Episode 23 - Your Business, Your Rules: 3 Questions To Get It Right

Think running a successful fitness business is just about passion? Think again.

In this episode of Three Questions, I break down the three questions I wish more people would ask before opening a studio, starting a clinic, or going out on their own. From knowing your financial “floor and ceiling,” to designing a lifestyle you actually want, to deciding whether you’re building a business or a brand, these questions can save you years of stress and help you create something sustainable.

In this episode you’ll hear:
 ✅ Why pricing based on competitors can quietly sink your business
 ✅ How your lifestyle goals should guide your business model (not the other way around)
 ✅ The hard but freeing truth about whether you really want to be an owner or if it’s just that you love your work

Whether you’re dreaming of opening a Pilates studio, already running a gym, or just trying to figure out your next step in the fitness industry, this episode will help you build on your own terms without losing your North Star.

Resources mentioned:
Neuro Studio Advanced Neuro Techniques For Movement Pros
Find a Neuro Studio Teacher Near You
Connect with me on Instagram
Connect with me on Threads

Chapters

• 0:00 Your Business, Your Rules
• 1:29 Understanding Your Finances
• 13:48 Lifestyle Goals and Business Decisions
• 19:41 Lessons from Running a Studio
• 22:01 The Importance of Knowing Your Numbers
• 27:28 Building a Business vs. Building a Brand
• 34:56 Final Thoughts and Encouragement

Transcript

Meghann Koppele Duffy: Welcome to Three Questions where critical thinking is king, and my opinions and research are only here to support your learning and deeper understanding. Hey, I'm your host Meghann, and I am so honored. You clicked on three questions today so we can dig into a topic that's often, I guess, uncomfortable to talk about.

I mean, who really likes to talk about money and how much money you make and how successful your business is. It's, you know, something I was kind of taught not to talk about, you know, it's rude, but I think there needs to be some clarity and transparency when we're talking about the business of fitness.

So today, guys, I'm gonna ask you three questions because maybe you're thinking about starting a business, opening a Pilates studio, opening a CrossFit gym. Opening a physical therapy clinic, or maybe you're looking to step away from one of those and become an employee. I want the answers to these questions to help you, I don't wanna say dictate, but help you choose a direction that will bring you both financial, financial freedom.

I like that word better and joy in your life. So. Let's get into it, shall we? I am gonna start with question one because it's the most boring, but I think we need to discuss it. So let me ask you, what are your financial floors? Are ceilings, what are they? And you might be thinking, what the heck are you talking about, Meghann?

Well, let me explain a little bit. Well, your financial floor, and I always think there's two financial floors. Personally and in the business. So your personal financial floor is how much money do you need to make to survive and what survival is for you might be different than me or anybody else. So what are your expenses?

Your fi fixed expenses? Easy for me to say. Fixed expenses like your rent or your mortgage or your water bill, or your heat and air conditioning, your tv, your internet, your phone. These are fixed expenses that don't really change, although they might change a little bit. And then there's other expenses, you know, like food, which to me is, shouldn't be a luxury.

Um, I, I joke, I feel like my husband and I, like all we do is spend money on food. Um, and it's just the two of us. So people with kids. I can't even imagine what your grocery bill's like, but that's another episode. And you know, sometimes we have to be cut back on our food expenses and sometimes we can be a little more frivolous.

What about entertainment? What about new clothes? What about stuff for your house? And also, guys, when you're thinking about fixed expenses, you need to prepare for the catastrophes. I mean, right now in my podcasting office, half the wall is missing. You can't see it over there. It was actually kind of funny, you know, we had this little water leak and the guy like comes up and he's like, you know they, when they always pull you aside, you ever notice when workmen like, pull you aside?

We need to talk. You like just what's the bad news? Tell me how much this is gonna cost. Long story short, the guy's like, this isn't good. I'm like, all right. He's like, he was putting his finger through the wood and I'm like, wait, are you putting your finger like through the wall of my house? And he's like, yeah, you're not supposed to be able to put your finger through wood.

And I'm thinking, listen, I, I, I'm not a carpenter, but yes, that makes sense. So things like that come up and I think we've all been there. I remember when I lived in Hoboken, they like weren't charging us for taxes one year. 'cause there were, it was a mess. And then the tax bill went up almost 70% and I wasn't prepared for that.

