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Weekly Training Solutions

4 Ways to Think about $10k

While your mission may be the most motivating factor in your business life, it cannot happen without hard work, dedication, and yes, revenue. As STS™ founder Misty Lown says, “Without money, there is no mission!” 

In order to serve your community and have a positive impact, you must have a profitable business model. So, what is the solution if you need to bring in more revenue to make a profit?

Let’s use an example and say your business needs to earn $3,000 more per month (or $36,000 per year) in order to fulfill its mission. Here are four ways to fill that need:

  1. Sell more to current students. Assuming you have 250 current students, $3,000 divided by 250 students equals $12 per student per month or $144 per student per year. What can you sell to fill that need?
  2. Sell to more students. Assuming the average studio family pays $100 per month, $3,000 divided by $100 per month equals 30 more students. Where could you accommodate 30 more students?
  3. Sell something new. What new programming, apparel, workshops, private lessons, or other ancillary items can you sell? Don’t forget to factor in the costs of goods sold for any new services or products you sell.
  4. Cut costs. To save $3,000 per month, dig deep into your budget. Call your merchant services provider, phone/internet/electric/gas companies, or other providers to inquire about savings. Every dollar counts!

You could also try a combination of each idea here to meet the needs of your revenue goals. Keep track of your progress and tell us how you created a more profitable business!

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