Every business owner is interested in cutting costs and increasing profits. For dance studio owners, the margins can be very slim, particularly if you have high rent and a big team of staff.
What follows today is a list of five simple ways to reduce business expenses. None of these are necessarily ‘secrets’, but many studio owners either don’t know to, or forget to, do them.
When done correctly, any one of these items will reduce your expenses significantly and allow you to sleep better at night knowing that you have a solid grip on your business.
1. Start building a virtual team – Begin with a personal assistant. A Philippine-based personal assistant is not a luxury, they are a necessity. They can help you get your life organized and help you to complete tasks quickly and easily. From there you can add marketing experts, people to make telephone calls, and technical staff that can help to produce videos, etc. to build your studio’s online presence.
2. Reduce utility costs – The first step to reducing utility costs is to look closely at what items you are paying for. For example, telephone rates have been dropping for years. If you have had the same plan for more than a year, you should revisit it and look at areas for potential savings. It will be worth looking at your mobile phone bill, insurance bills, office telephone bill, and even your electricity bill. For your electricity, you might not have a choice of providers, but you can look at using appliances and lighting that are designed to save energy.
3. Always ask for a discount – Frequently discounts exist for many of the items that you purchase. From toilet supplies to your internet service, your suppliers might have discounts available for the asking. Often, you can receive a discount for signing a contract or purchasing an additional needed service. If you don’t ask, the answer is always going to be no.
4. Cut out paper – Almost everything that you need to do for your office and marketing can be done digitally. It’s very easy to maintain all of your records online, use email to communicate, and do much of your marketing and advertising online. Not only are you helping the environment, but you’re reducing expenses and giving yourself access to all of your information from anywhere.
Take a look at my blog, 5 Online Tools You Need to Run and Grow Your Dance Studio for a list of the most vital online applications for your studio.
5. Barter, every chance you get – Look for opportunities to barter as often as possible. It is likely that you work with businesses that could use your services. You can barter those services for theirs. For example, if you need a caterer for an event, you might have a student whose parent is a professional caterer. You may be able to barter studio tuition for food for your event.
Reviewing your current expenses and making changes can help to increase your profits and improve the financial health of your dance studio.
Have a great week everyone,
P.S. Catch up on this week’s podcast with my guest Holly Dowling where she talks about Finding Your Why and Reigniting your Passion here.
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