🎉 Celebrate Your Wins: Unlock the Secrets to Award-Winning Success! 🏆

Today’s email is all about getting recognised for the hard work you do in your business and how there for all sorts of awards available for your business if you want them.

In today’s email:

• Could your business be award winning?: You may be surprised

• Book of the Month: My recommendation of what to read this month.

• Making it work for you: Putting Profit First into your business

• Reader Offer: Get £50

• Free In-person Event: Last few spaces still available for my event in Hertfordshire this coming January.

Could YOUR Business Be Award Winning? 🏆

When I first set up a studio, one of my ambitions was to become award winning.

That dream came true in May of this year, and it felt every bit as good as I imagined it would.

But when the calendar turns over although my award still stands, having the year 2024 is no longer going to be quite as fabulous when we’re in 2025.

So this year I’ll be working really hard to maintain the title.

The Muddy Stilettos Awards that I won is voted for by members of the public (i.e my clients), but did you know that some awards actually require you to nominate yourself?

I wasn’t aware of this myself until very recently.

It can feel a bit strange singing the praises of your business in an award submission, but you should feel a sense of pride about what you deliver to your customers/clients.

If you don’t feel pride in your business, then winning an award should be the last thing on your mind!

It doesn’t lessen the value of the award to submit yourself into the running.

The winner will still selected by a panel who review your business and how it runs and select the best from those in the mix.

If you’ve never been nominated for any awards, and never entered your business into any awards, you’re not going to win any!

The other thing you should remember, in our industry, if we are achieving awards, its normally because we’re making a real difference to our clients and their well-being.

At the end of the day, shouldn’t we all be aiming to be the best at that, that we can possibly be.

Don’t underestimate the power of an accolade for your business.

If you have an award listed on your website or at your studio, it’s 100% going to give you an edge over your competitors.

Your clients will stay with you for longer - they won’t leave an award winning studio for a non-winning studio?

Are all awards Legit?

There is a type of award you can get by paying - I was sent an email for an award I’d ‘Won’ in the summer for best Bespoke Pilates Studio.

I have no idea where the nomination came from or who I was up against, but for the sum of £395(+vat) I could buy a trophy.

For another £245(+vat) I could get a digital logo to use or for £695 (+vat) I could get a full page editorial and the trophy and logo.

This all felt very uncomfortable, and I definitely wouldn’t have felt as proud to shout about it.

Needless to say I went for the complimentary option which was a listing in their directory and kept it to myself.

So as you can see I’m not suggesting you go and buy yourself awards, these won’t give you the same dopamine hit.

But work hard and be proud of what you do and enter the awards, you never know you might just win.

And if you don’t win but are a finalist that’s still worth shouting about.

Book of the Month - Profit First

This week I’m introducing a new feature, where I am going to recommend a book I’ve read.

I’ll only do this once a month, as even at the speed I read, a review a week would be too much!

I am an avid reader and like to alternate a fiction book and a non-fiction/business related book. I’ll stick to recommending the non-fiction books though.

I read every day, and I listen to audiobooks in my car. I love learning new things and the Kindle I got for my 40th Birthday is still my most used gift of the last 5 years.

If you’re not familiar with this book, its all about a different way of accounting for your business, and taking the profit from your business before you empty the account with expenses etc.

The idea being that the more common practice of accounting Sales - Expenses = Profit is antiquated and there is never really any actual cash left in the bank at the end of the month.

What Michalwicz suggests is that Sales - Profit = Expenses.

He mentions Parkinson’s Law, when our demand for a resource increases to meet the supply of it.

Which is why when we have two weeks to do a project, we take two weeks to do it.

But if we only had 24 hours to do it, we’d manage it in 1 day.

In the same thinking its why if we have £1,000 in the bank, we will spend £1,000, but if we only had £100 in the bank we would make it work.

What usually happens in small businesses is we forget to pay ourselves, or find there’s not enough left in the account to pay yourself PROPERLY.

Without giving you the entire book summary (and actually I’m still only half way through), the main principle is having separate accounts for your Profit, Tax, Operating Expenses, Owner Compensation (what you pay yourself).

Every time money arrives into your account you split it into each ‘pot’ based on a set percentage that you work out in the profit first Instant Assessment.

If you ever find there’s too much month at the end of your money, I would suggest you get your hands on a copy of this book.

Will it work for you? Profit First…

Would you like to get a better hold on your finances?

If you want to learn how to have money left at the end of every month,
or to pay yourself more,
or have enough for the tax man at the end of each quarter…

Read this book!

My steps for success

• Buy or borrow the book Profit First

• Read it or listen to it

• Take the Instant Assessment

• Get a bank account that allows you to separate your money into pots such as Monzo - Open a Monzo Business account using this link and get a £50 reward* https://join.monzo.com/c/ljz7bqt

• Create pots for PROFIT, TAX, OPERATING EXPENSES, OWNER COMPENSATION (I also have a staff costs and monthly put asides pot for things I pay for annually)

• Set up an automatic transfer a set percentage to the Tax, profit and Owner compensation account

• See your financial health improve

• Be patient, it will take a while to really see the rewards.

As always implementation is the key to success. The aim of these emails is to get you taking ACTION.

Reader Special Offer: Would you like £50?

Free Workshop - January 2025

There are still a few spaces for my FREE in-person event in January, click the button below to register your interest.

The event will be held in Hertfordshire, UK on the 4th January.

Can’t attend?

If you can’t attend this date but would like to be informed of our next date or the online version of this training when it’s released click on the button below to register your interest.

If you don’t already know me, my name is Emma Lovelock, I run an award-winning Pilates Studio in Hertfordshire, UK and I am on a mission to help other business owners in the wellness/fitness industry become more knowledgable in running a business and to give the tools and systems to make them more money, with less stress and save them time.

P.S. Whenever you’re ready, there’s four ways I can help:

• Join my monthly accountability call and see your productivity go through the roof. Register your interest here.

• If you want to know the 6 secret steps that every studio owner/fitness professional should know but probably doesn’t Watch this Free webinar .

• Monthly Coaching : Need some accountability in your business? Having a business coach is the best way to make sure you take REGULAR action Click here to find out more about my mentoring and coaching packages.

• Not sure what you should be doing to have a successful wellness business?Need some guidance? Book a 121 call and we can see how I can help.