The Studio CEO: Business Coaching For Yoga & Pilates Teachers & Studio Owners

Beyond a Million: Why Seven-Figure Wealth is the Key to Real Impact

• Jackie Murphy

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What if your mindset around financial success is holding you back?

Welcome to Episode 17 of The Studio CEO Podcast: Beyond a Million: Why Seven-Figure Wealth is the Key to Real Impact. Join me, Jackie Murphy, as we break down the biggest money blocks holding you back and show you how to reframe wealth as a tool for growth—not greed.

In this episode, we'll explore:

  • Why your mindset around money is limiting your success
  • How financial stability allows you to serve more people, not fewer
  • The hidden fears keeping you stuck in scarcity
  • Simple shifts to charge what you’re worth—without guilt
  • A new way to view wealth as fuel for your mission

If you’re ready to take your impact to the next level and address your relationship with money, consider joining the waitlist for the Grow Mastermind. It’s your chance to build a thriving business that doesn’t just get by but thrives. 

It’s time to become the Studio CEO and create lasting impact. 

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Speaker 1:

If you want to help more people, serve more students and truly change lives, you have to stop treating money like it is the enemy. It is actually the tool that will help you create the impact that you want to have the reason that you started this business. Tune into this episode to dream a little bit bigger. Welcome to the Studio CEO, the only podcast that empowers yoga and Pilates teachers and studio owners to step confidently into their role as CEO. If you are ready to show up with passion, take your business seriously and scale to new heights without burning out scale to new heights without burning out you are in the right place. I'm your host, jackie Murphy, an award-winning certified business coach with over 12 years of experience inside the yoga industry. I have seen firsthand what it takes to build a profitable and scalable business. Join me as we dive into strategies, insights and real-world advice that will help you grow your revenue, build a thriving team and create a business that serves you as much as you serve your students. It's time to embrace your inner CEO and make more money without working more. This is just the beginning. Hello, and welcome back to the Studio CEO Podcast. I am Jackie Murphy, your business coach, and we are diving into, why wealth is the key to create the impact that you want to have.

Speaker 1:

Recently, I did a poll on my Instagram stories and I asked people what is your why? Why are you growing your business? Why did you create your business? And overwhelmingly, the answer that I got back the most was impact. I want to make an impact. I want to have an impact for people. I am doing this for impact and if you're like most yoga and Pilates business owners, you didn't start your business for the money. You started it because you wanted to make an impact. You wanted to change lives and help people feel better in their bodies and create a space where people could heal and grow and thrive. But just as much as I hear people say I want to have an impact, I also hear wealth is not important to me. Making a significant amount of money doesn't matter. I'm not in it for the money. So we have these two seemingly opposing things happening and we have to talk about the truth of it. The truth is is most people will not tell you that impact without wealth has limits.

Speaker 1:

Rochelle Rogers, who is an author, says every woman needs to know what it feels like to wield economic power. That's how we make change, that's how we serve our children and that's how we serve the world. And I agree with her If you truly want to make a difference in people's lives, you have to stop resisting wealth, because money isn't the enemy of impact. It is actually what makes your impact possible. Here's the most important thing. I want you to know this. This whole entire podcast, every episode that I do. Money is not the goal. Money is the tool. Wealth is only powerful when it's used to serve to give and to create change. So today we're breaking down why avoiding wealth is actually limiting the impact that you want to have. How to shift your perspective and see money as a resource, not as an idol, not as the goal. How to build wealth in a way that aligns with your values, so that you can serve more, give more and live more generously. So I hope this episode helps you rethink, maybe, your goal for 2025, so that you can see that you making more money actually helps you create the impact that you want to have.

Speaker 1:

So why do a lot of business owners in the wellness space resist wealth? Well, the most common one, I would say, is they believe that money will corrupt their mission. They believe that if they focus on making money, if they do things like study their sales funnel, if they intentionally say the right words in their marketing to bring people in and they make money from that, then they'll lose sight of why they started. And this is such a false idea, because money is an amplifier of who you are. So if you start your mission from a pure hearted space where you are all about the impact, that's not going to change when more money and more students comes into your business. Money will amplify what's already there. You actually will be able to feel even more open hearted, more generous with more money.