So yes, in your floor, you need to think about your day-to-day expenses. Okay. You also need to think about the what ifs, the problems, the health issues, the house issues, all that shit. Okay? And then in your business, and this is where with all do I think a lot of fitness business owners are missing things.

I know your passionate, I know you wanna help people. I get it. That's why I got in this business too. But if you don't know your floor. That is a problem because then you're, that tells me you're just picking prices willy-nilly based off your competitors or based off what you think people will pay.

That's not a good business strategy. So your floor is, what's your rent? Do you have to buy toilet paper that counts. Do you need towels? Do you need soap? Like all the things that go into running your business, air conditioning, heat, all that stuff. So when I'm working with any of my mentees, I want to know what their floor is, how, how much money do you have to make to just break even?

Okay. And listen, I'm a daughter of a ex accountant, you know, financial guy, and he was always like. He gave me this advice and there's gonna be a lot of Gary Koppele advice in this episode. Write it down. My dad, he's the best and always gives good advice. And he said to me, Meghann, if you make $40,000 and spend $30,000, you have more money than the millionaire who made 3 million and spent 4 million.

And that helped me when I was starting out. I, uh, my first job right out of college, I don't know if you guys know this. While I was getting my master's at Columbia, I worked at Goldman Sachs in their gym. Now here I am surrounded by these very wealthy people, and I worked at the gym and was doing my thing.

And I used to always tell people, but I'm getting my master's like as if I felt like I wasn't good enough. Right? And a lot of them had financial issues because their bonuses weren't fixed. So one of my clients once told me, he's like, yeah, shit's a little tight right now. He was getting divorced and he's like, my bonus this year was half of what it was last year and I've been living like I was gonna make last year's money and I never forgot that.

And that's when my dad had the conversation. He's like, yeah, Meg, these guys can make $10 million. But if they spend 10.2, they are broke. Manage your expenses. And that was such great advice. We don't need all this equipment in our studio. I know it's cool, but do you really need all that accoutrement, all that stuff?

Because again, that's increasing your expenses. Okay, so understand what your bottom line is in your life and in your business. And I understand guys, it's overwhelming. Anybody else here kind of put their head in the sand when they're having financial issues? I mean, I can put two hands up 'cause sometimes it feels so overwhelming.

Talk to somebody, you know, you have a friend that's good with money, help them, ask them to help you create a spreadsheet. Or how do you manage your expenses? Ask people. They will help you. And if you don't have people, well you might have to hire someone, but I really believe guys, you get what you pay for and if you wanna have a successful business, you cannot just say, oh, I got into this 'cause I really wanna help people.

Then don't open a business. You have to have some business savvy, my friends. And I know it's hard, but you can all do it. I have faith in you. Okay, so we know our floor, but what is our ceiling now? The ceiling is interesting guys. Because a lot of people, their ceiling is kind of low. So if you're having a Pilates studio, the only ways you can make more money is to add more machines, which are like what?

Like acre and a pop. Hello, expenses. Didn't we just talk about the floor? Or you have to raise your prices. And I always like my students to base their prices on their floor, their ceiling. Also your hour that you're working is not just that hour, right? You're planning, you need vacation time built in. Like most people get a salary, so they're not an hourly employee.

It's kind of including everything. So what I like my teachers to do is give themselves a salary, meaning you don't have to pay your. In a way of a salary, but say you're like, oh, I need to make 60, 80, $200,000 a year, whatever that is, then figure that out. I wanna work this amount of hours, so how much do I need to charge an hour to make that amount of money?

Now, you might be thinking, nobody's gonna pay that for me. Well, you need to work on your confidence. The hardest price increase for me was going to 80 to 125. I was looking at scarcity. My prices an hour are 1 95 or 2 25 when I travel, and I have a wait list. And I'm not saying that to brag. I just want you to know.

But here's the deal with that price, I am the best at what I do. I didn't say I'm the best at everything. I'm the best at what I do, so I'm very clear on what they can expect in that hour, what I deliver and I deliver. $300 an hour worth of services. 'cause I don't want anybody to say I wasn't worth it.

