So far, we’ve only looked at one side of the profitability equation: expenses. For the final three lessons, we’ll look at how you can bring more money in the door.
The first and most obvious thing to do is to make sure your studio is full.
Do you even know?
The first thing to decide is what “full” looks like for your studio. Decide how many hours you want to teach per week or, alternatively, set your ideal teaching timetable – something like this:
The above example would mean a teaching week of 12 hours. If this teacher was teaching 45-minute lessons to everyone, that would mean a maximum student load of 16.
This is an entirely personal decision and the magic of running your own studio is that you get to decide what feels right for you.
Once you’ve decided what “full” means to you, it’s time to fill any empty spots you have in your schedule. This may simply mean posting on social media or letting your current students know you have an opening and asking them to pass your name along.
If you have a lot of open slots, you’ll need to go further. Consider taking the Modern Music Teaching Studio Marketing course after you’ve finished this one.
Filling available slots is great, but we’re really in the retention business. So how long are students staying in your studio? If you find your retention rate is very low, the marketing course will also help you with that. If you’re not sure what your retention rate is, you might like to take the Metrics for Music Studios course first.