Dear Dangerously in Love with Finance,
I’ve poured my heart and soul into running my yoga and Pilates studio for the past three years. I love what I do—it’s my passion, my purpose. But lately, I’ve been feeling this nagging sense of being stuck. My finances have hit a plateau, and despite my efforts, I can’t seem to break through. No matter how hard I work, progress feels impossible. I’m not drowning in debt, but I’m nowhere near thriving either. I have a strong desire to grow and create something sustainable and abundant. Honestly, though, I don’t even know where to start. How do I step into the role of a profitable CEO and build the kind of wealth my studio deserves?
— Stretched Thin and Yearning for Growth
Dear Stretched Thin and Yearning for Growth,
First off, I want to commend you for acknowledging that the key to financial growth starts with mindset. Before we even dive into the hard numbers, we have to focus on what I call the “Entrepreneurial Wealth Mindset”. This means stepping away from seeing yourself purely as a passionate instructor and fully embracing the role of an empowered entrepreneur and business owner.
Let’s start with the basics: What is your current money mindset? Do you find yourself viewing finances as something you “just get by with,” or do you see the potential for your business to build long-term wealth? These questions are crucial because your mindset shapes your daily financial decisions. It influences everything from pricing your services to deciding on studio expansions or equipment investments.
To shift from where you are to an “Entrepreneurial Wealth Mindset”, start by reframing your relationship with money. This involves implementing strategies that prioritize the financial health of your business. Consider these steps:
- Implement a strong financial management system: If you don’t already have one, get serious about tracking your income, expenses, and overall cash flow. Streamline your finances.
- Set financial goals: Whether it’s increasing monthly revenue or saving for a future studio expansion, setting Entrepreneurial Wealth goals gives your business direction and purpose. Treat your finances like a yoga practice—consistent attention and fine-tuning are needed to see growth over time.
- Get comfortable with the numbers: One common challenge in the wellness industry is shying away from financial data. But as a studio owner, you need to embrace the numbers. Knowing your financials inside and out is empowering and positions you to make better business decisions.
- Invest in yourself as an entrepreneur: A Entrepreneurial Wealth mindset means seeing yourself as more than just the person teaching classes. You’re an entrepreneur building a financial legacy. Whether it’s through business coaching, attending industry seminars, or reading about wealth-building strategies, keep your learning ongoing.
How does this intertwine with the finances of your yoga and Pilates studio? Your mindset is the foundation for how you view and handle your studio’s finances.
When you shift to a profitability and wealth-building mindset, you begin to prioritize growth-driving activities. This new focus helps you implement strategies that fuel long-term success. This could mean refining your pricing model, adding new revenue streams (like virtual classes or retail sales), or creating a financial cushion through smart saving and investments.
You’ve already done the hardest part—recognizing the need for change. Now, it’s about empowering yourself with financial knowledge, implementing strategies that align with your goals, and watching as your yoga and Pilates studio thrives under your new, Entrepreneurial Wealth mindset.
— Dangerously in Love with Finance
Mindful Take-Away Thoughts:
🌿Implementing a strong financial management system
To implement a robust financial management system, start by using accounting software like QuickBooks. These tools can automate expense tracking, invoicing, and reporting, making it easier to manage your cash flow. You can also hire an accountant to help you organize your finances. Set up a regular schedule to review financial statements, such as profit and loss, to ensure you’re staying on top of your studio’s financial health. Healthy Bodies of Finance personally walks you through setting up and getting to know these systems.
🌿Setting financial goals
Start by setting a specific, measurable financial goal, such as increasing monthly revenue by 10% over the next six months or saving $10,000 for a studio renovation. Use SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals to guide your financial planning. Break the goal into smaller steps like offering new services, improving marketing efforts, or cutting unnecessary expenses to help you reach the larger target. Check your progress regularly and adjust your plans if needed. Don’t let this overwhelm you, though! Healthy bodies of Finance is here to hold your hand every step of the way.
🌿Getting comfortable with the numbers
Overcome financial discomfort by dedicating time each week to review your studio’s financial reports. Learn how to read basic financial statements such as balance sheets, income statements, and cash flow reports. Healthy bodies of Finance helps you with learning how to manage business finance or bookkeeping to build confidence in managing your financial data. We even provide a financial advisor who can walk you through the numbers and help you make informed decisions.
🌿Investing In YOURSELF
Instead of trying to manage everything on your own, consider hiring a service like Healthy Bodies of Finance, which offers financial education, outsourced accounting, bookkeeping, and financial management (CFO services) tailored specifically for holistic health, wellness, or alternative medicine practices. By outsourcing these essential financial tasks, you can focus on what you do best—running your studio—while ensuring your finances are in expert hands. This investment will help you maintain financial clarity and stability, allowing for better decision-making and sustainable growth.
We specialize in helping yoga and Pilates studios like you navigate the complexities of financial management.
Our team can assist you in implementing a strong financial management system, setting financial goals, getting comfortable with the numbers, and investing in yourself as an entrepreneur.
Don’t let financial uncertainty hold back your potential. Contact Healthy Bodies of Finance today and take the first step towards a brighter financial future.
This article is designed to provide information only and should not be considered legal or tax advice. Because of the complexity of the law and the variables in your own personal tax and accounting situation, you can’t rely on our advice specifically related to your unique circumstances. In order to get the best tax savings and legal advice available to you, you should consult with your own accountant, attorney or advisor regarding your particular facts and circumstances. Healthy Bodies of Finance is an accounting firm that specializes in working with health and wellness providers. We provide monthly accounting & bookkeeping services and financial education. For more information on our specialized services for health and wellness providers please contact us at [email protected]