One of my AGENCY mastermind members recently said: “I think that if I feel busy I must be doing good numbers.” She was mistaking the fact that her schedule was full so she must be bringing in enough money. And, here’s the thing, a lot of instructors and studio owners make this error. They work so hard to fill all their classes and teaching hours because if they are busy or teach more then they’ll make more. But, what I often find when I look at their numbers is that while they are busy and some of them really busy they are not meeting the monetary goals and needs they have. And this is because they are confusing busy for successful.
Do you know your average hourly rate? If you’re a teacher this can be easier to figure out than a studio owner but either way you need this number.
Do you have a gross income goal for your business? If you’re a teacher at the end of the year what would you like to have made? Studios if all systems were working what would your gross income be?
If you don’t have these numbers then set aside some time to get super clear on these.
When I was running studios I had goals for the month and the year. Some sessions were privates, or duets etc. Every person had the option of buying single sessions vs packages. Not going to lie the first time I had to figure out how to see what the studio could do based on the schedule I thought my mind might explode. But, when I figured out some averages. Took a look at what was scheduled and compared it to the goal I could see how far away we were. I also could make a plan!
In the teaching part of my business, I have a goal each week that is a “work week” on how many sessions I need to have in my schedule. The freedom this provides is incredible. Because, if I look ahead and my schedule is “full” meaning I have hit my # then I don’t need to add more clients to the week. I have time to spend focusing on my business in other ways. But, if you don’t know this number how do you know if you’re teaching enough?
The burn out is real and it sucks whether you are making enough money or and stings, even more, when you’re not.
Homework for you:
What’s your average hourly rate?
What’s your gross money goal for this year?
How many weeks will you work this year?
I’ll do giving the tips on what to do with these numbers in my newsletter this week. My course on “raising your rates” also goes over how to use this info to help you create a plan for you to make the money you want to make and not overwork yourself doing it.
What if instead of filling every hour you could teach you just taught the amount you needed?
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- Pivoting: Tips for Instructors and Studio Owners - July 27, 2020
- Tips for Getting New Clients and Rebuilding Right Now - July 20, 2020