Speaker 1:

The second reason that people in this space resist wealth is because they feel guilty charging premium prices, because they think that healing and wellness should be accessible to everyone. This is a conversation that I get into so often with my clients, with people who are just in my community, and I get it. You want the tools that we have to be available on a massive scale, like we want them to hit the mainstream media right. But in order for that to happen, in order for you to do all the marketing that you need to do, for that to be the result, you also need to be financially secure and taken care of so that you can give free resources, free tools, to people who need them. It's kind of like the quote that, like you can't get sick to help heal someone else, you can't make less money to have more reach.

Speaker 1:

And then the number three, the third thing that I think impacts wellness owners, business owners resisting wealth, is that they believe that just wanting more money makes them inherently greedy in some way or takes away from their integrity as a teacher. And again this circles back to our first point. Your ambition and your desire to make more money, to want more money, is not inherently bad. It doesn't mean that you are a bad person for wanting more. Now if you took that desire and you started to do quote unquote bad things with it, like step over people, not deliver over promise and under deliver or just falsely market what you have to offer, that would make you greedy, that would be the corruption. But the ambition and the desire that you have, I actually think that's your North Star saying hey, we have something bigger for you. You're meant to have a bigger impact. We want you to desire more so that you can have what is necessary to do the work that you're meant to do in the world.

Speaker 1:

Let's be honest you can't help people if you are struggling to pay your bills, and there are too many studios who, month after month after month, are stressing about making payroll that month. You can't help people if you're struggling to pay your rent. This is what happened to me as a first year yoga teacher, where I made $15,000 that year. I wasn't the best teacher that I could be because I was stressed and I was anxious all the time of what was the next class I could pick up and what workshop I could do, and, like all, my focus was on money because I didn't have it. That's very different than if I have enough and I can put my focus on serving.

Speaker 1:

So this is kind of like the final crux of things, and you may agree with me, you may not agree with me, but right now I believe that money is the source of real power in our society. You are kind of seeing us in late stage capitalism, especially in America, and money goes a long way, and if your resources are limited, your options to make an impact are also limited, and this doesn't mean that you can't also volunteer or start a nonprofit or give back in some way. You can do those things and make money, and your potential impact is so much greater with both. So this means, if you're undercharging, if you're overworking, if you're constantly stressed about making ends meet, you have to really sit down and think about how much impact can I really have? Impact and income are not in conflict. They go hand in hand. Let me say it again Impact and income are not in conflict. They go hand in hand. The truth is, the more money you make, the bigger impact you can have.

Speaker 1:

When you have more resources, you can open another studio and serve more people in your community, or you can hire someone to come on full time in your team and give them a livelihood. You can offer scholarships to people who truly can't afford training or your membership. You can pay your teachers better and really expand what you're doing in their lives. You can invest in marketing to reach more people who need your services. You can donate to causes you believe in without stressing about your own finances.

Speaker 1:

And I want you to think about the opposite. What happens when you don't have enough? What happens when you barely cover your rent and your payroll every month? What happens when you burn out trying to keep your business afloat. Money and wanting more money is only going to give you more autonomy. It's going to give you the power to make decisions that improve your life, and to improve the quality of your teacher's lives, your team's life and the lives of the students that you are working with, without needing anything else from them. So I want you to start to consider what if I gave myself full permission to desire more? What if I gave myself full permission to actually say that I wanted a seven-figure yoga or Pilates business? What if I gave myself permission to want a six-figure yoga or Pilates business? Or maybe you say it like this maybe I give myself permission to want a six-figure salary that I pay myself from the business that I have. Or maybe I want to pay my studio manager six figures.

