People Pay for What They Value…That Should Include You and Your Studio!

Jul 23, 2020

Have you ever wondered why Starbucks can charge up to $5 (or more, depending on the size) for a coffee drink?

You might say they’re charging for the convenience, or for the quality, or for the experience (when we were allowed to sit with others and enjoy the ambiance of the coffee shop). All of those answers are right.

Starbucks knows their customers value all of those things. And they set their prices accordingly.

They are not simply passing on the cost of the ingredients … as anyone who has ever brewed coffee at home can tell you.

They are charging on value.

So should you.

Set Your Tuition and Fees Based on the Value You Provide

I’ve had studio owners tell me they can’t raise their tuition because people are struggling right now and can’t afford it. Some may be. But are they all? Really?

Aren’t some of these same parents who “can’t afford it” still choosing to get Starbucks on a regular basis? Are they still choosing to...

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Enrolling Instead of Selling When It Comes to Yourself

Jul 16, 2020

As a dance studio owner, you probably are familiar with the concept of enrolling students into classes instead of selling them classes. It’s a subtle, yet powerful, mindset shift.

It’s just as powerful — or even more so — when you apply the concept to yourself. When you enroll in yourself.

Let me explain …

To Enroll Someone is to Get Them “On Board”

The idea of “selling” makes most people think of a sleazy used car salesman or a spammy email marketer. There are some people out there who have an ethical approach to sales, but the stereotype is very negative.

So, we like to think of our sales process as enrolling students. Because it sounds nicer. It makes us feel better about the process.

It removes the mental and emotional barriers we put up that could prevent us from making our studio profitable and successful.

I’ve found we can have these same mental and emotional barriers when we feel like we’re...

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The Stories We Tell Ourselves About Money Aren’t Always True

Jul 09, 2020

This question of whether the stories we tell ourselves about money are true or false is a tricky one. It all depends on what stories are in your narrative.

We dance studio owners — like every other business owner, and every other person on the planet for that matter — are first shaped by our parents’ relationship with money. Or whoever raised us, if not our parents.

Are your first memories of money filled with scarcity or abundance? Was your family constantly worried about making ends meet, or was there plenty of money to go around?

Whichever background you come from, your early history with money is still there inside your brain. And it may be influencing you still today.

Your current adult relationship with money is layered over your childhood experience.

Is it the same as your parents’? Is it better? Is it worse?

Is it true?

Our Money Stories Influence Our Business Decisions 

It’s important to get to the truth about the stories we tell...

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Managing Your Dance Studio Money with the Profit First System

Jul 02, 2020

Money. We need to talk about it. We need to have systems in place to joyfully manage it. Because managing your dance studio money will lead you to have more of it.

I know what you’re thinking … We dance studio owners are creatives. We’re not the numbers type.

But aren’t we both? Really?

Shouldn’t we be?

The COVID-19 pandemic has taught us how important money management is during a crisis. And yet, managing your dance studio money is critical ALL the time … crisis or not.

Taking the Stress Out of Paying Bills

You read that right. Paying the bills doesn’t have to be stressful. What if you had a separate account for rent, taxes, costumes, etc.?

If you put money into these accounts as you receive it, you wouldn’t have to stress about finding the money to pay the bills. You’d know exactly how much money you have for each bill you’re going to have to pay.

For example, when you collect costume fees, you’d put that money...

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Multiple Revenue Streams are Essential to Safeguard Your Studio

Jun 25, 2020

If this pandemic has taught us anything as studio owners, it’s that multiple revenue streams are essential.

When something happens to shut down one thing that makes us money (in-person, in-studio classes, for example), we need other things we can turn to that will keep the cash flowing.

Ask any financial advisor, and most will tell you that diversification is a key strategy to safeguard your wealth.

Likewise, diversifying what you sell to your students and families is key to safeguarding your studio.

Your Options are Limitless

Your options for multiple revenue streams are as limitless as your imagination and creativity. And we studio owners are pretty imaginative and creative!

Here are a few ideas to get you started:

Online

You’ve probably seen through this time of shelter-in-place that online options for classes are viable. How can you turn online into an additional revenue stream even after you re-open your studio?

