fine to pay for whatever my heart was content to spend money on.

I’m definitely one of those people who will tell you to buy it if we go shopping, and the same thing was happening in my business.

Some of those expenses were great, like hiring a great team. And some of them weren’t so great like training for me, my team, new technology, a new website, and things I just didn’t need.

I saw those numbers keeping going up and I just felt like I had license to spend. I had this mentality if I didn’t spend this, I’m just going to have to pay taxes on it.

Until it hit me – I wasn’t making any money. I was investing this into everything else. And if my sole reason was to not pay any taxes, I was doing a great job. But that’s not what I wanted.

So I started taking a very different approach…

Listen into Episode 080 and you’ll learn:

  • Why it is important to carve your paychecks from the earnings of your business
  • How I was able to identify the cuts that needed to be made in my business- while still staying true to what I wanted my role in my business to be
  • How I discovered budgeting at a young age and how I apply that to my businesses today

LINKS:

Podcast episode 013

“Mastering the Rockefeller Habits” by Verne Harnish

“Scrum” Jeff Sutherland

Todd Herman, The 90 Day Year

 
Join my Ready Aim Empire tribe to find incredible insights from other entrepreneurs and share your own takeaways!

With grit + gratitude,

Xo Lisé

Recommended Episodes

  • Emerging Trends & Innovations in Fitness

    For boutique fitness studio owners, sometimes you’re so deep in the weeds with sales, marketing and operations that you miss the big picture of what’s happening in the industry.  So step out for a moment to look at the landscape with Coaches Rachel Prairie and Conor McGarry in Episode 658: Emerging Trends & Innovations in…

    Listen Now

  • Everything You've Been Too Embarrassed to Ask Your Accountant

    I’m pretty sure that most (all?) of us didn’t open a boutique fitness studio to stare at spreadsheets and crunch numbers. Yet that’s part of owning a business. Learn what you really need to know with Coach Lindsey Hammond and guest CPA Kimberly Tara in Episode 657: Everything You've Been Too Embarrassed to Ask Your…

    Listen Now

  • Building Your Mission, Vision & Core Values

    Y’all, be honest. Do you really understand what a mission, vision and core values mean for your studio and why they matter? And why should you care? Consider these essentials for a moment with Coach Matt Hanton and Lisa Taylor, Studio Grow’s Bespoke program director, in Episode 656: Building Your Mission, Vision & Core Values.…

    Listen Now

  • The State of the Yoga Industry

    Sure seems like everyone today is desperately seeking some zen on the mat. The global yoga industry is expected to climb from $180B in 2024 to $215B in 2025. Coach and yoga studio owner Caroline Plambeck lays out the optimistic landscape of opportunities to capitalize on surging interest in Episode 655: The State of the…

    Listen Now