Morning sunshines -
I know today is definitely different than usual, especially as we adjust to our new normal. Whether your job has you working from home for the foreseeable future, you’re teaching virtual classes from your living room, or you’re taking a beat to figure out how you want to best adapt and move forward through these changed times, you’re probably feeling all sorts of WTF’s right now.
And even though life, aka CV19, is throwing us tons of stressful and uncertain curveballs, there are A LOT of ways you and your business can benefit from this time.
Trust me on this.
Because you can look at this time as one big WTF or you can look at this as one big opportunity, and I’m choosing the latter, and choosing to rise to the occasion.
Why? Because life is 10% what happens to us and 90% how we choose to react.
Below are 16 (SIXTEEN!) things, tasks, and to-dos you can do for your business during these times.
1 - Catch up on sleep. As someone who is frequently running on too little sleep and too much caffeine, I am taking full advantage of this “Safer at Home” quarantine and sleeping at least 7 hours a night. As business owners and instructors we are used to going full-speed, non-stop. We get up before the sun to get clients trained before work, and we’re also training clients late into the night after they get off work. That usually means little sleep for us, short naps, or irregular rest.
So seriously, we may never be in the position again to feel (slightly) well rested and I’m taking it. I’m sleeping. I’m letting my body rest, recharge and recover. I encourage you to do the same. Your body will thank you for the recovery, your mind will be fresher to tackle the list below, and you might just let yourself find silver linings in this madness.
2 - Do your taxes! Definitely NOT letting this one go until July 15 now! That’s right guys - the IRS has pushed the tax deadline from April 15 to July 15. On one hand, this buys you time if you still need to get your stuff in order. On the other hand? If you do your taxes now and are entitled to a refund, the IRS is processing and issuing them daily…and that refund check might be exactly the extra $$ you’re needing right now.
So do your taxes, friends. If you’re struggling to wrap your head around tax season, I have my Tips and Tricks for Crushing 2019’s Taxes and for organizing yourself so 2020 taxes are even better.
And as you’re getting all of your 1099’s, W2, bank accounts and receipts together, don’t forget there are SO many deductions that you are entitled to take! Business owners, sole proprietors, even employees! Download my guide to deductions and have it handy to to save you maximum $$!
3 - Organize your finances: create a budget, Profit and Loss sheet, and revenue goals for 2020: If you’ve previously been winging it with your finances, getting a paycheck, spending, and hoping for the best, commit to stopping that madness immediately. You cannot grow your business if you don’t know where it is to start with!
Make a list of all of your set expenses: rent/mortgage, car payments, gas, groceries, cell phone, internet, subscriptions, workout budget, savings, everything! Figure out what you can expense through your business account (see list above) and what you have to pay for out of your personal account.
And then make a list of all of your revenue or expected revenue/income. Compare the lists and see how you’re doing. Based on your current numbers and last year’s revenue, set an income goal for 2020. Reverse engineer it into months and start game planning how to hit that $$ every single month. Do not let yourself feel stuck or give up because of the current situation - it’s two weeks. Instead, how are you going to work around it, earn side money, and make it up once things are back to normal.
(This concept applies to studio owners and individual trainers - if you’ve never put together a PnL or projected financials, I can absolutely teach you how! And I might make that an IGTV if enough of you want!)
Lastly - commit to saving something from every paycheck. $10. 10%. ANYTHING. You know those annoying phrases about rainy days and never knowing when you’re going to need it? Yeah, NOW is that time. Don’t disappoint your future self.
4 - Learn something new. I can’t emphasize this one enough guys - use this time to be productive and learn something new. Whether you want to learn something creative, listen to that new podcast you’ve heard about and never made time for, or can finally read the book you’ve been dying to dive into. Here it is!