Being a studio owner means asking yourself the tough questions – ‘am I overpaying my staff? And can those expenses be renegotiated?’
When I spoke my colleagues about this, 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.
Which is why I wanted to bring this episode back for a ‘Best Of’ run!
Join me in today’s throwback 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
With grit and gratitude,