That would, I think, hurt my feelings. Now, did I always hit the mark on that $300 value? Probably not, but I'm fricking human. Okay, so price yourself accordingly based on your expertise. I have a master's degree. 24 years of experience. I'm getting a doctorate. That shit wasn't cheap. Okay. So my hour. Is not just based off what the hourly fee of every Pilates teacher is, and don't believe me.

Talk to your plumber. Do you want a cheap plumber or are you gonna pay the plumber who has experience? And trust me when it comes to plumbing, you want the good plumber. You don't want shit all over your house. Okay? Oh, my plumber drives the nicest car I've ever seen. He is a hard worker, but let me tell you, I will pay for his expertise.

I was actually lucky. My plumber used to live right next door. Oh my God. He was the best I'd like, I didn't take advantage of it, but I was like, oh my God. I don't wanna say his name, but, um, there's water spurting out and he's like, where is it exactly? Tell me. And he would like, walk me through it, right?

And then he is like, I'll send someone over. But I loved his expertise, so put a value on what you do. Going back to the ceiling. I got a little off topic. You know, I do this. This isn't surprising. I will circle back in the Pilates industry, CrossFit, all this stuff, CrossFit a little different. 'cause you can get a lot of bodies in your gyms if you have a big gym, but your ceilings are too low.

My dad always said to me, Meg, put a juice bar in your studio. And I said, I don't wanna make juice, dad. Okay, that's not why I'm getting to this. But he was right. Think about how many juices you can make an hour. A lot of juices. How many clients can I see in an hour? Well, one, if I'm doing a private session or if it's a group.

Well, how many machines do you have? So the companies, the fitness industry, um, the big guys, like the soul cycles and stuff like that. How many bikes they have? My god, like 60 bikes? Maybe 40. I don't know. I don't really count 'em. And people are paying like $40 a class. So they're making a lot an hour. Keep in mind their rent is pretty high.

So I talk to a lot of my students and I ask them, I'm like, should you be doing group classes? You are an exceptional teacher. You've got a lot of expertise. You could be charging more for your privates and not doing group classes. And then we look at the numbers because the numbers don't lie. They'll be like, no, no, my group class is bringing money.

He goes, show me the p and l sheet. Let me see your balance sheet. And then they're like, oh, actually my class is average only $60 an hour. My privates are $80 an hour. So should we be having group classes? No. Now hold on a sec. I did not say not have group classes for that person. So what I want you to ask yourself, guys, question one, what is your floor?

What is your ceiling? Can you make sure your pricing clears the floor? And can you think about how you can overcome your ceiling? How I overcome my ceiling is I have some online classes. I have a Thursday class. I started in COVID to create connection with other teachers. I charge $15 a class, which was cheap.

It's cheap for classes, especially with my expertise and over COVID. There was like a hundred teachers in class all the time. Sometimes 50, sometimes 40. I still run this class to this day through the neuro studio now. So it saves people money. They'll do our subscription and like for the cost of the subscription, they get that class that they love and they can take at any time.

The beauty of an online class, no ceiling, I could have a thousand people in that class. Doesn't matter. Now keep in mind, to get a thousand people in the class, you gotta be doing some marketing, which I know all of you guys hate. But that's another episode. So once you know your floor and your ceiling, that's where we start.

However, I don't like to make business decisions off the floor ceiling because I think question number two is actually more important. So can I ask you all, what are your lifestyle goals? What does your perfect day look like? If money was no object, how many hours do you wanna be working with clients? How many hours are you willing to work on paperwork, backend, payroll?

Organization, how many hours are you willing to work on social media and marketing? Those are three questions you have to answer. Okay? Now, why those are important? Because you now know your floor. A lot of people, they say, well, I wanna make, I'm gonna do a course and I'm gonna make passive income. You wanna know a secret?

There is no such thing as passive income. It's bullshit. In order to have passive income, you have to have a robust marketing team. Maris and I used to help launch, um, teachers courses and we actually stopped doing it, not because we didn't love spotlighting other teachers, but it wasn't, it was stressful.

