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 no matter how hard I work, I just can’t seem to push past this wall. I’m not drowning in debt, but I’m nowhere near thriving either. I want so badly to grow, to create something sustainable and abundant, but honestly, I don’t even know where to begin. 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 will shape the financial decisions you make daily, 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 business? Your mindset is the foundation for how you view and handle your studio’s finances. When you shift into a mindset focused on profitability and wealth-building, you start to prioritize activities and strategies that will drive growth. 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.
Regards,
Dangerous in Love in Your Finance
Lozelle Mathai, MBA, Certified Forensic Examiner
Your health and wellness accountant
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