Missed part 1? Read it here
Brick & Mortar Owners!
This one is for you. Too often, studio owners pay themselves based on the hours they teach. However, this can be really tricky for building a team. If your team needs clients and you need to make more money, you might choose yourself over your team getting their hours filled. Not because you don’t care but because of how your business is set up. Instead, build your salary into the studio’s bills! Then you can have more stability in your income, and you can be where the business needs you. If a teacher is out, you can teach more. If the studio needs more marketing, you can be there. Taking on the responsibility of owning a studio and hiring a team is a big deal! You did this to help clients in your community and offer instructors the opportunity to share their gifts. If you chose your studio’s rates based on “market research.” I get ya. But that’s not the only way. And that doesn’t set us up for you to get paid for taking on the enormous risk of owning the studio and all the work that includes. Nor does that help us ensure you can pay the studio’s bills and pay teachers a fair amount for their hard work. If you were to do a similar process to the Solo owners, not only will your studio rates include your income and the studio’s bills. It will also take the guesswork out. Your salary can be whatever you want…$75k-100k+. A studio that is clear on its service to the community and supports its team can make hundreds of thousands. Even over a million!
The salary you want is possible depending on the role you have. Ask yourself, do I want to take the risk of running a business? No? Consider finding a studio that aligns with your values and work together to find a schedule that serves you both.
If you are okay taking the risk, gather all the information on bills you will have for your solo business or studio. Research what the taxes could be for you where you live. Get clear on how many weeks you want to be open a year and how much you want to take home.
Once you have this information use this free tool to determine your rate.
Too often, I hear, “I only make money when I am teaching.” For employees, this is true. But, if you work for yourself or own a studio, that doesn’t have to be true. Build your income desires into your business expenses and make the salary you want to make.
You can change your mind along the way! Perhaps being an employee is perfect for you while you have kids or other demands that make building a business difficult. Great! Find a place where you can shine your light. Maybe you started out rocking your own business, but your life has changed? Make your way into being an employee.
Whatever you choose remember you are the only person who can do what you do the way that you do it and your salary isn’t determined by the person who has been teaching a little bit longer than you! xx~LL
Lesley Logan founder of ProfitablePilates.com