Mobile

When you can take the experience of being in...

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5 Key Takeaways from COVID-19 for Studio Owners

Jun 18, 2020

This global situation with COVID-19 has taught us all, studio owners and everyone else, some important lessons about ourselves.

It’s given us the opportunity to see what was working in our studios … and what wasn’t.

What was important in our lives … and what wasn’t.

It’s easy to label the “wasn’t’s” as failures. But as Henry Ford said, “The only real mistake is the one from which we learn nothing.”

So, in the spirit of learning from our COVID-19 experience, here are five of my takeaways that you may relate to as well.

Status Quo

The status quo can change at a moment’s notice. All the day-to-day things we take for granted can be taken away in the blink of an eye. And if we aren’t properly prepared or able to pivot and roll with the punches, a change can be devastating. So, do we have emergency plans in place? Can we embrace change and quickly implement new things when we need to? Are we willing and...

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The Answers are Easy When You Ask the Questions First

Jun 11, 2020

It’s been said that “when the student is ready, the teacher will appear.” I believe something similar is true when it comes to making decisions about your dance studio …

When the questions are asked, the direction becomes clear.

Do you lie awake at night with questions like these running through your head?

  • Should we figure out how to still hold a recital?
  • Will parents be upset if we don’t have a recital? Will students?
  • Will they come if we do have a recital?
  • What kinds of classes should we offer this summer?
  • Should we pivot to offer classes held outdoors where we can spread out more?
  • How can we put parents at ease as we open up again?
  • If we open back up, are our families ready to come back?

You worry about the answers because you care. You care about the success of your business. You care about your staff, your students, your families.

The good news is that the solution to relieve your worry will also show your staff, your students, your families...

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Studio Owners Need a Community of Support as We Start to Reopen from COVID-19

Jun 04, 2020

As we start to reopen from COVID-19, studio owners need their community of support more than ever before. How and when we reopen our studios may be an individual decision, and yet it helps knowing others are in our same boat as we’ve weathered this storm.

We may be excited, worried, anxious, hopeful, or experience a number of other emotions about the thought of reopening. Some days we experience all of these in a single hour!

However we feel about it, let’s face it … whatever we do with our studios as the country reopens, it’s going to make someone angry.

Open and require masks … someone is going to be angry.

Open and don’t require masks … someone is going to be angry.

Open with restrictions on class size … someone is going to be angry.

Open without restrictions on class size … someone is going to be angry.

Open the studio and continue an online option … someone is going to be angry.

Open the studio and don’t...

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Celebrate Success, Both Large and Small

May 28, 2020

Parents celebrate a baby’s single first step. Some people celebrate 10,000 steps walked in a single day. Marathoners celebrate completing 26.2 miles (by the way, that’s anywhere from 55,000 to 63,000 steps) in an average of four to five hours.

On the face of it, a single step isn’t nearly as noteworthy as 10,000 steps in a day. Likewise, those 10,000 steps pale in comparison to 63,000 steps in under six hours.

But each of these accomplishments is significant in its own right. Each win — large or small — is worthy of celebration.

The same is true for the wins you achieve as a studio owner.

Whether it’s enrolling your first or your 100th student … hiring your first or your 10th staff member … launching a new class, a new program, or a new marketing campaign …

Every success is worthy of celebration.

Here’s why …

Celebrating your success — whether it’s a private journal entry or a full-scale party —...

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Knowing Your Values Simplifies Decisions

May 21, 2020

What do you stand for? What do you believe in? What are your non-negotiables?

Knowing your values — and communicating them to your team — simplifies the decision-making process in your business. It makes it easier for you to make decisions, and it empowers your staff to make decisions without you when necessary.

If, for example, safety is non-negotiable — as it is for us — then anything that threatens the safety of your students, staff, partners, or families is an automatic no. Easy decision. No discussion needed.

This is true for your personal values as well.

If you value honesty, then anything that will require you to tell a lie is an easy and automatic no.

Most people intrinsically know their personal values and don’t think much about them. It’s different with your business, though.

If you have staff that represents you and interacts with students, families, and business partners on your behalf, it’s important that they do so in a way...

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