Your house in Kansas City has just undergone minor kitchen remodeling. The real big project you have in mind is the one for the basement, which you hope you can accomplish within the next few months.
You’ve been teaching dance at the University of Missouri’s art school. You and the husband had a long talk about what you want to do. Considering that you’re planning to start a family soon, the agreement was one needs to stay at home. You love teaching dance, but the load at the university as a professor might be too much.
So your husband proposed that he would spend for the renovation of the basement to turn it into a dance studio. The goal is for you to keep doing what you love, but in a more manageable schedule, and you get to stay at home. You love the idea. You can teach dance but don’t have the slightest idea about how to run a dance studio as a business. You’re doing your research.
Here are some of the things you might learn about starting a dance studio:
An Overview of the Dance Studio Industry
Dance studios in America have been flourishing, and in 2018 it registered a total revenue of $4 billion. You will be joining close to 52,000 dance studio businesses across America. The growth rate is 4.6% over the last five years.
The fusion of dance and exercise has contributed to the rise of the dance studio business.
Learning the Business
Love for your art would not necessarily translate into competence in running a commercial enterprise. Here are a few things that you need to bear in mind:
- Apprenticeship. The business setting is different from the academic world. Consider working for a dance studio business first, not necessarily as a dance teacher but in other capacities. This will expose you to the day-to-day operation of the company and get acquainted with the challenges faced by owners. You can also find out about mentorship programs in your city. An excellent resource example to gain insights about running a business is score.org.
- What kind of studio? Conduct some market research and find out what businesses are in the area. How far is the nearest dance studio to your location, and what dance are they teaching? Will hip-hop dance be a hit? You’re from the university, survey what students like in terms of dance as an art form that is not being addressed by the school. Try creating something new and distinct that will attract not only dancers but performance artists too.
- Insurance. It is recommended that you get insurance to protect you from liabilities. Coverage should include persons (e.g., students, teachers, guests, etc.) as well as properties.
- Revenue streams. Dance studios earn money through lessons or class sessions. Other ways by which you can create revenue streams are through the following:
- Renting out your space to other dance instructors
- Renting the space for private events, like children’s dance recitals showing off their ballet skills.
When you start writing your business plan, you will think hard about your business name, marketing plan, and financial strategies. This plan is, of course, a crucial step to starting your dance studio business.