The magic “million dollar mark” is a goal my team and I frequently hear within our coaching programs and among our Spa CEO students and clients, and for good reason.
Being a seven-figure business owner is a huge accomplishment, one that many small businesses don’t achieve, especially women (a statistic we’re set out to change among spa owners!).
However, just as frequently as we hear that goal, we see the same mistakes made by spa owners that hinder their ability to grow to that million-dollar-per-year mark.
The good news is that these mistakes aren’t complicated to fix. But they do require consistency in your commitment to being and acting like a Spa CEO because, when you own that role and what you need to do to fulfill it, these are mistakes you’ll naturally avoid.
Join me and Team Addo coach Nicole Cooley for our second episode of Finance Month on the Spa Marketing Made Easy podcast, where we discuss:
- The five most common mistakes spa owners make keeping them from hitting $1 million in annual revenue
- Why knowing your numbers is critical to your ability to reach $1 million as well as how to analyze those numbers so you can leverage them
- Nicole’s tips for creating a cash reserves calculation that works specifically for you
- Understanding lines of credit and how to leverage loans and other financial assistance to grow your business
- How scheduling and capacity planning play into your big picture goals, plus how to have several success plans so you’re never left wondering what move to make next on your journey to $1 million in annual revenue
Resources Mentioned in This Episode:
- Discover and learn more about SBA loans
- Download our Finance Month freebie, Profit First Calculator
- Listen to the first episode of our Finance Month series, “Episode 392 – Strategically Lowering Your Spa’s Expenses with Nicole Cooley”
To keep the conversation going, ask questions, and connect with other like-minded aestheticians building thriving careers, click here to join the free Spa Marketing Made Easy Podcast community.
EPISODE TRANSCRIPT