How To Run A Profitable Dance Studio in 2020!
I know it’s still October, but I’m already looking forward to 2020. It’s one of the hazards (or benefits, depending on how you look at it), of the job. Personally, I love planning; it makes me feel secure and on top of my game. Whether it’s a social media calendar or my finances, I’m a fan of getting ahead.
Which is why today I’m sharing 5 tips for getting on top of your studio’s financial game. Don’t have studio? No problem! These tips can be used for pretty much anything, including your personal life. So if you’re ready for financial freedom in 2020, read on!
#1 Get Honest About Where You’re At
Ok, this is probably the hardest step, but we’ve gotta start somewhere, and after this it gets easier! Sit down and get real honest about where you are with money. List out all your expenses, every single one of them, and add them up. From there you should be able to decide what kind of income you want or need to have above that expense number, then set it aside, we’ll come back to it later.
I know money can trigger shame for a lot of us, so before you even start,
#2 Let Go Of What’s Not Working
Now take a look at what’s not working in your studio/teaching. Is there a class or program that just doesn’t fill up? Get Miranda Priestly on this, and really focus in, without fear. If you want to make room for new things to grow and flourish, you have to clear out the weeds. Commit to cancelling classes that aren’t performing, or anything else that’s leaving you in the red (aka not profiting). I know this can be painful and scary, but try using the mantra - I ask, I believe, I receive.
#3 Capitalize On What Is Working
Now turn your focus to what is working. Maybe one of your classes needs a second section because it’s so full, or you’ve got a great new teacher who your students love. Ask yourself if there’s any other revenue streams you could be implementing like hosting dance birthday parties, or movie nights. A good tactic is to look at the days and times when your studio is the slowest and get curious about what might fit or work well in those times. Maybe a morning music class, or contract with a yoga or Pilates teacher for a weekend adult class. There’s no wrong way to brainstorm this, and with tools like social media and emails, you can poll your students and community to see what they’d be most interested in, and most likely to attend. Once you’ve done your research, get a plan into action to get that extra moolah coming in!
#4 Make Everything Automatic
This tip has totally transformed my personal finances, and can transform your personal and business finances as well. Make all of your money transactions as automatic as possible. Set up automatic transfers for payroll, to put money into your business savings, and automate all your bills. This way there’s never any last minute stress about an unpaid bill, and you’re not having to think or make a decision about if you should put money into a savings account - it’s already done! If you can, transition your students onto automatic payment plans (if they’re not already). You can offer incentives like discounts or free classes to folks to pay automatically. The less steps there are for you to manually process, the easier your life will be, and the less money stress you’ll feel.
Ok, now I want to hear from you! Will you be using these steps in 2020? Or now? Let me know in the comments below! Rooting for you, all day, every way!