A dance studio is a great idea for creative people who are looking for a different type of business. Starting a dance studio is very similar to starting any other type of business, but with some key differences. To help you get started and be successful, here are a few things you need to keep in mind.
Type of Business Entity
Before you get started, it is important to think about the type of business entity you would like to start. The type of entity you choose will have ramifications down the line and so you need to choose wisely. To ensure you get things right, sit down with an accountant or business professional so they can guide you.
Some popular business entities to consider include:
- Sole proprietorship – This is a business run by an individual with no separation between the business and the owner
- Limited Liability Company – A business entity with the limited liability corporations enjoy, but the flexibility of a business partnership
- S-corporation – A corporation that avoids double taxation
- C-corporation – A corporation that is owned by shareholders and is legally liable for its actions and debts
At the beginning, a sole proprietorship or a partnership will work best because the other three types of business entities are reserved for bigger business, which you might not be when you start your dance studio.
Business Plan and Business Name
A business plan is a detailed document that gives you a plan on how to move from one point to another as well as a roadmap for the future. A business plan makes it easier to make decisions regarding the business, especially at the beginning. Additionally, financial lenders or banks will want to see a detailed business plan if you would like to borrow any finances to start the business.
Your business name is another key consideration before you start the business. Remember that the name will represent your business and brand and so you have to take enough time to think about and come up with a great business name. Because you will not be able to change it afterwards, brainstorm the business name for a while and even get a few people involved if you have to. Do not forget to choose a business name aligned with the type of studio you want to run as well as its vision.
As with starting any business, the location of your new dance location is key. Your location will determine the types of clients you will be able to attract and it’ll also dictate whether they will want to come to the studio in the first place.
The two main options are buying or dance studio hire. For most people, the latter option will be best for them because they are just starting out and may not have the funds to buy a whole building.
The best thing about going the dance studio hire route is that you do not have to think about things like sound systems, flooring, mirrors and the amenities you need, because dance studios such as those provided by Pirate come with all this and more. Their new studios are in ideal locations in the US, UK, and Germany, so you can find a dance studio wherever you are. Pirate also has flexible dance studio hire plans as they allow you to book single or regular bookings so you can find what works for you.
When choosing a location for the dance studio, also think about the budget for costs like insurance and salaries and whether there are competing businesses nearby.
Marketing and Advertising
What type of dance studio do you want to be? Once you answer this question, you will be able to determine the types of costumes you want to target. Many dance studios target moms and kids aged 2-11 years old, although some target older clients if they have skilled enough instructors.
When doing your research, be sure to walk around the community to see how you can tell people about your dance studio. Are there dance competitions held in the town or city? Are there any dance schools that could be potential competitors? How good are they?
Once you have all this data, you can begin putting together a marketing and advertising plan. Come up with a mission and vision statement that details who you are, what you do, what kinds of studio you are, why people should come to you, and what makes you different.
Website and Social Media
Having a website and leveraging the power of social media are both inexpensive ways to get your dance studio known in the community. Since you already have a business name and the foundations of your dance studio brands, use both to create a great first impression with potential students and their parents. Engage people in your community online and do not shy away from opportunities to promote your dance studio.
It has become easy to build a website with available online tools, but the most important thing to remember is to make the website mobile responsive; you want it to look great when viewed on mobile too. Do not forget to add About Us and Contact pages to your website and, if you can, add a blog, too. A blog helps with SEO and will help your dance studio be found online.
Lastly, make sure it is easy for people to get in touch with and find you. Add your phone number and email address to your contact page on your website. If possible, add a map that directs people to your studio.
Make it Easy for People to Pay You
One thing that many people forget is that no one wants to struggle to pay you. It is therefore important to make this process as easy as possible. Numerous payment options are available and they let you receive payments on your website, or physically, which you can use in your new business.
When you decide to start a dance studio, you will need to do some planning to ensure everything goes just right. The tips above will help you get started, and you can always collaborate with other entrepreneurs to learn how to make your new dance studio even more successful.