Omega
what steps should I take to own a dance studio?
I would like to one day own and operate my own dance studio. #entrepreneurship #dance-teacher #dance-studio
3 answers
Melissa (Yakel) McClatchy
Melissa’s Answer
What a wonderful ambition! As you follow your passion, you'll be focused on your fundamental skills as a dancer. In thinking about owning a dance studio, you'll want to think about grounding yourself in the fundamentals of owning and operating a small business. That means understanding how to set up your business as an entity with Federal and State government, financial basics such as building/borrowing the funds to start your business, cash flow management, accounting/tax liability, and contracts (as an example real estate). You'll also want to understand the fundamentals of marketing: assessing the competition, promoting your school (collateral, website, generating awareness, etc.), registering and communicating with student families (email, etc.) as well as your offering/pricing models. There are a lot of online resources for small business owners. Check out sites like Intuit which offers educational content as well as technology to enable small business owners.
Good luck!
Debbie-Ann Shaw
Debbie-Ann’s Answer
I would pay attention to what is missing the dance community space - ask yourself how can your studio help fill that void? For example, you noticed there's a lack of adult classes, or summer programs for school-aged children.
Challenge yourself to personally interview 5-10 dance studio owners about how they started. Call them and let them know you're a local student and you are highlighting the local dance community owners. Trust me, must studio owners would love the opportunity to share their knowledge with you. Come up with 5-10 questions that highlight them and also answer your burning questions on what it takes to start and run a studio (startup costs, marketing, hiring staff, day to day operations, etc.)
Once you complete this, you will have real information (not just from Google or a book) and what's happening. I would also talk to the dance students and the parents and find out why do they like this studio. Pay attention to what they say and make note of everything.
If you truly want to be an owner, you can do it. Find and attend dance conferences locally and pay attention to what's happening in the industry and how your future studio will address those needs.
Also with the world changing, be flexible with your teaching (online and in person) methods. You can start small and build your way up from there.
The most important thing is that you TAKE ACTION :)
Wish you the best
Eric Loxton
Eric’s Answer
Omega, if you aren't already doing so, talk with your friends, family, dancers, and other potential customers to get their feedback on your ideas. You need to ensure market fit. Think about how you will differentiate yourself in the market.
Here are some questions to start considering:
1. Who are your users?
2. Will they want to have virtual classes available (due to covid?)
3. What kind of dancing is most popular? (Tiktok tuitorials?, Classic, Hip-hop, etc)
I wish you the best of luck! By asking the right questions and staying focused on your passion, I'm confident you will be successful in whatever you set want to accomplish. Stay focused, start small, and keep going!