Dream big

It’s important to have specific dreams. Dream big. Dream without fear.

- Randy Pausch

In early 2009, opening a studio was a big dream of mine. It took six months to clear out the space in a detached studio behind my house, purchase equipment and find clients, but I got it going. Low-ish risk.

Fifteen years later, it’s a different story with a 2,500 sq. ft. storefront studio in downtown Austin. Risk is palpable. So, I am always fine tuning. In Week 4 of the Pricing Overhaul® Program, we focused on operating expenses.

Do you know what it costs to keep your business running?

I thought I did. I mean, my expenses are well into the five figures, so I can’t mess around. I have a monthly bookkeeper and redline my P&L quarterly. I have a spreadsheet of expenses based on my averages, and my studio’s pricing is based on these numbers. I’m doing all the things!

But I was off. Something was missing. And in my business, it’s the number one reason I haven’t realized a 30% profit. (And being at 30% is a very specific dream of mine.)

It’s those one-time expenses. These non-recurring expenses are often not accounted for when we create our budgets. Which means they aren’t accounted for when we’re pricing our services. Which means dwindling profits with every one-time expense.

For me, these expenses included TWO paid-in-full business coaching programs, HVAC repairs, annual accountant fees, paid-in-full insurance, and business travel.

So this week, we dug deep into our numbers, found our one-time expenses and accounted for them in our expense spreadsheet.

Lo and behold, the difference in my business averaged a staggering 2k per month.

That’s a lot of money to make up if my pricing doesn’t account for it.

So I’m sharpening my pencil for Week 5, where I calculate my Monthly Revenue Needed. I’m getting closer and closer to a healthy profit. The Pricing Overhaul® program is supporting me to dream big, without fear.

Want to get on the waitlist for a Pricing Overhaul® of your own? Book a complimentary Discovery Call with me, and let’s see if I can help.