Translating Big Dreams Into Master Spreadsheets
How our Impact Lab helped this entrepreneur see how achievable her dreams actually are, with just a little bit of planning.
Entrepreneurs tend to be big dreamers; we’re more prone to jumping before we know whether there’s a net. (That’s how many of us started our businesses in the first place!)
Instead of being risk-averse, business owners like Sylvie Gilbrar don’t ask as many questions when they aim for the stars. That’s where we love supporting entrepreneurs the most: in that gray area between reality and a big aspiration. Instead of calling your dreams silly, we’ll come alongside you and figure out how to make them happen.
Our Impact Lab’s finance expert Tom Barnhill did just that with Sylvie’s business, Certified Baddie Dance Studio.
When we started working with Sylvie, her dance studio business was spinning pirouettes around our expectations. With a healthy start to a consistent revenue and several contractors working for Sylvie – along with booked-full classes – she had lots of ideas for where she wanted to take her business into the future.
The goals
Sylvie's aspirations impressed us, because we knew they could be achieved with a little planning and support. Here were her main goals:
She wanted to achieve consistency in her monthly numbers and significantly increase her own compensation.
She wanted to use some of the revenue from her dance study to co-found a content creation studio, diversifying her entrepreneurial scope to a new industry.
She wanted to open up several new dance studies – and even had dreams of a flagship location in Switzerland, where one of her instructors was moving.
How the Impact Lab Helped Sylvie Create a Plan
Sylvie was using ClassPass to fill her studio, which meant she didn’t receive 100% of the class fees.
Tom discussed the economics of this with Sylvie. To test it, she turned off ClassPass for her most popular class, and it still filled to 100% capacity. Moving forward, she decided to be more selective when allowing ClassPass.
Together, they also laid foundational plans for future growth, including proposals for current teachers to launch their studios. Tom helped Sylvie create a master spreadsheet to calculate startup costs, operating budgets, and equity splits, which will help her predict the profitability of a future expansion. They also focused on setting fair and profitable budgeting, equity terms, and ownership percentages for potential new locations.
To address Sylvie’s aspirations to co-found a content creation studio, Tom and Sylvie discussed how she would manage the finances of both businesses, and how they could be structured in a way that remained organized.
The Results
As a result of working with Tom in the Impact Lab, Sylvie was able to go from having a few ideas to an actionable plan.
Here are the three key takeaways she walked away with as she graduated from our Impact Lab program:
Sylvie was able to conduct discussions with potential partners for opening new locations, including equity terms and budget planning.
She is exploring the possibility of opening a Certified Baddie studio in Switzerland.
She’s developing a tangible plan for international expansion and new business ventures.
Why should you care?
No matter how well-established your small business is, there’s always room for planning and taking action steps when it comes to your dreams. Our finance expert was able to translate Sylvie’s big ideas into spreadsheets and coffee meetings and proposed plans.
We don’t think a business owner should ever underestimate the power of a few one-on-one brainstorming meetings and the advice of a finance expert who sees things a little differently than us.
Apply to Join The Impact Lab
(It’s Free!)
If, like Sylvie, you could use help with…
Positioning your business for expansion into additional locations and markets.
Enhance your ability to make informed financial decisions and navigate partnerships.
Strengthen your financial management practices for both current and future ventures.
… You should apply for the Impact Lab. It’s completely free, and the application process is quick and easy, so there’s no sweat off your back either way.
Want to keep the inspiration going? Read more success stories.
See how Impact Lab could help you gain financial clarity for your business in 2024
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