Podcast Episode 201: The Four Stages Every Studio Must Pass Through: The Wonder Stage, Opening {or Reinventing} Your Studio for Max Profitability and Peace of Mind

I’m not going to lie, being a business owner is pretty dreamy.

You can directly give your gifts to the world and impact your community, limitlessly grow your income, and you have the freedom to blend your work and your life in the way that you desire for yourself and your family.

Now I know some of you reading this will be nodding your head as you’re beginning to experience these possibilities that business ownership affords, but I know there are a group of others thinking…

“Yes, this is what I thought it would be, but man does it seem like a pipe dream compared to where I’m at now.”

No matter which camp you’re currently in, this message is for everyone: Your vision of business and studio ownership is not a pipe dream. If you can envision it and believe it, you can achieve it. Our thoughts are our beliefs; our beliefs inform our actions.

As I prepare to welcome the newest member of our family (a baby boy!), I can’t help but reflect on how our life’s journeys mirror that of business…

Except, unlike pregnancy where you move through the various stages of growth and development and reach that 40-week mark where you’re absolutely going to give birth at some point or another, “arriving” in business isn’t quite as simple.

There’s no deadline or timely marker to look for, and it’s easy to find yourself stuck in a stage, feeling like you don’t know how to bust through, move, or find your way around the brick wall in your way.

Over the next several weeks, I’ll be walking you through what I’ve identified as the “Four Stages of Studio Growth.”

Everyone passes through these stages at different rates, but every stage requires a deep dive from us as studio owners.

Today we’ll be discussing what I call the Wonder Phase which is when the foundation of your business success is built, and many business mistakes can be avoided.

I hope you’ll join me on the journey…

In this episode you’ll learn:

What is the “Wonder Phase” and how to know if you’re in it
How to get your baseline operation costs right from the beginning
What is a Pro Forma and how to use it effectively
The power of an average client monthly value and how you can use that to calculate a profitable business
What to look out for when negotiating real estate
Why you should have your sales and marketing systems ready before opening your doors

Recommended Links:

Ask For It by Linda Babcock and Sara Laschever

With Grit & Gratitude,

Lisé

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