Are you a spa owner tired of your income stream only coming from being in the treatment room? Do you dream of having a dream team set up that allows you to take a vacation completely worry free? Are you ready to get in control of your time and business? This article is designed to help you get one step closer today. It will do this by helping you to eliminate the common excuse “I don’t have enough money.”
Newsflash, my spapreneurs, in this universe most small business owners start out with little or no money. According to the US Small Business Administration, most microbusinesses start around a $3,000 investment. Most small businesses, microbusinesses, and most of you who are like one-room shops, you’re a microbusiness. For some of you, you’re thinking, “Oh, my God, I wish I had $3,000. Wow, what can I do with $3,000?” I get it. But, there’s a reason the term ‘bootstrap’ in business is the most common term, because all of us have had to hang on by our bootstraps and consider, “How am I going to do the things I need to do with the money I have?”
Getting money focused
You have to first get money focused. Think, Parks and Rec. Remember Jessica Wicks? My favorite quote from her is “Money brings my lifestyle. Leslie doesn’t bring my lifestyle.” So, money is an important tool. It is a tool. It is something we use to get the things we want. It’s not an emotion.
That’s the first thing when it comes to money mindset, is you have to realize money is nothing but numbers. It is nothing but numbers. It’s just a matter of knowing how to use those numbers in a way that makes sense. That’s number one.
Give your money a job
Every dollar that comes into your orbit needs to have a job. I know this from my time working with Amber Dugger. I want to be really clear. If you want to get the best money advice, ever go to profitforjoy.com, google Amber Dugger, and you will find a wealth of information.
Again, every dollar that comes into your business or into your home needs to have a job. You can’t just let it sit around. It needs to have a purpose. Even if that purpose is, “Hey, I’m going to park you in this bank account to earn interest on.” Here’s the big problem, a lot of times you think “Oh, I’ve got $3,000. I can spend $3,000.” No. Some of that money has to go to Uncle Sam or your government tax bureau, to pay your employees, and to pay for your vendor. A lot of times, you don’t have money because you don’t have a plan around your money.
Design your business to make revenue
Ready to close the tab? Alight, Cool. Don’t listen this message. That’s more money for me, more money for the people who understand this. You are a revenue-seeking entity.
That means that we’re going to have to make some tough choices in our business. It means that we don’t buy the hydraulic table because we want to when the regular table serves us just fine. Or, we’re willing to invest in the hydraulic table because our clients need us to do so and it’s going to save my body which means I can do two to three more massages or services a week and that brings in more money.
Notice how I came out that decision? I don’t buy something because it feeds my vanity. I get it because it’s going to make me better as a business owner. It’s an investment in my business. It means you may be pricing yourself out of the market of some customers.
It is okay to be expensive
Denise Duffield-Thomas said, “It’s okay to be too expensive.” It really is, my Spapreneur. I’m talking to you. Because when I said that, you got that kind of guilty feeling in your stomach. It’s okay to say to yourself ” Hey, I’m in this to make money. Money allows me to do all the things I want to do in my life, including being generous.”
You probably have to price yourself out of some people’s market, some people’s wallets, and guess what? When you do that, You’re doing the right thing. Get your head out of other people’s wallets. Remember, Emily King said earlier this year on the podcast and I thought it was so brilliant, she said “You’re never going to be comfortable raising your prices.” So just except that today.
Running a no nonsense business
Treating your business like a revenue-producing entity also means that you cannot put up with nonsense from clients and staff members. When they show up late, that costs you money, when your staff does something stupid and it costs you a client, that costs you money. When a client doesn’t show up, yep, that’s costing you money.
I need you to to start thinking about it in those terms. Because all of a sudden, when you’re realizing, “Wait a minute, by me allowing a client to show up 15 minutes late every week, it’s costing me money.” When we open ourselves up to charge what we’re worth, it opens up doors, it opens up possibilities, it opens up to better clients that are going to serve you well. It means you don’t put up with nonsense.
Your next step is to invest in accounting education. Profit first, profit first, profit first. Seriously, if I could ever get a tattoo on my head, it would be “Every business owner read profit first!”
It basically teaches “The first thing we do when we get money into our business is we take a little bit off the top for the owner.” It reminds us that the business works for us, we don’t work for the business. That is revenue producing. The revenue belongs to us first. After that, we take this magical thing called owners pay. Next, we do taxes because a lot of times businesses get in trouble with tax liens more than anything else.
Then, finally, whatever’s left over, that’s what we run our business on. That’s what we reinvest back in our business. When you’re starting out, you may have to get a little bit less owners pay and you want a little less profit. But as you get more successful, it’s amazing how those numbers shift.
P.S – Please dear God, read the book.
One of the first things I now I have Spapreneur Mastermind members do is to align the revenue goals of your business. Yes, you should have a revenue goal aligned to your personal money goals. You need to have a household budget. Every dollar needs to have a job.
You need to have two things. Number one, know how much the four walls cost you. What are the four walls? The four walls are those things that you absolutely cannot live without food. Basic clothing, a roof over our head, electricity, internet etc.
Second, you want to have how much your dream life costs you. What is your dream life? Is your dream life, “The life where I do get private Pilates lessons or I take my kids to Disney World.”? That’s the life I’m living right now. So ask, “How much does that cost me?” These are things that matter. You have to align it with– because if your business goals are not aligned with your personal goals, neither will work, and they’ll fight against each other, and you’ll get frustrated and mad.
the CEO schedule is important. It’s something that I’m going to be talking about for the rest of the year. You must have time outside of the treatment room to work on your business. You have to have time in your schedule. But, if you’re so worried about making money, here’s what happens, we sacrifice that CEO time to bring in more clients. That is where we’re running our wheels and we never get ahead. It’s like running on sand dunes.
You must at minimum have five hours a week for your CEO schedule. It’s something I teach in Spapreneur Mastermind. And I’m going to be teaching about it more and more. It’s really that important.
Money’s not an evil thing. What is an evil thing is when we don’t utilize the money correctly. I will be honest with you. Too many of you are running your businesses by the seat of your pants. And you wonder why you’re not getting to where you want to be? I know these things because I have been there myself.
Ready to stop making excuses?
I’ve invested in business coaching for myself this year, and it’s one of the things that’s helped me learn about all these excuses about myself and to get past them. I offer business coaching, and I would love for you to join me.
I want to invite you to Spaprenuer Live! If you are reading this before September 22nd, 23rd, 24th 2021, there is still time to join us. Come and see my staff, come experience DeStress. It is worth your time and money. I promise it will be an amazing experience.
Or you can join my Spapreneur Mastermind. You will get group coaching programs, an education library, monthly social media captions and images. You get so much support, and we dive into the issues that I’ve been talking about today and so much more!
Another option is private coaching. I love working privately with clients. Private coaching is ideal for somebody who is either about to expand their business and is looking for long-term investment in coaching. You’re going to want to plan about six months of me working intensely with you a minimum twice a month. You can get all the information about these and set up a call to talk to me to see which one of these programs is the right fit for you by heading here.