– The etymology of “business” stems from the state of being busy, and implies commercially viable and profitable work – Wikipedia
It is a natural progression for many Pilates teachers and anyone who is driven and has great skills to start running a small business, sometimes at the expense of our families and our personal life. We love teaching Pilates and helping people, so we aim to earn more and have more autonomy.
What I learned in the journey of self-discovery and business development is that defining SMART life goals and having a clear vision of what life will look like when running a business will help us plan and develop a strategy to run and grow a business that supports us, avoiding the trap of becoming busy and lost in the service of our clients.
Teaching 35-40 hours a week will burn out even the most passionate Pilates teacher, so being able to define boundaries or recruit, train and retain staff is essential. In that case delegating and having systems in place will allow you to switch off your phone and have down time without worrying all the time.
Going through this process helps you ensure that your business will not move you away from other areas of your life and vice-versa. Being clear about what we want for ourselves as individuals will bring more purpose and joy to our lives.
So how do we plan for a business that supports our life goals?
1. Define the goals for all areas of your life. Think about how these areas are looking like in the present and how you would like them to look like in the future. Decide on the type of business that will fit in with the other areas such as spiritual, health, social, family, personal development and other goals you may have for your career.
2. Define your vision for your business: This is how you draw the line of what you want to achieve and what it will look like, including all the pre-requisites and elements, the traits of the people you will surround yourself with and what resources you will employ to run the engine that supports your vision, whether it is to have a bigger income, a bigger contribution or a bigger more fulfilled life style.
3. Define the engine: This is how you define how many hours you will work and how many people will work with you, what system will you have in place, what premises you will rent, what services you will offer, what equipment you will need, how many weeks off you plan to have, how many hours you need to train staff and promote your business. Who is your ideal client and how will you get them through the door.
4. Your engine will help you define your budget. Knowing how much you need to earn to have a good life, pay wages and rent, allocate money for marketing and maybe outsource some administrative work will help you stay on track and set financial targets. It will also help you set prices objectively and have clear policies that support your financial stability.
5. Define your financial targets and some metrics that will help you stay on track and avoid operating at a loss.
6. Set some Key Performance Indicators (KPIs) and communicate your goals to all your staff, so they understand their role in the business success. If they are not performing at that level, you should look at replacing them for someone who will. The quicker the better.
7. Define the qualities of the people you want in your team and help them grow with your business. Create a culture that people want to part of.
All this information is relevant even if you want to be a one man show or be a contractor working for other people. Think about your vision for the life of your dreams and plan the steps that will take you there. Consider whether growing is a good idea and if you want to have an exit strategy. Day dreaming and planning is powerful, but implementation is key. Dream out loud!
By Marcia Shapira
PAA Committee Ordinary Member
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