Speaker 1:

You just setting that intention and desiring that, without having to rush to get there, without connecting it to what it means about you, without thinking that you've done something wrong, just setting that bigger intention and that bigger desire to have more wealth is going to change the way that you operate in your business and the way that you impact the people of your life. So the first thing I want you to think about. If you're, like, really ready to expand your wealth. I want you to think about raising your prices. Undercharging leads to burnout and if your schedule is packed and you have clients or you have students more than what you can deliver on, it's time to raise your prices. And raising your prices is going to allow you to deliver a really high quality experience for those students and still not be overwhelmed, exhausted, resentful or burnt out.

Speaker 1:

So I want you to think about if you're our studio and you're in this model where maybe you're mostly making money from a lower end drop in rate. Could you shift that so that most of your money comes in through a higher priced membership, which will create more stability and help you reinvest in your team, yourself and the business, and help you reinvest in your team, yourself and the business. And then I really want you to focus on building that reoccurring revenue so that every single month you're not starting at zero. I just did an episode on this so I won't go too into detail with it, but it's just so important so that you're not constantly putting up a flash retail sale or constantly launching a new offer or constantly trying to fill a workshop If you have a solid, most valuable offer, a signature program that can give you a reliable income that's going to really let you hone your skill in that offer, deliver really well, retain more people and get more people to you.

Speaker 1:

And then the final thing I want you to think about is leveraging the money that your business makes. Something that I am committing to doing every single month in 2025, and I've done it for the first two months, woohoo is making sure that my P&L, my profit and loss statement at the end of the month, is completely filled out, is accurate and shows me. My profit and loss statement at the end of the month is completely filled out, is accurate and shows me my profit from the previous month, any leftover profit I have in my business and what I'm going to do with it. Because when you leverage the money that you are making in your business, you could fund a community program, you could see that you have space to hire or pay more or offer a raise, or maybe you have the space to offer scholarships. But you can't do that if you're not clear on your bottom line, if you're not clear on what is my profitability month over month, what's the recurring revenue I'm planning on next month. You have to be aware of the money that you're bringing in and then, when you have money, are you leveraging it in a way to help you create more impact?

Speaker 1:

And that may be I'll just be very honest investing in business coaching. I looked at my profit and loss statement from last year in 2024, prepping for taxes and I spent just slightly more money on business coaching last year than I did on marketing, and those are my two biggest expenses in my business, meaning that I value being around a coach or a mentor who has been there, who has done it, around a coach or a mentor who has been there, who has done it, who can lead me where I want to go, just as much as I value being in front of my potential audience. Why? Because those are the people who will help me see my blind spots, what I can't see, what I need to shift, how I can grow, what I need to do to get where I want to go. So be willing to invest in your business and do it from a place of believing in yourself, of knowing that this investment is going to help me leverage what I have so far to create more impact in the future.

Speaker 1:

I want you to know what it really feels like to be solving problems for your students and solving problems for your team and solving problems for your community because you are so financially free and able to really make an impact because of that situation that financial power allows you to have. But I want to circle back because I don't want you to, you know, have this little naggy thought come back in. Here's the most important thing. Money is not the goal. Money is never the goal. Money is not the end game. The goal is to live generously. It's to have enough to take care of yourself and your family so that you can give to them without hesitation. It's about using your business as a vehicle for change. That means paying your team well, supporting causes and serving your community. And it's being able to say yes to giving, to serving and investing in people without worrying about your own financial survival.

Speaker 1:

One of my clients just last week. She said, jackie, you've been in my head all week and I said, oh my gosh, tell me more. What do you mean? And she's like I can just hear you saying be generous, be generous, be generous. So I want you to know that I am so for you setting the seven figure goal. I am so for you raising your prices. I'm so for you leveraging the money that you're making to reinvest in yourself and the business, and I will always be the voice in your head that says be generous. The point of making money is not to hold on to it with a tight grip. The point of making money is to be a conduit to let it flow into your business and out of your business and in your business and out and in and out, and in and out and in that flow. That's how we can serve each other.

