What’s on your to-do list this week?
If you are like most amazing studio owners I know, you have more on your list than time in the day.
I’m with you! My dance studio serves over 750 kids in our regular weekly classes, not counting our community outreach programs, which serve another 600 over the course of the year. Competition starts this weekend and recital costume distribution is in full swing. And, that’s just what’s going on in the “right now”. The other half of my brain is living six months in the future trying to figure out how to staff the fall schedule. And, then the other half of my brain (yes, dance teachers have three halves), is trying to figure out what I can make for the kids for dinner without making a trip to the store. Sound familiar?
But, of all the things you have on your to-do list, there are 3 that are probably NOT on your list, but that SHOULD be. If you can get these three things right, the other things on your list will follow, or at a minimum, they will fall into place much more easily.
This is the first of a 3-Part Series I will be sharing on “Mastering Your Life”.
Part 1: Develop The “Habit of 3”
Money. We all know how slow it comes and how fast it goes; especially for entrepreneurs. And, that’s just on a regular month. When you add in the challenge months, like SUMMER, the words cash flow takes on a whole new meaning.
I’ve been there. But, one of the best things I ever did as a studio owner was develop the “Habit of 3”:
- Part of what you earn should be for giving.
- Part of what you earn is for saving.
- Part of what you earn is for spending.
Simple, but not easy. The first habit I developed was giving. I would give myself silly if given the opportunity. Nothing thrills me more in business than being able to help others. The savings habit was harder to develop because there always seemed to be bottomless list of improvements to be made at the studio and expenses to match. After I tackled the giving and saving habit, it was time to buckle down and develop some sensible spending habits. It’s astounding how much money you can save if you just start actually looking at what you spend each day.
Regardless of whether you are a large studio or a small studio, mastering your money habits NOW will benefit you for a years to come and help you prepare for the day when you won’t be running your business any more:)
Need more help developing your “Habit of 3”?
Join us for Studio Owner University, October 19-20 in Chicago for three days of nuts and bolts business training with like-minded studio owners from around the globe.