You’ve escaped the shackles of the corporate world and launched a studio. However, you’re not making enough money, and you need a solution.
The corporate world is remunerative, but many people leave it. It’s because their job is exhausting and doesn’t provide freedom. They work 40-plus hours per week, taking a massive toll on their physical and mental health.
So, they think to themselves, “I can’t go on like this forever. I need a way out.”
That’s when they quit their jobs and open an F45 or FS8 studio. They obtain a cash flow summary, and it looks great. It tells them they could make piles of money in the next nine months.
It seems they’ve finally found their cash cow… but then, the enthusiasm wanes.
They calculate the earnings, and the amount is disappointing. It’s nowhere near the amount in their cash flow summary.
You might be facing the same problem.
Your studio is underperforming, and your business isn’t growing quickly enough to generate a decent income. At this point, you might even consider closing the studio…
…but don’t give up just yet.
You can give yourself an instant pay raise using a tried-and-true method. This article will tell you how to do so.
The Rocks, Pebbles, and Sand Concept
The first step to giving yourself a pay raise is to change your approach from the ground up. And the best way to do this is to follow the “rocks, pebbles, and sand” concept.
Now, you may be wondering, “What do rocks, pebbles, and sand have to do with my studio?”.
Let’s illustrate the connection.
Picture a jar you need to fill with rocks, pebbles, and sand. Most people will start with the sand, which represents the administrative part of your studio. It involves emails, errands, athletics, and other related jobs.
Next, they move on to the pebbles. And this refers to jobs like ordering and organising your merch.
This leaves the rocks as the last component to be added to their jar. These are the needle-movers. Those that influence your studio’s numbers and will help you determine if your studio is doing well.
A lot of people avoid the rocks because they’re too busy with the sand and pebbles or don’t know how to deal with the rocks. Another reason is that they dread the realisation their business isn’t making money.
This mindset needs to be eradicated!
You can’t be too busy to do the needle-movers or fail to understand how to do the numbers. This part of the jar is crucial, as it allows you to create a lifetime value from your studio. It shows you how to get more money from your clients, enhance your services, and streamline your business model.
So, how do you use this concept to give yourself a pay raise?
The answer is simple – you need only change the order in which you put things in the jar.
You put the rocks in first, followed by pebbles and sand. In doing so, the sand spreads around the most important things, meaning there’s room for each ingredient.
You’ll no longer be too busy for anything because you’ve reprioritised.
Prioritise Tasks to Get An Instant Pay Raise or Two
Reprioritising the rocks, pebbles, and sand jobs allows you to get not one but two pay rises. However, you’ll first need to identify these jobs in your studio by creating three columns and identifying the rocks, pebbles, and sand.
The rocks column comprises $1,000-an-hour jobs. They enable you to build leverage in your company by working on critical activities.
These jobs include setting up your strategies, developing your team, managing rollovers, building relationships with physical therapists, running referral programs, and generating a higher LTV (lifetime value).
Once you focus on $1,000 jobs, you’ll finally work on the business and not in the business.
The pebbles column consists of $100 jobs. These tasks are less demanding but are vital to growing your studio.
Still, this doesn’t mean you should do them. You can hire a virtual assistant (VA) and pay them $10 an hour to take on some of the work. There will be fewer duties for you as a result, and the VA will probably do a better job, especially if they’re trained.
Another thing you should consider in this column is delegating and empowering your staff. How can you develop and upskill someone on your team? Who should take on more responsibilities?
For instance, someone working in your gym might be great at developing relationships. They may also have admirable sales skills.
It’s up to you to determine this and find the right person for each $100 job.
The sand column involves $10 jobs. It’s made up of activities that don’t make a huge difference in terms of running your studio. The list includes sending out emails and even mundane tasks like washing towels.
You shouldn’t be doing any of these jobs – you’re the studio owner, right? You’re wasting your time and money by doing them.
Which brings us to the essential question:
How do you give yourself a pay raise with this concept?
Getting the first pay raise is easy – stop doing $10 jobs! Dump them or delegate them, depending on their importance.
And since the $100 jobs have already been delegated to another team member, you have plenty of time to focus on the $1,000 tasks.
This delivers a second pay raise since you won’t need to hire lawyers or other expensive personnel. You should be able to develop your team, create a robust retention strategy, and perform other crucial duties on your own.
Do this for at least a week and you’ll see you can easily be worth $1,000 for your studio.
The Recipe for Success Is Here
Running your dream studio doesn’t always run smoothly. This is especially true if you invest all your efforts into the sand and pebbles. You neglect the rocks, as you’re too busy or afraid to face the truth about your studio.
This approach is holding you back.
You need to understand that you’re the leader, so you shouldn’t bother with jobs irrelevant to your position. Remove or delegate them to drive the company’s growth with your $1,000 skills.
This will put you on the right track to obtaining the coveted cash cow.