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Finances

20 Sep

Too Much of a Good Thing

by admin
in Finances, Marketing, Policies and Procedures, Program Development, Uncategorized
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Problem

This year I am celebrating 10 years of being a music studio business owner. In 2002, I opened my studio and had 17 students within the first year. I now carry a load of about 40 private students. My dilemma is that I am completely full, teaching six days per week, but just a little stressed! After some attrition and a drop in enrollment about two years ago, I am once again at full capacity, which means that any prospective students must go on my waiting list.

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09 Sep

Maximizing Your Studio’s Earning Potential

by cconrad
in Facilities, Finances, Marketing, Program Development
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One of the challenges in scheduling piano lessons is that most of my clients are school aged children.  This means that by the time a student gets out of school and over to my home studio it is typically 4:00.  Most school aged children–especially the younger ones I tend to work with–are at their best if their lessons are over by 6:30 or 7.  And since we live in an area where people tend to go camping or skiing on the weekends (myself included), Friday and weekend lessons are not a viable option.  This means that I really only have about 12 hours of weekly teachable time (and income earning potential).

This past year, I’ve tried to get creative by expanding my studio offerings, and I have also observed many fellow studio owners in our area that have done the same.  Here are some ideas from my experience:

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09 Jul

Marketing Your Studio in a Bad Economy

by cconrad
in Finances, Marketing, Program Development
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At one of my recent teaching association meetings, we discussed how even studio owners and music teachers are feeling the affects of the bad economy.  As families tighten their belts a bit more and look for ways to lower their budget, some of their children’s extra curricular activities are seen as unnecessary luxuries.  Use some of the tips below to prevent your studio growth from becoming stagnant during lean times:

Educate your clients

Make sure your client base understands the importance of the service that you offer, and why it isn’t expendable.  I use quarterly newsletters to reiterate the importance of music lessons by linking studies and data that show the benefits of learning piano.  I also write occasional articles for our local parenting magazine about the benefits of music education.  Doing so helps my students and their families prioritize music lessons and hopefully look to cut other things out of their budget if they are faced with making difficult choices during financial hardships.

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09 Jun

Summer at the Studio

by cconrad
in Finances, Marketing, Policies and Procedures
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I used to panic when summer hit.  My students all assumed they had the summer off from piano lessons (as that was typical practice where I lived).  While a few students were still interested in taking lessons during the summer, the drastic drop in income always took some adjusting and required me to budget throughout the year in order to accommodate the financial swing.

Six years later, I actually look forward to summer.  While I still don’t teach full-time, I have worked my studio policy and studio offerings in such a way that allow me to spend less time in the studio and enjoy my summer a bit more, while also maintaining an income that is closer to my typical income during the school year.  Here are some of the things I have implemented to help ease the financial stress of the summer months:

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