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Friday, March 7, 2008

How To Find Out If You Are Making Money In Your Yoga Studio Business

One of the major challenges that many studios face is dealing with finances. This doesnt necessarily mean just paying the bills, but knowing exactly how much money you made each month. Not just that you have money in the bank, but knowing what your expenses were and how much profit you made.

Perhaps you do this already, using QuickBooks (or something like it), and every transaction is entered, categorized and reconciled. At the end of the month you generate a profit and loss statement and examine your expenses and revenue to determine where you made money and where you lost money.

If you dont do this, you might wonder, Why should I care, as long as Im making money? Good question.

The goal is to determine where you really make money, and where you dont. Then, do more of whatever you do that makes money, as well as change or eliminate the things that dont make money.

For example, do you know exactly how much you made from classes this month as opposed to last month? Maybe youve done some advertising these numbers will tell you if it was worth it or not.

For example, suppose you find that for the past 6 months, you average of $5,000 from selling memberships per month, after paying instructors. Then, one month you spend $1,000 to do some radio advertising. At the end of this month, you again look at your profit and loss statement and see that you made $7,500. You made an extra $2,500, but the advertising cost $1,000, so in reality, your increase in profit from radio advertising was only $1,500. This tells you that it is worthwhile to use radio ads.

On the other hand, lets say you only made $5,800 on memberships that month. On the surface it appears you made and extra $800, but after taking into account that you spent an extra $1,000 on the radio ad, you really made $200 less than you had previously averaged.

Your conclusion would be that this type of radio advertising was not a good way to make more money. Yes, you did get more students from the radio ad, but not enough to offset the cost of the ad.

Think of it like a runner timing herself each time she practices the 100-yard dash. The stopwatch will tell her exactly how she did today compared to yesterday or last week. Maybe shes trying to decide if eating before running makes her faster, slower or has no effect. Without the stopwatch, she could feel like she was faster or slower, but not really know for sure.

The same is true for business. When we dont accurately measure profits and expenses, we end up like the runner who says Boy, I felt fast today! Sure, you probably have a good intuitive sense of how the studio is doing. And knowing the exact numbers will allow you to take your studio to a new level.

Doing this kind of analysis of profits can help you earn more and stress less. So often a studio will try the Advertising strategy of the month, randomly trying things to bring in more business, but never really knowing if they earned more money from it.

As you get more experienced with doing this (its actually not hard once you get used to it), youll be able to focus on those things that make money, and change or eliminate those that dont. And remember, as the one who is in charge of running the studio, no one cares more about the bottom line than you do.

I work with many people on this very idea: How to figure out where you are making money and losing money so that you can make your studio more profitable. If you have a questions you would like me to address about this, please email me at coach@CenteredBusiness.com, and I will try to address it in a future newsletter.

Coach Al Lipper
Business Coach for yoga Studios
Destiny: Success
Website: http://www.CenteredBusiness.com
Email: coach@centeredbusiness.com
Telephone: (805) 544-3938

Coach Al Lipper of 'Destiny: Success' helps yoga studio business owners smoothly run and grow their yoga studio. He helps stressed and overwhelmed yoga studio business owners who spend most their time wrapped up in daily business tasks, who can't handle any more clients, or who can't make any more money out of the business. Coach Al helps clients find new yoga business strategies which result in generating more clients, increased profits, and more free time for the yoga studio owner. The amount invested was small compared to the results. Contact him today to discuss your yoga studio challenges at (805) 544-3938 or visit http://www.CenteredBusiness.com

Yoga And Meditation Tours

Comparing The Playstation 3, Xbox 360, And Nintendo WII

Finally, theyre all here. The Xbox 360 has had the next generation gaming market to itself for a year. Now its two competitors, the Playstation 3 and nintendo Wii, are here. No more speculating about speed. No more guessing about memory. Now we can take a look and see exactly how they stack up compared to each other.

Let the console wars begin again.

Price

The ps3 has two configurations much like the Xbox 360. The ps3 comes in a $499 version that comes with a 20 GB hard drive and a $599 version that comes with a 60 GB hard drive; Wi-Fi; and memory stick, SD, and Compact flash slots.

The Xbox 360 has two configurations. It comes in a $299 core version and a $399 version that comes with a 20GB hard drive.

The nintendo Wii is the cheapest of the bunch with just one configuration that costs $250.

Processing Power

The Playstation 3 comes with its cell processor. Its a PowerPC based core that runs at 3.2 GHz that also have seven DSPs that run at 3.2 GHz. This configuration can do about 2 Teraflops.

The Xbox 360 has a custom IBM PowerPC processor. This processor also runs at 3.2 GHz. However, Xbox went with a true 3 core processor compared to the one general processor of the cell and seven additional DSPs. This configuration can do about 1 Teraflop.

The nintendo Wii includes its Broadway processor, a PowerPC based processor running at 729 MHz.

Disc Media

Part of the reason the ps3 is so much more expensive than the Xbox 360 is because the Sony decided to include a Blu-ray drive on the system. The drive can play both Blu-ray movies and regular DVDs. The Xbox 360 comes with a DVD player and an HD-DVD add-on is planned. The nintendo Wii uses a DVD drive; however, the system will not work for playback of movies, just nintendo games.

Backwards Compatibility

The Playstation 3 is just like the PS2 was. Youll be able to play both PS2 and PSone games on the ps3. nintendo is taking things a bit further. Their system will be compatible with the gamecube games and also the gamecube controllers since the two systems use very different controllers. Not only that, but the Wii will also have the ability to download games from the original nintendo (NES), Super nintendo (SNES), and the nintendo 64.

Sweet Features

If you want high definition gaming, then the ps3 is the way to go. It comes with a Blu-ray drive built in and can output in 1080p. Although the ps3 controller may look familiar, its had some updates. The controller is now motion sensing so in some games youll be able to move your character or fly a plane just by moving the controller.

The Xbox 360 was built to work with Windows XP media center. If you have a computer that already has media center on it, youll be able to view pictures, videos, and even recorded TV by using your Xbox. You wont need to put your PC in your living room to take advantage of having a Media Center PC.

The nintendo Wii decided to completely change the way gaming controllers are built. In the past, one controller was always held with both hands. The Wiis controller looks more like a TV remote control than a game controller. It has a built in motion sensor so, for example, to swing a sword, you simply move you hand just like you were really swinging a sword.

Hopefully this review has helped you compare the three next generation gaming systems. Each has its pluses and minuses, and feature that are unique to it. Ultimately, your decision will likely come down to which system has the games that most appeal to you. And that is a decision that only you can make when deciding on a system to buy.

Gary Ruplinger is the editor of http://www.ps3asap.com, a resource for getting the in demand ps3 system. He also is a writer for http://www.gamesystemreviews.com where you can learn about all of the next generation systems.

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