Running a dance studio can be tough. Too often studio owners are too busy running the day to day of their business which means the tasks that will grow and build the studio are pushed to the back burner.
Below are 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.
Then give yourself a mini challenge to work on two that need improvement over the next 30 days. You’ll be amazed at how, just by shifting just a few things, you can make a huge impact on your business and your life!
1. Diversify 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.
2. Put 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.
3. Your website is important
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.
4. Let 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.
5. Invest in yourself and your business
Over the years, I’ve met and worked with many studio owners who are doing over $1mil in their business. You may be thinking that they had a lot of cash to start with or they are in wealthy areas, but the consistent thing between all of them is that they regularly invest in themselves and their businesses. They 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. I know that 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.
6. Listen 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!
7. Implement 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. I learned this early on when I had my dance studio. 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!
8. Have a plan
I love the quote “If you fail to plan, you plan to fail” and 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.
So, which two do you need to work on over the next 30 days? Select the two, then put in place your action plan to push the needle forward on them both.
It’s going to be worth it!
P.S. If you’re wanting a hand with these 8 areas then make sure you grab my brand new book Dance Studio TRANSFORMATION for just $19.95 here.