It was a lot of the juice wasn't worth the squeeze or the squeeze wasn't worth the juice. I always say sayings backwards anyway, so we would launch a course for 'em. It would make good money. Exciting. The teacher was excited, but then it never sold again. Why? Because either the teacher did not have the social media push, did not have their own resources to keep the buck going.

Okay? And for us, we have other courses to promote. We have our courses, we have the, the trainings, the subscription, our patient platform. So we weren't pushing these people's courses every day, so people kind of forgot about them. And I didn't want the teachers to think we didn't care, or their course sucked.

It's just you need a constant marketing push. It's gotta be in people's faces. Okay? So you have to decide how many hours you're willing to do marketing. So if you wanna write a course, the writing the course is not the hardest part. How much effort are you willing to put into the marketing? And when I say marketing, people hear a dirty word.

Remember, social media is free name. Anything that's free, right? I always say like commercials, right? Um, commercials for the Super Bowl are so expensive and you're like, well, that was the stupidest commercial I've ever seen. They just wasted $3 million on that. Social media is free. Also, social media is a way, I think you should reframe your thoughts on this.

It's not a popularity contest. I don't care if people like me on social media. What I'm doing on social media is sharing with you. My process, my work, my beliefs. So you know what you're getting. So when you sign up for a, if I'm traveling to California, which I'm doing next weekend, you scheduled a private session with me, you know what you can expect for that money.

I am who I am on social media and who I am here. The reason I do it, it's very easy to show up as myself, even if myself isn't always great. You know, I can be moody sometimes I can, you know, be un showered, you know, all these things, whatever. That's who I am. But it's easier to be yourself. And social media has made me become a better communicator because you have to be concise.

You ask any of my mentees, they laugh. I'll be like, how does this sound? Oh, that's great, Meghann. Nah, that's not right. What about this? And they're like, oh, oh, that's better. Hold on. I laugh. Uh, one of my students, Diane. She was laughing 'cause it took me 20 minutes to get a sentence. Perfect. But I think about that shit.

Maybe I'm a loser. I don't know. But it helps me really explain my work and when you're clear about your language. Okay. I interviewed, uh, Madeline Black and Elizabeth Larkham a few weeks ago. You know, they felt the same way. I think that's why they have success. We all agree. When you're clear about your language, you're clearer on your intention.

People get what you're saying. It's easier to convey that message. So reframe your social media. It's not a popularity contest, it's not a show off zone. It's free marketing. And think about it, it's a way to be clearer on what you do, right? And think about this. When you're starting out on social media, nobody's watching.

Nobody sees it. So who cares if it sucks? My good friend Shante, when I was starting on social media, she was like, yo, this is not Game of Thrones. Nobody's waiting for you to drop the next episode, Meghann. And I was like, huh. I thought people are literally like, I cannot wait for Meghann's next post. Nobody cared.

They forgot about me 'cause there's so much other shit, you know? And Shante was like, it's episodic. Like family guy. I think I've talked about this in other episodes, or I talked about it on something else. I talk a lot. I don't know, but it's episodic. So if I put out a post, they might like that one. They might like the others.

So don't think there is to be carryover. Share what you're doing, share your process.

But do you want to actually do that? Do you wanna to spend time with clients eight hours a day? That's what you love? Or you like clients? Drain the shit outta me. I wanna spend four hours with three hours with clients, and I wanna do the backend stuff. I wanna do the social media stuff. You need to figure out what life you want, and then based off that, you know your floor, you know the salary you need to make, you need to ask yourself a question based off my lifestyle goals, is this a sustainable career?

Because a lot of you guys go into this blind. A

a lot of us go into this blind. A lot of us can think, oh, we're gonna do better than the person who studio didn't do good. That's good. I love that. But do not go into it blind. I opened my first studio when I was 24. I had no clue what I was doing, but I learned a lot and I sold my studio after five years because I finally listened to Gary, my dad, and there was a huge ceiling on that studio.

The studio was in Hoboken, across from the path. Great location, but I couldn't fit any more machines in it. At that point, I didn't feel confident with raising my prices. Not because I couldn't, I mean, I got a lot of referrals, my schedule, I was booked and busy, yet I wasn't making any money because I didn't understand my Florence ceiling.

