So, you’re a studio owner, an entrepreneur, or a woman-led business navigating the chaotic waters of financial management. You’ve probably faced the usual slew of headaches: paperwork that seems to multiply overnight, expenses that creep up like that pesky email from your landlord, and the ever-elusive quest for profitability. You’re trying to build a solid foundation for your business, and the last thing you want is to be blindsided by your lease agreement. Fear not! With a sprinkle of humor and a dash of savvy, we’re about to embark on a journey that will save you a cool $1,000 on reviewing your studio lease agreement. Yes, you heard me right—one thousand dollars!
Let’s face it: reading lease agreements can be as delightful as a root canal. They’re lengthy, convoluted, and often written in a language that makes ancient hieroglyphics seem straightforward. It’s like being dumped with no explanation—suddenly you’re left questioning everything you thought you knew about your studio and your financial future.
But before you drown your sorrows in a pint of ice cream, let’s get practical. By organizing and documenting your business processes—yes, the ones you’ll need to teach that new owner when you finally sell—you're not just prepping for a potential sale; you're also laying the groundwork for smooth sailing through your lease negotiations.
Here’s the kicker: if you haven’t documented the procedures of your business, are you really running a business, or are you just winging it? The answer is probably a little of both, but let’s steer clear of that chaotic path. Start by pulling out the one tool you have right now: your phone! Yes, that gadget you can’t live without. Use it to record yourself as you navigate your daily tasks—unlocking the door, shutting off alarms, making coffee—whatever it is, talk through it. Not only will this help you understand your daily operations better, but it’s also a crucial piece of evidence for when you need to justify expenses or terms in your lease.
Now that you’re on board with documenting your processes, let’s take it up a notch with some nifty tools. First, there’s Loom—a fantastic platform that lets you record your screen as you walk through your systems. Picture this: you’re closing out your sales for the day, but instead of doing it solo, you’re narrating the entire process for your future self or your team. Who knew saving money could be this entertaining?
Next up is Scribe. Think of it as your trusty sidekick. It takes screenshots of your actions, guiding you through the maze of clickety-clicks that come with running a studio. No more wondering what you did last month when you need to file your taxes! With Scribe, it’s all there in black and white, ready to save you time and money.
Here’s where the magic happens: if you put these practices into place now, you’ll not only be organized, but you’ll also increase the value of your studio when it’s time to sell. Just ask the business owner who documented her processes and sold for an extra $100,000! No joke. It’s like having your cake and eating it too—except your cake is a sweet return on investment.
In a world where life is too short for low returns on big energy, remember that your studio's job is to support you as you support it. So get started on documenting your processes, navigating that lease agreement with ease, and watch as you save that $1,000—and then some!
Ready to dive deeper into the nuts and bolts of saving money on your studio lease? Stay tuned for more tips and tricks to ensure your studio becomes a reliable source of income that supports the life you want to live. Because at the end of the day, every dollar saved is a dollar closer to financial freedom!
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Donna Bordeaux, CPA with PYOPAccounting.com
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA, as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.
