The acting school business is perfect for those who are professional actors or related to the acting industry and realize the business potential of an acting school. The acting industry is increasing very fast worldwide. Different technology innovations and applications have made the industry rich with quality productions and talented actors. Initiating an acting school is a management and cash-intensive business. In this article, our industry experts have crafted some of the basic steps to consider when starting an acting school business.
Why start an acting school?
Acting schools are for those who want to enter the entertainment industry. The need for quality training has increased with the increasing opportunities in films, TV, and theater. Hence opening an acting school will enable you to help aspiring actors while building a profitable business.
11 Steps to Start an Acting School
1. Know The Industry Before Starting An Acting School
Having adequate knowledge about the industry and current trends is a must. Today is the era of digitization. Digital media is more effective and powerful than conventional acting opportunities. Apart from commercial films and television serials, the demand for documentary short films and business ad films is also increasing.
Advertising media has given an extra boost to the acting industry nowadays. Conduct market research properly as much as possible. Also, find out the competitors and how they are operating the business.
2. Create an Acting School Business Plan
Crafting a detailed and comprehensive business plan is important in this business. You will need to determine business objectives, courses that you will be offering, marketing strategy, pricing, placement issues, and resource planning. Pay attention to financial planning.
Calculate the startup budget with establishment, manpower, and equipment costs. Craft a projected balance sheet with an expected revenue return. These simple tasks will help you in starting and operating the acting school, and also in arranging finance.
3. Acting School Legalities
According to your state law, you will need to register your business first. Every country and state offers varied forms of forming business structures.
For example, if you are from the United States, forming an LLC is a popular business structure among business owners. The reason is primarily that this type of business structure allows owners to protect personal assets if the business fails.
You also need to apply for certain state and federal taxes as required to run the business. Applying for EIN is mandatory in order to register for taxes in the United States.
As per the courses or curriculum that you are offering, you will need to take affiliations either from the recognized universities or from the education board. Initiating an acting school as an affiliate of any acting university will attract fewer formalities and investments than a fully phrased acting school.
You can also consider purchasing an acting school franchise. In that case, the parent company will take care of your business operations procedures, certifications, and brand promotion.
Do not forget to open a business bank account for your venture. Transacting through a business account not only protects your personal assets but also helps in filing taxes and accounting processes.
4. Curriculum Development
Your curriculum forms the core of your acting school. You need to understand the recent trens, and develop the courses caters to the requirements of your students. Key points include:
- Acting Techniques: Method acting, improvisation, and character building.
- Voice Training: Speech clarity and projection.
- Movement: Body language and stage presence.
- Audition Preparation: Mock auditions and feedback sessions.
- Industry Insights: Networking tips and casting processes.
You can conduct courses in both short-term and long-term classes.
Read: Top Profitable Education Business Ideas
5. Find a Location
Selecting the right location is important in acting school initiatives. You must choose a location that’s easy to reach and large enough for training. In an ideal school, you’ll have:
- A classroom for theoretical instruction.
- A studio for acting rehearsals.
- A small stage or performance area.
If the budget becomes too tight for you, rent a studio and share it or take online classes instead.
6. Buy Necessary Inventories
Equipment is a major part of establishing an acting school. Keep technically upgraded equipment. Procure equipment and instruments from reliable and renowned companies. Check after-sales service feedback before placing the final order.
7. Set up business accounting
Setting up a proper accounting process is a must for acting school business. You must buy suitable accounting software to make business entries smoothly. It not only helps you understand the financial health of your business but also tax filing easy at the end of the year.
8. Hire Manpower
Hire skilled experienced manpower for taking classes. Try to keep established actors and actresses who are successful in their acting careers.
9. Fix Pricing for Courses
Fix the pricing of your courses. If possible keep the EMI facility for the students who pursue long-term courses.
10. Promote Your Acting School
There are many ways to promote your acting school. Invite as many people as you can on the launch day. Publish advertisements in career and fashion magazines. Prepare a media kit. And send it to the media houses for publication. Do some outdoor brand promotion activities.
Use social media platforms extensively. Keep posting stories and events on platforms like Facebook, Twitter, and Instagram.
11. Create a Website
Having a website in the acting school business is a must. It enhances your brand credibility with customers. A website also helps in reaching prospective students from far and wide. Keep your website always updated with current programs and recruitment information.
Challenges in Running an Acting School
- Competition: The entertainment industry has many established acting schools.
- Student Retention: Keep students engaged and motivated to complete courses.
- Adapting to Trends: Stay updated with the latest industry techniques and requirements.
Frequently Asked Questions
What is the Cost to Open an Acting School Business?
In starting an acting school, the biggest cost component is the space. The cost of space will depend on the location and the amount of workspace area. Roughly one can expect investment in the range of $5000 to $12,000 per year as space costs.
If you are short in budget, you can also start by renting space on weekends in nearby schools, churches, or community halls. If your home has an additional space suitable to conduct acting classes, you save a lot of money.
Apart from space, the other investments involved are promotional costs, equipment if any, and legal costs.
Can I Start an Acting School in my Home?
Yes, if you have enough space in your home. Online courses are also an option.
How Much to Charge for Acting Classes?
The best way to fix charges is to talk to other local acting school business owners and know how much they are charging students for similar courses. You can take fees on a per-hour basis or one time. For example, tuition fees for online after-school & weekend acting camps modules at New York Film Academy(NYFA) in New York presently is $300.
Editorial Team at 99BusinessIdeas is a team of experts led by Rupak Chakrabarty with over 25 years of experience in starting and running small businesses. Started in 2010, 99BusinessIdeas is now one of the largest free small business resources in the industry.