I paid my staff too well, but that's another Gary Coppel lesson. My dad said, your people are your best asset. He worked for a family company. Okay. It's a supermarket company owned by a family. They owned about like 26 supermarkets. And something my dad told me was that, um, uh, Dick Rosenberg, the founder, he would go down into the supermarkets and talk to the people who were bagging the, the meat guy, uh, people cleaning up.

He treated everybody like they were the most important person. This is the CEO, the founder of this company. And my dad said he, he treated everybody like family. And that's how my dad has run his business. That's how I've run all my businesses. I paid some, I think my teachers, some of them made $85 an hour back in 2006, which was a lot, which is also why I probably didn't make a big profit.

But none of them ever stole a client, never not showed up. And I still talk to many of them, all of them today. Okay. Um, I treat the neuro studio teachers like a family, and I say to people when they sign up for the course, welcome to the family. Um, my lifestyle goals is that family always comes first. Uh, it's something my dad always did, and I think we can treat our business like a family with boundaries, but also financially successful.

Okay, so take the time to think about your lifestyle goals, how many hours you wanna work. I love working with clients, but I also like getting into the minutiae. So with question two, combined with question one, that might tell you if your kind of business is sustainable. Now, please do not think that. I think you can't do it.

Do it, do it better, but stop doing the same shit. I say to my teachers all the time, you wanna be Blockbuster or Netflix? Who do you wanna be? I mean, come on. Sorry. People who are younger, but Blockbuster was the shit. It was actually my business partner, Mariska's first job at Blockbuster. And I, we had talk of the town video in my town.

We didn't have a blockbuster yet. Um, but every Friday night we'd go as a family and pick out a movie that was like, I never thought that would end, like Blockbuster was the shit. Until Netflix came around. And remember they used to send you the DVDs and sometimes they would be scratched, and then you couldn't watch the movie, and then they went to streaming and everybody thought that was ridiculous.

I know a lot of standup comedians took a risk and sold to Netflix, not Comedy Central, and everybody thought they were idiots. Now some of these comics are the biggest in the business now because they took a risk. So I wanna encourage you if your lifestyle goals. Based off the salary you wanna go, just doesn't jive.

Blow up the motherfucking system, create a new one, be Netflix, change the game. Go big, do weird shit, okay? Go big and don't be afraid to make a mistake. You'll learn from it, but please promise me you'll know your numbers and talk to someone who can help you manage the financial aspect of it. Because it's really cool to own a business, but it isn't cool to not be able to pay your bills.

I remember what that was. In my twenties, I was like house poor, right? I could pay my mortgage. I racked up credit card debt. But from the outside I was this successful Pilate studio owner. And why I'm being transparent about that is I work with a lot of teachers who look successful from the outside, but their p and l sheets are not good.

And it's not because they're bad teachers, it's because the Pilates business model and these boutique fitness models were never a good business model. People just didn't know a different way, and some people might have the luxury that their floor is higher or maybe lower. What I mean is basically maybe they have a partner who makes a lot of money and.

This Pilates business doesn't have to draw such a profit. Well, that's not how I run my businesses. We never know what's gonna happen. Luckily, I am in a great partnership now. My husband has a salary, but anything could change at any moment. People could lose their jobs, things can happen, right? So really be clear of financial and lifestyle goals.

Okay? And I hope. I was worried this episode was gonna come cross judgmental, but I can't control your feelings and I have to let you feel judged. I have to let you feel defensive. I have to, um, what's that? Let them there. I've gotta let you do that. But I, I wanna just clarify that I believe that it is possible to have a successful financial business that you don't lose your North Star.

And how do I know that's possible? Because I didn't have one and now I have two. I am so proud of Maris and I created at the neuro studio. We, I think we have the best teachers in the business because our program is robust. Marik and I are constantly changing the courses to make them better. We just don't set up a teacher training and that's it for the rest of our lives.

Okay. But we work really freaking hard. A lot of people are surprised to know that I do the social media. Yeah. I'm not a great social media person. They're like, well, how do you do it all? And I'm like, uh, hold on, hold on, hold on. Because I'm organized about it and I set my schedule. I see this amount of clients per day.

