Money, Time & Happiness: Making Decisions about Your Massage Business
Now that I'm a full year into the expansion of my office, I've found myself pondering how it's going, financially and emotionally for me, and having to make decisions about what to do next.
We've covered a bit about making decisions, but as businesses grow and get more complicated, so does the decision-making process.
Recently a friend ask me some questions about her business, and they were identical to the questions I've been asking myself. Our conversation led me to parse this out for all of us.
There's no surprise here: I've broken the factors down into Money & Time. As in, "Is this business making me money and what is the workload?"
Run the numbers. How much are you making? How much are you losing? What would those numbers, and your financial life, look like in a year if
- They stay the same
- Or if you grow
- Halfway to your goal
- Fully to your goal
If you are losing money, how much longer can you do that? Are you eating up savings or racking up debt?
How many hours I'm working in a week or month will vary, but you can usually get a rough number. I looked at the time I'm working, not just massaging, but the hours I'm spending on managing the space and promoting classes and events and such. I know that the amount of work required during the Startup Phase is high. But knowing when (if?) that will end is important.
Calculate your hours to determine
- What is your workload like now?
- What would it be when all costs are being covered/the space is fully staffed, etc.
- Will the workload decrease to a reasonable, manageable amount?
Finally, there's the Happiness Factor
I don't work for myself so I can be miserable and exhausted all the time. Not all days are full of happy sunshine puppy cuddles. But it's important to consider how you feel about your business, if it's bringing you joy and a feeling of accomplishment or just grief and anxiety.
Look at the Money and Time factors you calculated, and consider those variables. How will you feel when you meet those goals, or cut your losses and change direction?
We're all different, and how we evaluate these situations will vary. What questions do you ask yourself when making decisions about your business?