Here at Healthy Business Finances – we love numbers, we love accounting systems, we love spreadsheets and we love financial reports.
However we know that often this is not necessarily everyone else’s priority or love.
Throughout June, we will be profiling other business owners so that we can share their financial fears, story, journey and wisdom with us! Through sharing our story, I believe we can break through the financial fears and grow stronger as business owners.
The fifth in our series across the month sharing their story is Prue from Pretty Fit.
I live very close to Prue’s Pink Palace and I often see the women working out and trust me – these ladies are smashing out all kinds of sessions here. Small group fitness in a fun and fabulous setting – win win.
- Firstly, tell us a bit about yourself and your fabulous business.
I am the founder and owner of Pretty Fit. A women’s only boutique fitness studio like no other! We specialise in providing incredible small group training classes that are not only supportive, but super effective. It doesn’t just stop there; the Pretty Fit Palace is the height of gorgeous glamour, from the luxe soft furnishings and Hollywood style change room to the signature hot pink feature wall showcasing our ethos of Train Like a Warrior, Eat Like a King, Look Like a Goddess!
But don’t let the welcoming glam fool you, Pretty Fit Girls work hard at The Palace and have the amazing results to show for it. After experiencing my own body transformation, losing over 30 kilos, I know what it is like to try and balance work, family and life with getting fit and healthy. The Pretty Fit Community of women is something I am extremely proud of and I believe it is the vital component to the success our girls have with losing weight, changing shape and getting fit.
- What do you love about your business? The clients, the work, the flexibility, the freedom ?
The Clients…most definitely! Even on my hardest days when I’m tired or stressed, the minute I get out there on the floor to train the girls I get this incredible rush of energy and enthusiasm. I love it. Training my Pretty Fit Girls reminds me of why I started the business and why I need to keep pushing to be better.
- What financial systems did you use when you first started your business (and it is OK to admit perhaps you didn’t use anything – business is a journey !)
I must admit, when I first started my business, I was using a basic excel spreadsheet and collecting my receipts in a shoe box. Without fail, every tax year was a mess and I would spend 2-3 days combing through it all trying to make sense of what I had spent/made! Needless to say my accountant was a very patient woman!
When I moved my business to a retail frontage (from the garage), I realised that I needed to automate my systems. I made the move to Xero and have not looked back. We have set it up to link to our purchasing software and the business bank account, so nothing falls through the cracks…even for the most non-savvy numbers girl like me!
- What financial fears did you have? This can include a fear of dealing with the numbers, a fear of seeing what the numbers will say, a fear of dealing with all the invoices and paperwork, a fear of getting it wrong, a fear of failure, a fear of the Tax Office or a fear of simply being overwhelmed by the obligations of being a business owner?
I absolutely wish that I was a numbers girl…but it’s just not my forte. What really scares me about that is that I have read about so many accomplished business people who say success is all in knowing the numbers. So as much as I resist and rather than ignoring the numbers, I have forced myself to regularly review them and try and pick up trends and understand the peaks and troughs of my business.
Fortunately the automation of Pretty Fit means that I have the means to easily run reports on my client attendance, sales, stock on hand etc. It would have to be the hardest, and dare I say it, most mundane part of my job but I have come to respect the process.
- What information would you have loved to have known or understood (from a financial viewpoint) when you first started your business that you now deem invaluable?
That’s tough as I think there’s probably still a whole lot of information I would love to know today!
But I think the best financial advice I have received would be to set up your business from day 1 the way you would expect it to run 12 months down the track i.e. use quality software, keep accurate records, set up business accounts etc
- What systems do you now use to streamline the financial aspects of your business – programs, apps, resources?
Xero for my accounting, Ezidebit for membership payments and retail transactions and it is all bundled together an amazing business automation product called MindBody, ideally suited for gyms, PT studios, beauty therapists etc
- What pieces of wisdom can you share with other business owners about overcoming some of those financial fears?
Address your weaknesses and find someone or something to do it for you.
As small business owners, we are expected to wear many caps but it is ok not to be good at everything….and even more ok to admit it
- Numbers are a passion for me – but so is travel, food and family. What are you passions outside of your business.
Outside of the business, my biggest passion is spending time with my husband and two kids.
We work on renovating our home, cooking meals together, visiting parks and restaurants and whatever other adventures come up. My schedule is so jam packed with weird hours that spending quality time with them is paramount.
Thank you so much Prue. I love this from you “it is ok not to be good at everything….and even more ok to admit it”. Very wise words.
Sometimes facing numbers and financial obligations as a business owner can be daunting and intimidating. Our aim at Healthy Business Finances in our Financial Coaching Sessions is to reduce the fear, reduce the stress – and heck – we even want to have a few smiles and a bit of fun along the way.
If you are in need of a bit of a fitness boost in a fun and glamorous setting (but still want to get a sweat on) then you need to head to the Pink Palace at Shop 4, 388 Keilor Road, Niddrie and have a session with Prue. You can follow and connect with Prue and the Pretty Fit team via facebook, website or via instagram.