This is when I do social media. This is when I'm studying for my doctorate. I have to be organized. I know how many clients a month I need to see to reach my floor. For Coppel method, that's just my studio business and Maris, and I know what our floor is In the neuro studio, we had a big growth this year where we had to spend a lot of money.

We redid our entire website. We brought on a different marketing team, and they are not sheep. Okay. But Maris and I believe in our product and we know our floor. So we kind of we're like, Ooh, we should do this. And then I marisca and I'll be like, Uhuh, we're gonna, we're gonna be going under our floor.

We've gotta stay above the floor and trying to lift our ceiling, which is why we don't do in-person courses anymore. We're bringing them back. But Marisca and I are trying to blow up the system and make in-person courses work for both the professional teaching for the company supporting it. Because marketing ain't cheap and for these students, 'cause it's hard to travel and leave your family and life.

Okay? So if you have any questions, I am not an expert, but I love to disrupt the systems. So if you're thinking about idea, have questions, book an appointment with me, reach out, comment on social media, let's connect. Because I feel like anything is possible. You just have to know your numbers and be willing to work your ass off.

Okay, and now let's get to question three before I let you go, and this is gonna be a hard question for you guys to answer. So I'm gonna take a sip of my coffee and ask you, ask you, are you interested in building a business or a brand? Okay, so your business doesn't have to be brick and mortar, or do you just wanna love your job?

Now, this is hard for people to answer because I don't know why everybody had to become a business owner. To be to be seen. Right. I think I blame social media on this. It's like what happens to just being an employee, getting paid well and loving your job right? So some people have that entrepreneurial bug or love to be in control.

Sorry, I'm kind of one of those. But also you don't have to do that. You can be the best employee, make six figures plus and love your job. You are not less than, you are not, not as important than someone who owns a business. You'll probably be a lot freaking happier, right? So ask yourself that question. Do I want to go to work?

Give my 110%, go home, love my family, do all that. Or I kind of want more. I wanna be the boss. I wanna build a brand, I wanna disrupt the system. And you can still disrupt as an employee, but I want you to really think about that question and do not judge your answer. Okay. I tried being an employee. I actually, um.

I the episode right, that, uh, will come right after this. I'm interviewing a good friend of mine and someone I worked for, uh, Kelly Kane, um, who I really love as a person, and I interviewed her and I thanked her for reinvigorating my love of movement. Many of you don't know this. When I sold my Pilate studio in 2011, um, my anxiety was an all time high.

My finances were at an all time low. My health wasn't great. I was struggling, so I said, you know what? Screw this. I'm gonna go work for my dad as an insurance consultant. I'll make a great salary. I'll learn the business, potentially take it over from him. My dad is a great boss. Dude was tough. I never heard my dad curse or yell until I worked for him, but he never cursed at you.

What I loved about my dad as a boss. He was the opposite of passive aggressive. And before my dad, every boss I had, I realized it was passive aggressive. I remember a boss I had at the Goldman Sachs gym. Meghann, did you fold the towels? I wanted to be like, bitch, you know, I didn't freaking fold the towels.

Why? Why don't you just say, Meghann, can you go fold the towels? Okay. Passive aggressive. My dad was direct. Direct, and that experience working for him was amazing 'cause it taught me two things. I cannot sit still at a desk for eight hours and work. I would go in early and work, and then when lunch came, I could not do any work.

I could not be focused on anything. It was not for me or my brain. So I realized that. So I knew the grass wasn't greener for me. Going to work and sitting at a desk would make my mental health struggle more. But my dad was so direct. If you made a mistake, he would tell you, I'll never forget this story.

This dude who, uh, he doesn't work for my dad anymore. I didn't like him. I didn't like him at all. But he, he, I want, I'm not gonna say what I really wanna say. He just kind of had these creepy vibes, but he was also really arrogant. Anyway. My dad calls him into the office and gives him a compliment. This is good work.

This is what I wanna see. I'm proud of you. Keep this coming. And he walked out of my dad's office like he just won a million dollars. More arrogant than when he walked in. And then my dad yells, where's the effing attachment? And my dad didn't like mistakes like that. If you're gonna email a client and say, look at the attachment, and you forgot the attachment, he didn't like it.

