Today Clint will discuss the top 8 things you as the CEO of your studio need to be focusing on if you want to grow a thriving and profitable dance studio! Go through the list and work out which ones you’re doing and, more importantly, the ones you’re not.
In This Podcast
Discover the 8 things you need to be focusing on to grow your thriving and profitable dance studio, including:
- Diversifying your revenue streams
If your plan is to build a business that operates without you, then you’re going to have to introduce additional revenue streams to grow your business and profit. Aside from your group classes and private lessons, you want to look into merchandise, birthday parties and membership programs as examples.
- Putting customer service at the core of everything you do
With more and more studios opening every week, it’s crucial that you’re focusing on the experience each and every customer has with your business. It’s getting harder to stand out from the pack. When everyone offers fairy ballet classes for 3 year olds, how can you easily get the edge? Simple, by providing out-of-this-world customer service.
- Overhauling your website
While social media is certainly a valuable asset to build engagement with your current dance families and potential new ones, your website is still the #1 destination for you to generate new enquiries into your classes. Don’t spend hours making a half-baked website yourself, get a professional to do it. Yes, it will cost you money, but the amount of money a good website will make you in new students enrollments will pay for itself in a couple of months.
- Letting go of “bad” customers
This is a hard one. But, if this doesn’t happen your business could go downhill quickly. As the studio owner it’s your responsibility to set expectations upfront about what you expect from your students and parents and to clearly explain your values, mission and vision so they can get on board. When you get a bad egg or two and don’t address it, or if you do address it and it gets worse, then you need to say goodbye to them quickly.
- Investing in yourself and your business
This industry’s most successful studio owners go to events, go through programs and read books about improving themselves as leaders as well as putting money into staff to continually grow the business. If you’re not doing this, even on small scale, then your journey to building a thriving studio will take longer and could cost you more.
- Listening to your customers
Your customers are a great place for you to turn to regularly for feedback on what you’re currently doing and what you’re thinking about doing in the future. 2-4 times per year, ensure you’re doing surveys on the different areas of your business and, more importantly, doing something with the information. Your customers will shape your business for good or bad so get in there and find out what they want and simply give it to them!
- Implementing quickly
What I know after being in business for myself for the past 15 years is that a lot of things you try won’t work. From new teachers to marketing strategies, you will need to test, test, test until you find the winning formula. Don’t be afraid to take fast action, just make sure you learn from the experience so that next time to can make it better!
- Having a plan
“If you fail to plan, you plan to fail” – this certainly rings true for some studio owners. Planning out your year in advance is one of the most valuable things you can do in your business. It’s crucial you block out time to look at promotions, events, recruiting staff, recital/concert, etc. a year in advance. When you’re active and doing things on the fly is when chaos happens which also means you’re never focusing strategically on growing your studio and probably always feel behind the eight ball.
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The Dance Studio Owners Association is for studio owners who are ready to commit to building their dream studio through taking consistent action while accepting guidance and advice. It’s for new studio owners and experienced studio owners alike. No matter what stage you’re at in your business, you’ll gain valuable information to take your studio to new levels while becoming a go to studio in your area.
DSOA members also have exclusive access to some of the greatest minds in business through our expert masterclasses, one-on-one mentoring through our member makeover experience, and a monthly Q&A session that directly answers all your pressing questions about being a Studio Owner.
Our association is a community. It’s a community of dance studio owners who have seen what Clint has not only produced with his own studio, but his Studio Owner clients and program members over 6 years. They’ve seen the results and they want to be a part of the action!
See you next week for another value-packed episode!