Finances Tag

CouragetoCharge

In 2009 I had the pleasure of hearing Beth Gigante Klingenstein, author of The Independent Piano Teacher’s Studio Handbook, speak on the question of “Who’s in Charge of Your Studio?” at the University of St. Thomas Summer Music Institute. The main message I took away from her workshop was that if we as studio owners are complaining about our wages or any other aspect of our business, we have only ourselves to blame. We are the captains of our own ships and we can remedy the situation by raising our rates, setting studio policies and enforcing them, and ultimately, by realizing our worth as teachers of music and art.

In 2002, Beth conducted a survey of Independent Music Teachers (IMT’s) in the Music Teachers National Association and found that the average IMT earned $29.00 per hour and had an average gross annual income of $17, 893. What I found shocking was her comparison of the independent music teacher’s salaries to that of other business professionals. The IMT income was lower than a pharmacy technician, janitor, receptionist, file clerk, and even a manicurist! Why are we underpaid? Beth offered many reasons:

• Traditionally female profession – historically, traditionally male professions tend to be paid more
• We are independent
• We do not raise rates often enough or by enough
• We think “per-hour” instead of annual income
• We think “part-time” instead of “full-time”
• We fail to realize the difference between gross and net income
How do we change this? First of all we have to recognize and acknowledge our worth. One of the most disturbing mindsets that Beth discusses in her book is, “I don’t need the income because I am being supported by my spouse.” This attitude is a detriment to our profession. Many teachers support not only themselves, but also their families on their teaching income. If some teachers charge artificially low rates, everyone in the profession suffers.

It's a fact: Consistency in your studio makes a big difference for clear parent communication. Prior blog entries have already touched on benefits of having a "studio handbook" addressing responsibilities and procedures. One area can that can cause friction unless it's clearly spelled out is the policy regarding missed lessons or classes. There is no right answer to the question "What should the policy be?" It's just...

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Inventory is a part of many studio operations. Knowing more about retailing can help your bottom line. In many cases your students need supplies, uniforms or equipment. Let's  focus on ways to control overhead and maximize use of finances. Outsource entirely It's ideal to have a local vendor willing to stock items. How can you help build the best relationship? Keep them informed of your schedule so...

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