Tips for aspiring studio owners
Have you grown up as a dancer but want to become a teacher? Although your passion for dance and desire to pass on the much-loved art form will come in handy when running a studio, they are not enough to turn it into a success. A studio is a commercial venture that takes business shrewdness, capital, and attention to detail.
Here are some risk-reducing tactics that will allow you to ease into studio ownership:
Be an apprentice
The best way to become a studio owner is to start by working at one. As an apprentice, you will learn lessons from several owners with varying market and customer profiles. You will also be able to observe the difficulties of owning such a business and get some hands-on experience.
Make a name for yourself
Before you own a studio, you need to develop a student following. Doing so will give you a built-in clientele during your first year as a studio owner. You can make a name for yourself by offering your services to local churches, after school programs, and gyms.
When you do this, some of your students might decide to pay for some private lessons once you open your own dance studio. It would be nice to open your doors for the first time with guaranteed enrollment.
Write a business plan
Having a formal business plan is a great way to counterbalance your passion because it gives you a dose of reality. Do some market research on potential customers and experiment with different pricing for classes based on potential enrolment. Determine all your costs, including the overlooked ones such as web design, upkeep, signage, and marketing.
Once your business launches, you need to adapt to the business plan, but the original plan is a must-have blueprint on how you will make money.
Get creative with space
The biggest cost that you are likely to face is studio space. If you lease or buy your own space, you need to make monthly lease or mortgage payments as well as invest in a build-out to adjust the space for your needs. Moreover, there are ongoing bills for upkeep and extensive utilities.
In the beginning, you should consider renting an alternative space for your classes. As long as you maintain a professional demeanor and have legitimate curriculum vitae, a legion hall can be a great place for weekly classes. If your budget is too low to afford rent, you should consider changing your garage into a studio space.
This is a great idea since you are already paying mortgage or rent. Additionally, working from home qualifies you for a hefty tax deduction. If you live in a big city and your clientele is mostly made up of adults, you should not overlook the uniqueness of pop-up dances in a new location every week. However, frequent location changes will need cautious communication with your customers but can be a cheap and buzz worthy launch for your business.
Don’t hire wildly
Rather than hiring a huge dance faculty, you should teach as much as you can without overexerting yourself. You might also want to ask around and find out whether there are any college students looking for internships or teaching experiences. This will allow you to meld some dance teachers at lower hourly rates.
For unwieldy kid’s classes, you should start a class-assistant program and pool helpers from the older students. If you have children without uniforms, you can ask them to buy custom team leggings for a more standardized look. When children look like a team, they will feel motivated to act like one.