Speaker 1:

And I want you to think about the business owners who are in the wellness space, who are making a massive impact. The one that's popping into my mind right now is the owner of the Sculpt Society Gosh. What is her name? I'm going to pull it up on Instagram. The reason that I say this is because she one is always popping up on my feed. They run ads. They're very present. Their marketing is very, very dialed in. It's by Megan Rupp and she has this massive following 311,000 people. She can impact Like that cannot be changed or taken away once you have it, and what she's doing with her impact in March specifically, is hosting a female founder series to help more women share their story of being female founders and so that you can really understand that these are women who are inspiring, who are leaders, who've gone first and they're having that conversation. That is the kind of impact and wealth that I want you to have.

Speaker 1:

The most influential studios in your towns are the ones with the financial ability to expand and to hire and to invest. Why, why, why would that not be you I apologize for the stutter, but you can see how passionate I am why would that not be you To be the studio with the financial ability to say, yep, we're going to do a third location, yep, fourth location, yep, let's hire. Yep, let's train the teachers with the biggest platforms. They're not the ones who stayed small, they're not the ones who got discovered. They're the ones who built a business that allows them to serve on a large scale. The most powerful community leaders aren't the ones who struggled to get by. They're the ones who figured out how to grow sustainably so they could give more.

Speaker 1:

So we have to stop treating money like the enemy. Really, watch yourself, notice if you say oh, it's not about the money for me, I don't really need that much money. I don't really want that much money. When you say that you are, you know we're going to get a little woo right here, but I believe that you are energetically not just pushing away money, but pushing away a potential life that could have been changed, someone that could have found yoga, someone that could have strengthened their back and been able to run longer in their lives. So just make sure that you're seeing money as the tool to help you make that massive impact that you tell me you want to have. This is one of the ways to do it.

Speaker 1:

So I want to bring one more quote back from Rochelle Rogers, and she has a gosh. Her book is called we Should All Be Millionaires. It's a great read if you want to read it, but she says if we, as women, are truly passionate about improving our lives and making the world a better place for our children and getting equity for all marginalized people, then we need to step up and make bank. If you truly care about impact, you have to care about wealth, because the more you make, the more people that you can help. And remember wealth is never the goal. Service is. Your mission deserves more than you just getting by, just making enough. Your mission deserves to be fully funded, fully resourced and built to last. So what I hope for you from this episode is that you are willing to see yourself as necessary, as incredibly gifted and skilled and limitlessly impactful, because how you see yourself will determine what you see for yourself. So start to believe in yourself bigger than you have before. Step into the bigger impact, the bigger purpose that you want in your life, and believe that you are already in the right position to make that happen. I want to make sure that you know that if you're ready to create a business that gives you financial freedom and massive impact, you want to join the waitlist for the Grow Mastermind.

Speaker 1:

We are opening up enrollment in March and most yoga and Pilates businesses. They come to me and they're like oh my gosh, I just need to get more clients. Not enough people know about me. If I just had more students, then I could grow.

Speaker 1:

And what they don't see is actually the problem. They don't have leadership systems and processes in their business. They don't have a scalable offer suite that will actually let them grow and they don't have that predictable revenue coming in every single month. And even if all the massive people came into their business, their business isn't set up to actually scale yet.

Speaker 1:

The people would then leave the business, and I see clients with this problem too. They come to me and they're like I'm seeing 60 new students every month, but they're not sticking around. This is part of the reason why you have those three things missing. So if that sounds like you and you're ready to invest in yourself and to level up the money that you're making in your business so you can level up the impact that you have, the Grow Mastermind is the only place that I know within our industry that is going to teach you how to be a leader, lead a team, lead your business, create predictable revenue and scale your business without burning out. So you can click the link in the bio to join the Grow Mastermind waitlist and I hope you enjoyed this episode, take it to heart, listen to it again and I will talk to you in the next episode.