As we say goodbye to 2007 and look ahead to 2008, it becomes a time to look at where we are in our lives. A large part of our life is teaching, it becomes our passion and we share the joys of healthy movement. Just as we strive to help our clients reach new goals, we must also take the time to and revaluate our own.
Teaching Pilates can be quite comprehensive. It is deep and broad. It is nuanced and bold. It is both a science and an art. But it is also education and business. Of course, there are parts of our jobs that we love (teaching), as well as parts we may loathe (book-keeping). Acknowledging which parts inspire us and which tasks terrify may in turn empower us.
As a right-brained person, I have never been delighted by numbers or complicated details. I love working with ideas and movements on the creative side of things, but then to shy away from any solid financial planning. Realizing that two years ago made me stop in my tracks.
First, why didn’t I like the numbers side of things? Obviously if I loved numbers I would be an accountant or an economics expert, however my hesitance went beyond that. It came down to the fact that I had to sit down, be still, get organized, and have someone to explain to me what the numbers meant since I really didn’t get a "picture" from them - and we right-brained people love our pictures!
Next, I had to think about how not knowing the financial side of things limited me as both a teacher and a business owner. That part was actually easy. I knew that not knowing details limited my ability to budget for marketing, equipment purchases, tax-time, etc. I knew this would also provent my business from growing.
So with the problem and possiple impacts identified, I had only two choices: Do nothing, which never suits me, or take the time to act! So I acted. I hired an accounting expert to talk to me in simple terms about what the really numbers meant. I began to understand what was making me money, what wasn’t, what opportunities I was missing, and where I really was financially with my business. I began to read basic books on the subject of entrepreneurship. Today, while I am not a business expert, I am at least comfortable discussing things like returns on investments and margins.
What did I do with that information? I took control of my future. I wasn’t happy with running a small, one-instructor operation and had always dreamed of going back into the studio business. I had to plan whether or not I wanted to build it so they could come. And I did. And so did they!
I started small with just two TWSs. Next came a convertible chair, a ladder barrel and spine corrector. In the meantime, I was working out of my home -- a safe and low-risk strategy. Soon enough, my business was too big and it was time to move. Knowing the numbers side of things helped me to make good decisions. I could figure out how many pieces I needed to have in order to maximize income potential. I finally learned how much I could really afford to pay for equipment and rent.
After doing some demographic research and lots of "shopping around," I found a small studio space. While we couldn’t afford advertising, we had a plan in place to build referrals, word-of-mouth, and capitalizing on public relations efforts. At 900 square feet with four TWSs, a Cadillac and four MVes, we were finally open on a much larger scale.
A year later, we have moved again, this time into 2500 square foot studio and we are watching our dream grow larger both one day at a time and one client at a time. We know what we will spend on equipment this year. We are aware of our budget for charities and advertising. It is nice to see the future through a different perspective. And, while I have to admit I still don’t LOVE numbers, I no longer loathe them, rather I see them as an important part of my dream. Dream big! If I can do it, you can too!
- Zoey Trap, Peak Pilates Master Trainer