Business Planning Tag

Previously, I wrote about how to use time effectively while teaching a lesson in Self-Help Pedagogy: Part 2. In this month’s blog, I will address the topic of how to make the best use of our most precious commodity as studio business owners – Time. Time is very valuable; once it is used, it is gone forever. We can’t ever get it back. In today’s world, time moves very fast. As one student parent said upon returning after summer break, “I blinked and summer was over.”

Therefore, it is in our best interests to use time wisely. I must admit as I sit here writing at the last minute that I am no expert on time management! However, after doing some research, I have come up with my top ten list of the best tips on time management.

10. Stay healthy. Take care of yourself – exercise, eat healthy and often to stave off hunger and keep blood sugar levels stable. Stay hydrated and get 6 – 8 hours of sleep every night. Remember to breathe, slow down, and take breaks.

Each year, I find myself re-evaluating my studio policy, tweaking it and adjusting it as a result of things that I have learned throughout the year. When younger siblings were hanging out during older siblings’ piano lessons and becoming disruptive, I added a new policy about having no siblings present during lessons. When parents were cancelling piano lessons regularly in order to make sure their kids didn’t miss a volleyball game, I instilled a non-negotiable monthly fee regardless of missed lessons (totally changed my life, by the way!).  Having a studio policy in place to give students once they inquire about lessons — and then enroll at your studio– is invaluable. At the end of each school year, I adjust my policy and re-distribute it to all current students with any updates.

The trick for me in developing a studio policy that works is making sure that I don’t have so many rules and policies in place that it seems overwhelming to students, and being brief and concise in the way I explain them. Having a policy in place protects me as a teacher. If a student or family ever questions something, I remind them that it is part of my studio policy.

At this time of yetaxesar, I have taxes heavily on my mind. Perhaps you, too, are busy preparing your 2011 returns before that dreaded April date, or maybe you’re way ahead of me and have already taken care of everything. While being a self-employed studio owner can be a bit of a pain come tax time, there are also many deductions you should be taking advantage of:
Business Expenses

There are a number of tax deductible business expenses allowed by the IRS. These include money spent on advertising, travel, memberships, licenses, and maintenance. If you put an ad in the paper, purchased a business license or membership for your local teaching organization, attended a conference, provided incentive prizes, had your piano tuned or bought coffee during a business meeting, then you should be reporting these on your tax forms. Studio Helper and Music Teacher’s Helper make recording these things very simple. You simply enter the expense in the Studio Expense portion of the dashboard and toss the receipt into a folder in your filing cabinet so that you have supporting documentation in case you are audited. Be sure to provide specific details when recording the expense so that you know what category it fits into when you are doing your taxes the following year.

digitalMost readers of this blog–like me–have probably gone to a lot of trouble to advertise your studio.  When I first moved to Wisconsin, I paid for a huge ad in the paper, stuffed mailboxes with coupons, and hung flyers at every business in town that allowed them.  No one called.  After a few months of this, I put an ad on craigslist.  In a few short weeks, my studio was full and I had to begin a wait list.  

We are definitely living in the digital age.

Studio owners today must learn to use the tools we have available to us online if we’re to be successful in marketing our business and communicating with our clients.