Steph Crowder shares with us the importance of calculating your Minimal Viable Income (or MVI) which is the minimum you need to make, per month, to make ends meet. If while building your business you can earn this number there’s a good chance you can transition from your primary job to teaching yoga full-time.
Have you thought about teaching yoga full-time but fear making ends meet? Steph Crowder, the Head of Member Success at Fizzle.co has created actionable steps to make possible what may seem like an impossible goal.
Fizzle is a community for creatives, makers and entrepreneurs. Steph began as a member and loved the platform so much she envisioned a role for herself within the company. She applied for a small job and worked her way up to her full-time position.
Steph also hosts the Courage and Clarity Podcast and co-hosts The Fizzle Show which allows her to share her passion for helping entrepreneurs reach their potential in an otherwise often solitary pursuit.
When Steph isn’t helping people pursue their business goals, she’s hanging out with her husband and one-year-old-daughter, sipping wine and decorating her new home in Louisville, Kentucky.
[7:40] How Steph got started on her entrepreneurial journey
[11:55] What is Minimal Viable Income?
[14:15] Your MVI is highly individualized and is dictated by numerous variables
[18:50] When can I teach yoga full time?
[20:00] The power of having a number for your Minimal Viable Income
[20:35] Actionable steps to determine your Minimal Viable Income:
1 Fixed and Variable Expenses– determining the difference between your fixed expenses like rent, mortgage, car insurance, etc. and variable expenses that are based on habits like entertainment, clothes, groceries
[23:00] 2 Trimming the Fat– looking at the numbers and where you can reduce, challenging yourself on the expenses
[25:35] 3 Getting Creative– go further and ask yourself the question like: do you need 2 cars, can you change your living situation, etc. – means to an end, changes aren’t forever
[29:15] 4 Do the Math
- Do you have a cushion of savings
- Business archetypes -different ways you can bring in income
- Making a game plan to get the work you need to reach your MVI
[34:15] 4 strategies to consider if you need to hit your MVI quickly:
- Consider 1:1 work
- Hit your networks hard
- Always ask for referrals
- Consider a second source of income
[40:30] Does the MVI apply to those working full-time teaching yoga and feel like they’re not making ends meet?
[43:20] How to contact Steph
[44:30] Shannon’s closing thoughts
Steph’s email: firstname.lastname@example.org
Steph’s Website: Courage and Clarity- Fizzle to sign up for 5-week free trial
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