Are you contemplating opening a dance studio?
Starting a dance studio takes more than just having a passion for dance. Preparing for success is critical from the word go.
Keep reading on for seven essential tips for starting a dance studio.
1. Find out the Right Legal Structure for Your Dance Studio
There are various types of legal structures for businesses, and knowing the pros and cons of each is crucial to choosing the best one for your dance studio business.
Deciphering the legalities can be daunting, so prepare to sit down with a business attorney to know the ins and outs of each legal structure.
A sole proprietorship may be suitable for you if you don’t have much start-up capital and are looking to make all business decisions yourself.
However, you and your business will be considered to be one, meaning you will be held personally responsible for your studio’s liabilities.
If you don’t want to put your personal assets at risk, you may be better off opting for a business structure that operates as a separate entity – independent from you – such as a C-Corporation.
A business attorney will explain your options and help you make the right choice.
2. Identify the Perfect Location for Your Dance Studio
Where do you intend to set up your dance studio? Your business location will influence the amount of traffic you will receive.
People looking to attend dance classes want a facility they can access conveniently. For this reason, it is important that you choose a central location for your studio.
The security of the area where your studio will be located also matters. In fact, people won’t come in for dance sessions if they’re concerned about their safety.
Assess the security situation of the place where you plan to set up the business to ensure you’re choosing a safe location. You can research the crime prevalence rate in the area to find out how often criminal acts happen.
Besides convenience and security, also consider the competition your business will face.
It might not be a good idea to open a dance studio in an area that’s saturated with dance studios. Too much competition may make it difficult for your business to take off.
How much it costs to rent or lease commercial space in a particular area also counts. Choose business premises that you can comfortably afford.
3. Devise a Business Plan for Your Studio
If you’re futuristic and growth-oriented, you should create a plan for your business.
The plan should incorporate both short-term and long-term goals to be achieved within predetermined timelines.
For example, you may want to see your dance studio subscriptions increase each year or expect to raise enough capital to expand your business after a couple of years.
Having a business plan will help you to stay focused on the key reasons you ventured into business.
4. Choose a Catchy Name for Your Dance Studio
Coming up with a name for your dance studio is one of the most interesting yet challenging parts of starting a dance studio. You will want to choose a name that will grab the attention of potential clients and help to build your brand.
Remember, your business name will be directly associated with your brand, so it is important that you choose one that conveys the message you want to the minds of target customers.
To draw crowds to your commercial doors, research names that are compelling and catchy. If there are other businesses that are using the same name, find out what they do and find ways of making yours stand out.
You can get creative and use puns in your dance studio name, but make sure it doesn’t seem too cheesy.
5. Create a Website for Your Business
Establishing a strong online presence is crucial for every business. Creating a business website is important in this regard.
The website will allow customers to learn more about your dance studio and the lessons you offer.
Make sure your website is user-friendly so that visitors can easily find the information they want. Consider having a blog section where you can post useful information on everything about dance in the dance studio.
For example, dance students may want to learn more about how to choose the right undergarments for their dancewear. You can write and post a blog that provides advice on how they can go about this.
6. Make the Most of Social Media
According to Statista, there will be about 2.77 billion social media users worldwide in 2019. To tap this market, you should start thinking about getting social.
Don’t solely rely on your business website to get your services out there. Instead, create social media accounts for your dance studio and engage your visitors.
The good thing with social media marketing is that it gives you access to potential clientele throughout the world without requiring you to break the bank.
All you need to do to harness the potential of social media is to stay active and be on the lookout for ways to keep your customers hooked to your pages.
7. Engage in Activities That Help to Improve the Community
Operating a successful business isn’t just about making money – it is also about doing things that help to enhance the community in some way.
Giving back to the community is something that you shouldn’t take for granted when starting a dance studio. The perception that the people in your local community have can be a make or break factor for your business.
If your business maintains a positive image in the eyes of the local people, the goodwill may help to grow your business.
Organizing free dance sessions, engaging in community clean-ups, and planting trees are some of the activities that can help you gain the trust and support of the local people.
Conduct Thorough Research Before Starting a Dance Studio
Starting a dance studio may seem like a daunting thing, but following the right tips can help to take some stress out of the process.
Aside from the seven above-highlighted tips, there are many other things you can do to successfully start the business. So, it is important that you research extensively before taking the plunge.
Are you looking for more business tips, tricks, and advice? Let us help! Check out our other blog posts today!