You’re probably thinking ‘A promotion’? But I own the place! But believe me, there are always things you can do as a boss to give yourself the promotion you deserve.
When you’re in the driver’s seat of owning your own business, delegation can feel impossible. Studio owners are used to doing things themselves. But often, they are the last to get paid (if they pay themselves at all).
This is an equation for resentment and burnout. And I know that you got into your studio to share your passion for the arts and your students. So let’s pivot.
Here’s how to set yourself up like a boss and leader and give yourself a promotion. You deserve it.
1. Pay yourself first
I have a lot of clients who tell me they pay themselves when they afford it. At first glance, this seems like a frugal and sensible way to run a business, but this is a fast path to burnout. Also, you’re running the show – you shouldn’t be paying yourself in leftover scraps.
First up, have a look at your monthly intake and figure out a sensible amount to pay yourself and start paying yourself first. Believe me, it may seem hard to believe, but it’s human nature to spend what is in our accounts. Pay yourself first and then review all the other spending decisions.
2. Focus on retention
Creating and implementing a plan to nurture students so they are delighted to enrol again is the easiest way to boost your bottom line. Make sure your classes offer a clear path for students to stay on, create incentives and excitement about each step of the student journey and share often with your community how they can take the next step to reach their goals.
You may think you’re communicating this, but it’s worth repeating! Our clients reach retention rates of 85% and higher on a regular basis. Want to learn how this can work for your studio? Book a quick chat with a Community Coach.
3. Invest in professional development
When you’ve given yourself a healthy salary and you’ve stopped mopping the floors every night, it’s time to treat yourself like the amazing CEO that you are and invest in some professional development.
It could be a short course, a session with a business or joining Studio Evolution – whatever you have the time and budget for but get out there and get learning. It’s the best way to promote yourself and your business.
4. Give yourself a new title
Founder? CEO? Grand High Captain? You don’t need to go overboard but have a think about what you do for your studio and what a title would represent. ‘Owner’ is obvious and perfunctory.
Are you the Director? Producer? Have a think about it and choose what fits well with you.
5. Deputize team members
Give your team titles too, that way they will have something to work towards and they’ll know where they stand. Think about where your team members really shine and where your studio could use more leadership. Titles like Team Captain, Head of (Insert Department), Master of (Insert art discipline, Minister of Fun….) will make your team feel secure and cherished. It’s one strategy to cover more studio responsibilities while inserting some fun too.
These are just a few things you can do to give yourself the promotion you deserve in your studio.
Go get your CEO on!
All my best,