Every Successful Business Has a Business Plan.
That being said, I have to admit that when I began my home piano studio, I did not write out a formal business plan or even a startup plan! I did, however, create professional documents such as a studio policy, studio brochure, business cards, tuition statements, and many other documents necessary for running my studio. I also had a lot of goals for my business but they were mostly in my head. In spite of not writing out a business plan, my business has flourished and I am now in my ninth years with a full studio and a waiting list. As I become more and more educated on the business end of things, I realize the need for a business plan. It’s never too late to write one. In fact, to insure that my business continues to be successful, it is absolutely essential.
Why Write a Business Plan?
Putting everything on paper is powerful. Similar to writing weekly assignments for our students and asking them to document their practice for the week, writing a business plan aids in solidifying goals and recognizing both strengths and weaknesses. The United States Small Business Administration stresses the importance of writing a business plan for the following reasons: to obtain outside funding and credit from suppliers, to manage operation and finances, to promote and market your business, and to achieve goals and objectives. A standard template for a business plan usually includes:
dents makes them feel that I am accessible and they, in turn, are very open to coming to me with questions, concerns, and positive feedback. Below are a few simple ideas to encourage interaction between you and your studio’s customers:
Social media has been a key component in the growth of my studio. In fact, I’ve never actually done any “traditional” marketing such as print ads, fliers, and so on. I jumped on the Facebook/Twitter/LinkedIn bandwagon long before it was almost a necessity, and it has most definitely paid off.
About a year ago, my family relocated from Milwaukee, Wisconsin to Bozeman, Montana, and I was faced with “relaunching” my
I find that often times I’ll pick up business books from the store looking for inspiration and they just end up sitting on the shelf collecting dust. Sound familiar? Sometimes it’s because I get excited about a new topic, ie. Social Media which warranted me purchasing not one but five social media marketing books! Needless to say I barely got through one and skimmed a couple others. I realized that as with any other task I hope to achieve associated with my business (Brooklyn Music Factory) I need to actually set aside the time to accomplish them. Books somehow felt different, but of course, they are not. They require time during my workday if they are in fact a priority. So, that is what has changed as of late. I now set aside some reading time a couple times during the week and, low and behold, I am starting to pull new books off that dusty shelf! This entry marks the first of a series on business books that I have discovered to be chock full of useful info. And how I see that info affecting my business operation.