If you own your own dance studio, you probably have a passion for dance and want to share that with other people. However, running your own dance studio will certainly cost money. Here are some steps you can take to increase your bottom line without sacrificing your time in the studio with your students. Even if your dance studio is already turning a profit, these steps can help you to take things to the next level and help turn your studio into the best one in town!
Offer More Types of Classes
Your natural inclination when you run a dance studio is to hold group classes because then you can make more money by filling a class, with each student paying a fee to participate. However, experts say that you should offer a variety of classes as this appeals to more potential customers, increasing your profit base. While group classes are a must when you run a dance studio, private lessons are also a good way to make some money. People are often willing to pay more if they can have a private dance lesson. Likewise, small groups, such as birthday parties or bachelorette parties, are other ways to earn more cash at your dance studio.
Rent Out Your Studio
You probably don’t hold a class all day, every day in your studio. That means you have the potential to make money by renting out your space to other groups when you aren’t holding classes. For example, you could rent the space for dance-themed birthday parties or to other small dance groups who might not have their own place to hold classes. Perhaps a local high school class needs a place to practice in the evening or a private dance instructor doesn’t have a studio of her own. Making money on your space when you aren’t even there is an easy way to share your space while also putting some more money in the bank.
Sell Dance Merchandise
Your studio doesn’t have to be restricted to making money from classes. You can also buy dance merchandise, such as clothing, shoes and other accessories at wholesale prices. You can then sell this merchandise for a profit to your students. Setting up a small space in your studio as a “store” can help you earn some more money without a lot of extra time or energy. In addition to selling dance clothing and shoes, you could offer water bottles, socks, sports bags, leotards, t-shirts, sweatpants, sweatshirts and trinkets that appeal to dance lovers (such as themed key chains or mugs).
Offer Drinks and Snacks
Dancing works up a sweat, so selling snacks and drinks to your dancers is a really easy way to increase your profit. You can likely buy the items in bulk, then sell them for a profit in your studio. Single-serving bags of trail mix, granola bars, pretzels, snack bars, sports drinks, bottled water and juice are great ideas, but you can expand your offerings based on how much space you have in your studio to set up your snack bar.
It’s imperative to keep track of your incoming and outgoing funds, and that means having a good software program like The Studio Director in your office. Along with helping you with your class management, The Studio Director can help you to keep track of family charges and payments. If you open a store or snack bar, you can use the inventory feature of The Studio Director to help you keep track of your inventory levels so that you always know when to reorder. With The Studio Director, you can see with just a glimpse whether your efforts are paying off or if you need to make adjustments to your income-generating endeavors.