3 Secret Gems to Finding the Fortune in Masterminds

(Contributed by Walter Bergeron)Mastermind group If you’re really serious about growing your spa business, you’ve probably considered joining a Mastermind group, or may now be part of one. Engaging in the power of a Mastermind group is a fantastic way to navigate yourself down the shortcut to prosperity! Here are top 3 ways you can make the most out of your Mastermind group: Secret Gem #1. Don’t be the smartest person in the room. Now this may sound counterintuitive because it sure feels good to be the sharpest tack in the bunch. In a Mastermind, however, this can be a great disadvantage to you. You should seek out groups with members who are exceedingly more successful than you are. Better, take a shot and get into a group whose members are way out of your league. Your growth—and consequently, your spa business’s—will come from stretching your reach and becoming involved with those who have done far more than you. Secret Gem #2. Pay for it. You get what you pay for. You also get back the same amount of effort you put into something. Masterminds are no exception to these time-tested truths. When there is a sacrifice or a substantial cost to membership, you will find that you put much more effort into the group as well as demand better solutions from it. When you write that very large check for your Mastermind it will make you demand results from the group. You will not settle for mediocre solutions from them. Feeling the pain of knowing that the cost of getting in was substantial will produce results many times more valuable than the cost of the membership. Secret Gem #3. Get uncomfortable. Part of the power of Mastermind is to stretch your mind to what else is possible. You can do that more easily when you are in an unfamiliar place. Travelling beyond your backyard will force you out of your comfort zone and put your mind in a state that will more readily accept alternative suggestions and different inputs from others. You will need to communicate what you are thinking and reveal things about yourself and your business that are uncomfortable, leaving you feeling vulnerable and exposed. Fear not, for this is where the breakthroughs happen. If you keep yourself guarded and you will not let others in to help you, then you are wasting the resources of this powerful group dynamic. Take these tips to heart and they will help guide you to the transformational results of a “Mastermind Fortune.” Have some thoughts to add to this? Share it with us in the comments below. InSPAration Management CoachMe Platinum Mastermind Group   InSPAration Management hosts an exclusive Spa Mastermind group, the CoachMe Platinum—an accelerated level membership designed for entrepreneurs serious about their overall GROWTH. It’s so exclusive, you need to apply to become a member! The Mastermind group is also launching a book on Amazon in a few weeks—we’ll let you know when it’s up. If you’re ready for exponential spa and salon growth, apply now to begin your Platinum journey ?    
When business owners first go into business they are excited, eager, motivated and can’t wait to get started.  Then reality sits in and the bills start piling up, followed by pressure, tension anxiety.  If you are like most owners you are always looking for ways to cut expenses and generate more revenue so it’s worth it to be in business. The main reason entrepreneurs go into business for themselves is to be their own boss, have more freedom, and make more money. But here is the sad fact: in most cases business owners don’t pay themselves, they end up working harder and make less money.  According to US census statistic an average business makes about 7% net profit.   Yes there are some businesses that make more, some less, and some make none.  Where do you stand? Are your overhead expenses diminishing your bottom line?  If so, read the first of this 4 part series to learn strategies on gaining financial health. spa profits 1.     Have a Budget Most spa and salon owners who call our office seeking business help don’t have a budget.  Without a spa budget, you are allowing your business to manage you instead of you managing it. Whether you have a large, medium, small spa or are even a solo-preneur, you must have a budget.  Your budget should include a monthly breakdown of all your finances, such as:
  • Number of spa clients you expect to see monthly
  • Forecasted service revenue
  • Forecasted retail revenue
  • Spa product cost
  • Compensation cost
  • Spa Operating cost
  • Spa Marketing expenses
  • Budgeted profit
The key is to detail the budget as much as possible so your revenue goals are clear and to be disciplined enough to not over spend. Want to see how healthy your business is? Take a financial assessment to see where your business stands.
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