366: Get Okay with Making Money with Chioma Njoku

Is making money yoga-like? How is making money aligned with the principles of yoga? How do you balance making money as a yoga teacher with keeping your offerings financially accessible to people? Chioma Njoku shares her insights on these questions and more.

Chioma is the owner and Chief Mindful Operator at the Mindful Bookkeeper, and host of the Cheers to Your Prosperity podcast. By integrating the lessons she has learned from her own financial struggles and her professional experience as an Accountant of 18 years and Financial Coach, Chioma helps entrepreneurs and small business owners keep more of their hard-earned money in the bank without sacrificing the things that make life enjoyable.

In this episode, Chioma dives into the nitty gritty details of the money and finances aspect of running a yoga business. She talks about how bookkeeping software can help us with our finances, how to track payment fees, how to check your financial reports with intention, and why creating money practices is like practicing yoga. Tune in for Chioma’s tips on how to be consistent with money and shift your money mindset.

Key Takeaways:

[2:23] This episode is powered by OfferingTree and Pelvic Health Professionals.

[3:58] Kathleen Pratt shares a little about the upcoming yoga series: Nourish Your Nervous System.

[5:12] Shannon introduces her guest for this episode – Chioma Njoku.

[9:49] What does Chioma do and who does she do it for?

[10:42] What does it look like when Chioma works with someone?

[12:47] Chioma addresses the idea that making money is yoga. It’s okay to make money.

“What we can do is offer our service and give them the opportunity to rise, to come to us, to take a class. Believe me, when someone gets something out of something, … we will invest, we’ll figure it out.” ~ Chioma Njoku

[15:24] How can yoga teachers balance the need to get paid with keeping their yoga classes accessible to people with limited funds?

[17:54] Chioma shares a little about the saviorism she encountered in 2020, when people invited her to attend their yoga classes for free because she is Black.

[21:09] Chioma talks about bookkeeping and what that means for yoga businesses.

[22:11] How often should we be looking at our money?

[24:34] What’s a good starting point for yoga teachers who are not tracking their income or their expenses?

“It’s not our job to save them. We can present our service. It’s up to them to say yes or no.” ~ Chioma Njoku

[29:06] Shannon pops in to share a great article that Sinead from the Connected Yoga Teacher Team wrote for OfferingTree.

[31:02] Shannon and Chioma chat about different software that is available for bookkeeping and tracking income and expenses.

“You are in business. Doing your bookkeeping is important to your business.” ~ Chioma Njoku

[33:25] How does Chioma recommend yoga teachers look at their reports?

“It’s more of just getting into the habit of looking at that report and what it is to me, it’s setting expectations for your business.” ~ Chioma Njoku

[35:18] What are some things yoga teachers can do to cut their expenses or increase their income?

[39:34] What are some other roadblocks yoga teachers often run into around mindset?

[42:57] How can yoga teachers work on their money mindset and get comfortable with money?

“It’s good to have conversations and questions about your money because there are little ways that you can save money.” ~ Shannon Crow 

[46:33] Chioma shares some final thoughts for yoga teachers around money and running their own yoga business.

“Let’s try not to discount a service. We’re teaching people to not value yoga.” ~ Chioma Njoku

[47:56] Check out Chioma’s podcast to learn more, and visit her website to connect.

[49:19] Shannon shares her biggest takeaways from this conversation with Chioma.

Links:

Gratitude to our Sponsors, OfferingTree and Pelvic Health Professionals.

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