You poured your heart into opening your dream fitness studio to inspire people to live active, healthy lifestyles. But don't lose sight of this key fact - it's a business, and businesses must turn a profit to survive. That includes writing yourself a paycheck.
Paying yourself isn't an indulgent treat, it's an absolute necessity to keep your studio running year after year. When you get paid, it's like giving that hard-working high-five to the one calling all the shots - you!
So how do you prioritize your personal finances for maximum success? Follow these tips:
Remember, feeding your personal finances is giving vital nourishment to the entire business's well-being. If you let your wallet go hungry, your studio will inevitably struggle too.
As the owner and fearless leader, you play a sprawling number of pivotal roles. Head instructor, motivator, marketer, accountant, visionary - that's all you! Paying yourself fairly demonstrates you truly grasp how indispensable you are to your fitness empire's success.
Here's why valuing yourself is non-negotiable:
Drawing a respectable salary isn't just about the financials. It's an outward display that you respect the blood, sweat, and tears you pour into being a fitness leader and entrepreneur. When you pay yourself what you deserve, it elevates your studio's credibility.
The sad reality is 37% of fitness studios fail within their first year of operation. Why? Because too many prioritize explosive short-term growth over building a sturdy, sustainable business foundation.
That stable foundation is precisely what you need. A huge part? Ensuring your studio's revenue consistently exceeds expenses, including your own salary obligations. Pay yourself first, not last.
Here are some proven tips for building sustainability:
The goal? Slow and steady profitability for years to come - not explosive short-term gains. Make smart decisions to run lean and efficiently over the long haul.
Let's face it, the only guarantee for any business owner is volatility. Economic slumps, natural disasters, global pandemics - you have to be ready to roll with the punches no matter what. That resilience stems from the right financial foundation.
Paying yourself isn't optional fluff - it's a core strategy for weathering any storm:
The right combination of savings, diversification, and community connection makes your business virtually crisis-proof when disaster inevitably strikes.
At the end of the day, the entire fitness industry is rooted in trust. Your members trust your expertise to safely guide their health journeys. Partners trust your integrity and reliability enough to invest their own brands in yours.
The easiest way to reinforce that credibility? Walk your talk by paying yourself market rates.
Getting paid the salary you deserve is more than just money in the bank. It's an investment that purchases trust, inspires loyalty, and shapes your studio's professional reputation for decades to come.
To showcase the impacts of paying yourself properly, let's look at two different studio owner examples:
Jenn's Total Body Transformation Studio
Tyler's Thunderdome CrossFit
The difference in these two scenarios? Jenn failed to pay herself what she was worth, lacking the resources to ever truly establish her business. Tyler valued his leadership enough to create a sustainable engine for surviving and conquering any obstacle.
Paying yourself the salary you've earned isn't a luxury - it's the ultimate display of confidence. It tells the world you're playing for keeps and builds a business poised to endure for generations. Start prioritizing those paychecks!
