From the stress of feeling there was never enough to…
There are those moments in life where things just change forever, and it requires an up levelling in your business to support you.
I was approached by this business owner with the exciting news of her baby being due in 6 months’ time.
Whilst her beauty and massage therapy business was making her money, she was so frustrated constantly checking her bank account moving money around and feeling like there never was enough to pay herself a fixed salary each month.
In this industry this is a very common problem, with lots of clients paying small amounts all on different days and your bigger bills falling due on a monthly cycle it becomes incredibly hard to keep track of what is coming in and going out.
The problem was it just didn’t work for her, especially now she wanted more stability, to save more and plan for maternity leave.
When we delved deeper, I discovered that there were several challenges to overcome with the way she was approaching her income…
1. It wasn’t clear how much money she needed each week, to ensure she covered all her monthly business and to pay herself. This resulted in her feeling stressed, juggling money daily between account to ensure bills were paid on the day they were due.
2. She was giving her clients a lot of discounts and needed support to confidently ask for the full amount and in some cases charge even more.
3. She was focused on what was happening over the coming week and wasn’t planning longer term into the future. Which made things constantly feel uncertain, stressful and life incredibly hard to plan.
There were three key things we focused on so that the Beauty Therapist felt more in control, was able to pay herself consistently and know exactly how long to take off and pay for her maternity leave
We organised her day to day money in such a way that she only needed to spend 30 mins a month checking her bank balance. We focused to set up her accounts, so she confidently knew there was enough to pay her bills in time and in full. We also calculated and set up an automatic transfer for her personal pay.
This one exercise added an extra £3k profit to her business and for her family’s future. We reviewed a reset all her prices considering the true cost of her time and the cost of products used, this guaranteed every single sale she made would be profitable. We did the mindset work to support her with charging full price instead of discounting, identified where discounts could be appropriate and how much discount could be offered to be sure there was still some profit on the sale.
We developed a plan together that gave her confidence to take 3 full months maternity with a further 3 months slowly phasing back into working full time.
Knowing she would need to reduce her hours as her due date became closer, we focused on promoting and booking clients into her business for the most profitable services she offered. I supported her to negotiate her outgoings to minimise any spending whilst she took maternity leave. Finally she set up a savings pot making weekly contributions to support her during her phased return, or should she need more time off work following the birth of her baby.
The changes moved her business into a more profitable situation, reduced her stress levels and provided security, savings and confidence she could enjoy her pregnancy and maternity without the anxiety of money on her mind.