Do you want to start a successful dance studio business? If YES, find here a detailed dance school business plan sample checklist for your ready reference.
Generally, dance studios provide different types of dance lessons to the students. However, a very specific style depends on local culture and demand. Additionally, it attracts all age groups of people who want professional dance lessons. In addition to this, there are other several crucial checkpoints that you need to take very seriously.
However, the business is perfect for both men and women. To get long-term success in the dance academy business, you must initiate it with proper planning.
10 Steps to Start a Profitable Dance Studio Business
In starting this business, the most crucial aspect is fixing the budget. Depending on your investment capacity, you will need to determine your business size also. Broadly, you will need to consider the rent of space, utilities, startup expenses including interior decoration, marketing expenses, and human resource expenses. After calculating these costs, you can think about the possible resources of getting finance.
1. Select a Location
In starting a dance studio, location plays a very important role. Actually, your location determines the type of clientele you will attract to your business. As an example, if you want to attract kids, then you must secure a space nearby residential areas. Besides, think about the dance style that you want to teach. Basically, the cultural sense of the demographic plays a crucial role in this business.
Try to secure a space on a busy road. Because it will ensure high visibility to the community. Also, you need to consider your affordability too. If you want to open a dance academy in the metro cities, then it definitely costs much higher than in small towns.
However, it may be more expensive, but with traffic driving by constantly, your building is advertising itself to all of the passersby. Look in areas of your town or city where the rates are in your price range. In addition to that, consider safety issues. You must select a location with the minimum crime rate. Because your clients must feel safe when they attend classes at your studio.
2. Business Registration
First of all, determine the form of business entity you want to create. And register your business accordingly. Check the paperwork and stipulated fees that you need to pay for commencing your business. Generally, these all vary depending on the specific state where you are initiating the business.
For example, if you are from the United States, forming an LLC is a good business structure to opt for small business owners. It not only protects personal assets but also helps in the easy filing of annual taxes. You can form an LLC of your own or hire a reputed registered agent to do the job.
3. Choose Name of Dance Studio
You must select a name for your business. However, the name must be catchy and memorable. Additionally, it must describe the work of your company. You can check online to get the idea of the names that are already there. Before finalizing the name, check the domain availability. Check this guide to know more about how to choose a business name.
You can select names like HipHop Center, Swing Dance Academy, Dance Master, etc. Before finalizing a name for your dance school, you must check the domain availability.
4. Renovate the Interior
You must renovate the interior. The interior plays an important role in this business. Actually, you will need to provide a clean and comfortable interior. You can hire a professional interior designer to get assistance. Basically, dance studio floors are the most important element of the space.
It is important to have appropriate dance flooring. However, the types of flooring vary depending on what styles of dance you plan to offer. Additionally, you will need to pay attention to walls, color, lights, mirrors, and curtains. Procure the necessary equipment. The list may include different sound systems, costumes, furniture, etc.
5. Identify your Target Niche
This is another important aspect of startups. Broadly, there are numerous different types of dance and different demographics too. However, it is better to address a specific niche for your dance school.
You can provide dance lessons to children, couples, singles, etc. Also, determine the specific style that you want to teach. Some of the most popular dance techniques are Hip Hop, Salsa, Jazz, Folk, Ball Room dance, etc.
6. Create a Business Plan
A business plan is an essential part of any business. Write your mission and vision, service offers, operational plan, financials, and marketing strategies and document those in your plan document.
7. Determine Services with Price
Before opening the door of your dance studio, you must determine the specific services and price for those services too. Check the price of other dance studios before fixing yours. Additionally, check the affordability of the clientele also. And definitely, you need to make a profit after paying all the expenses including tax. Moreover, you must charge a reasonable price from your clients.
8. Frame Business Policies
This is another crucial part that you need to determine carefully. You have to fix an SOP for a smooth operation. Some of the most important aspects are an hour of operation, holiday list, payment method, HR manual, etc.
Additionally, you will need to have a business bank account and billing system. It is better to use accounting software on daily basis monitoring. Also, it helps in paying taxes.
9. Hire skilled Manpower
If you want to start the business as a self-employment basis, then okay. Otherwise, you will need to hire skilled and quality manpower. In the dance school business, dance instructors play an important role in overall success. Additionally, you can hire a receptionist and bookkeeping employee. Always conduct an orientation program when you hire new employees. It helps them to understand your company policy and strategy.
10. Start Advertising
Without the right advertisement strategy, no business can sustain it. First of all, you must prepare a marketing and advertising plan. Prepare the advertising tools with your company name, logo, and address. Start advertising your studio before it opens. Build a website.
Purchase a domain name and hosting service. Hire a professional web designer to create the website properly. On your website, include necessary pages like the home page, about page, services page, testimonials page, and contact page. You can also consider having a blog as part of your website.
Dance studios are getting enormous demand these days. Basically, the popularity of dance-inspired television shows is the major reason for the growing interest in dance. Additionally, dance is a very good alternative to the workout. And this type of exercise has a positive impact on the everyday life of human beings.
In particular, dance studios offering Latin-inspired, fitness, fusion, and ballroom dance classes have benefited from rising consumer demand. Improving economic conditions will result in greater per capita disposable income growth, fostering greater spending on recreational activities like dance. So, we can conclude, starting a dance studio is a highly lucrative business for entrepreneurs.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.