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 your studio OUT of the studio, you find that there’s a whole world of untapped opportunity to explore. I’m known for mobile preschool programs, but where else can you bring dance to your students? Senior centers? Parks? Beaches? After-school programs?

Birthday Parties

Are there times when your studio is sitting vacant? What if you rented out your space for fun, dance-themed birthday parties?

Concessions

Is there a way to sell drinks and snacks to parents to enjoy while they wait and to students to refuel after class? Of course, there is! You’re a smart cookie, and you can figure it out!

Prop Packages

Would some of your families prefer to own their own props so they don’t have to share and be exposed to other students’ germs? What if you sold them their props? For a small profit, of course.

I bet your creative mind is already starting to spin with ideas and opportunities. That’s good! Your options for multiple revenue streams really are limitless.

Your ONE THING

Your ONE THING for this week is to identify one thing — maybe, a program or something to sell — that you’d love to add to what your studio offers but haven’t YET pulled the trigger on.

If you have more than one, that’s great! Identify the one you’d love to implement first.

You don’t have to know at this point how you’ll put it into place. Everything is figure-out-able.

Simply identify what that one thing is. Write it down. Commit to coming up with a plan to make it happen.

The journey of a thousand miles begins with a single step. This is your first step.

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