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

  • The State of the Studio, Part 3

    If driving leads and building your team are among your top challenges, you’re in good company among studio owners.  So let’s tackle these pain points with practical solutions in my latest podcast, Episode 618, The State of the Studio, Part 3. Stop guessing and hoping and start taking advantage of our proven recos instead.  Plus,…

    Listen Now

  • The State of the Studio, Part 2

    More industry intel and insights coming your way! We’re back this week with my latest podcast, Episode 617, The State of the Studio, Part 2.  Get the skinny on kicking a 9% rolling 13-month retention rate to the curb, how to accommodate the Class Pass crowd and why you want people like my parents as…

    Listen Now

  • The State of the Studio, Part 1

    Y’all, opportunity is everywhere for boutique fitness studios. It’s such an exciting time! Let’s peek at the bigger picture to recognize what’s available, pursue areas of improvement and embrace what could be your best year yet.  In my latest podcast episode, The State of the Studio, Part 1, you’ll discover: Grab your headphones and listen…

    Listen Now

  • A Balancing Act with Coach Cat and Coach Peter

    Boundaries are back! We addressed the topic of boundaries recently on the podcast. Here we’re taking a deeper dive. Because boundaries are important, y’all.  Get into the weeds in my latest podcast episode, A Balancing Act with Coach Cat and Peter.  In Episode 615, Coach Cat and Coach Peter consider acknowledging and articulating your boundaries…

    Listen Now