So he yelled at the guy. The guy walks, leaves with his tail between his legs, but that guy never made that mistake again. And then my dad, five minutes later was back to himself. He never held a grudge, so if you did a good job, he told you if you did a bad job. Now, back in the day, people yelled more and my dad never yelled at home, but that was the culture.

So don't judge my dad, but that's how he operated. Okay. What was interesting was his employees loved him, right? But he was so direct. So if you made a mistake, you knew, but he let it go immediately. So maybe you can carry that over into your business. If an employee isn't doing what they need to do direct, be direct with them.

Tell them what you need. Don't beat around the bush and in the same thing. Tell people when they're doing a great job, compliment them. Thank them. For taking the garbage out or having ownership in the business. That's a good boss. Okay? So you might be hearing them be like, I don't wanna do that for people.

Okay, then don't own a business. Being a boss is tough. So going back, I'm gonna circle back. When you decide if you wanna build a brand or a business, I need you to go back to question two. You might want to build a brand in business, but what were the lifestyle goals you just answered in question two?

Don't you dare go changing them based off question three. Notice I asked these questions in sequence. If you wanna be a boss and have a brand but only wanna work with clients or don't wanna do the social media, then maybe change your business model or don't own a business, just be an employee or get a business partner who likes to do that stuff, right?

Don't let anybody tell you no. Figure out. Go through the back door and figure that shit out, okay? Just promise me you won't devalue employees or yourself if you choose to be an employee. And if you choose to be an employee, I want you to do take my dad's advice in the opposite demand, respect, but give respect.

It is not easy running a studio. All my teachers who are employees complain at their boss that they don't pay them enough. And you know what I do? I break down the numbers. I go, okay, here's where you live. How many square foot is the studio? This is your, the business owner's approximate rent. This is how much toilet paper water is.

So I break down the expenses, right? Then she's charging the person this, this. So actually you're making way more money than your boss. She's probably not making much money. Now, that's okay. You don't have to settle for that. So I, how I consult all my teachers is to not be employees, is to be independent contractors.

Say to a studio owner, I will pay you rent and I'm gonna bring in my own clients. But keep in mind, being an independent contractor, you have to do the marketing. You've gotta get asses in the seats. Another Gary Coppel quote, yeah, you can build a great business, but how you gonna get asses in the seats?

And you gotta keep getting butts in the seats. Okay, so we can't expect anybody else to do for us what we wouldn't do for ourselves. So I know today's episode could be a lot and overwhelming. Don't let it start with these questions. Understand your floors and your ceilings. Can you make the floor not so high?

Keeping your expenses down? Maybe you do just virtual. You don't need brick and mortar. Also, how can you raise your ceiling so that you're not maxed out? If your ceiling will only allow you to make 60 grand a year, you've gotta make changes. You've gotta raise that ceiling, guys. Question two, what are your lifestyle goals?

How do you see your life create that perfect life for you, not like anybody else's? What are the meaningful things to you? Maybe it's not buying a house, maybe it's traveling more. I just gave the advice to one of my teachers who teaches courses. What if you got rid of the studio and just travel with each course and see clients there and have no brick and mortar?

And she's like, we kind of like what you do when you travel. I was like, yeah. And she's like, I don't know why I didn't think of that. I'm like, well, I didn't think of it until I thought of it either. Okay, and last but not least. Ask yourself who you want to be in these roles. Don't judge yourself, but be honest with yourself.

Because if you wanna be a boss, but you don't wanna do this, you're gonna have to hire somebody else to do that. But that is going to affect your floor. So all these questions affect each other, but at the end of the day, guys, you need to make your own mistakes. So. If you wanna ignore everything I just said, you don't need my permission, but you have it.

And we all learn best by mistakes. But I believe that you can have financial freedom and a North Star business that you don't lose it. You don't lose your integrity. You don't lose who you are and have both at the same time. So maybe a lot to think about. And I love asking these questions because I constantly reevaluate myself as well.

So thanks for being here today. If you have any questions, you know where to find me and, uh, I hope you keep that floor low, expenses low, and raise that ceiling to the sky.