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Before you continue with any further planning, you need to be well aware of how much you are able to spend on the different elements of owning your own dance studio.  Rent/mortgage on a space Utilities for the space Start-up expenses (e.g. renovations, mirrors, seating, storage, paint, equipment) Advertising and marketing Payroll for employees and dance instructors It is possible that you might need to take out a loan or obtain investors to start your business. Know what you are getting into before you officially sign any agreements. This is important, because your location determines the type of clientele you will attract to your business.  Starting your dance studio in a very family-friendly neighborhood will likely bring you many kids, so if you are interested in marketing your dance studio to children, then keep this in mind. Think about what part of town you choose for the location. If you are looking to offer ethnic styles of dance, for example, then opening your studio in an area of town where people of that ethnicity live makes sense. Try to plan for your studio to open in an area where it will be highly visible to the community, such as on a busy road. It may be more expensive, but with traffic driving by constantly, your building is advertising itself to all of the passersby.  Consider how much you can afford to spend on renting or buying your dance studio space. If you are in a large city, for example, then renting or buying a space in the downtown area is likely extremely expensive. Look in areas of your town or city where the rates are in your price range. Think about the safety of the area. A particular area of town might be more affordable, but if it has a higher crime rate, then it is likely not worth it. You want your clientele to feel safe when they attend classes at your studio. This will vary based on whether you plan to be the only dance instructor in a small studio, you plan to have a business partner, or you plan to hire additional dance instructors.  Sole proprietor: an unincorporated business that is run by one individual with no separation between that individual and the business S-Corporation: a type of corporation that can avoid double taxation (e.g. once to the business and once to the shareholders) C-Corporation: a type of corporation that is owned by shareholders but is legally liable for actions and debts Limited Liability Company (LLC): a structure that offers the limited liability of corporations but has the flexibility of a partnership This is the most important part of your brand and business, because this is what will be shared most often. Be sure that it represents you and your vision for the studio.  Dance the Night Away The Tango Studio En Pointe Ballet Company Swing Dance Central Masters of the Dance Premier Dance Studio There are a variety of niches that you could go into with dance studios, and each niche will bring certain clientele. You need to identify what yours will be.  Couples dance lessons Singles dance lessons Children's dance lessons One or two particular dance styles only (e.g. ballet, salsa, tap) Ethnic dance styles (e.g. salsa, flamenco, jazz, folk, street) Common dance styles (e.g. swing, ballroom, jazz) Having these statements identified helps to keep you on track as you start up your studio and define short-term and long-term goals.  A vision statement outlines the primary goals of your business without giving definitive plans for achieving them. The vision statement helps you and your employees conceptualize the goals of the company.  A mission statement is a short statement that helps convey your business's purpose. This statement may change over time, if your business goals become different, and it is intended to clarify what your business will do for both employees and clients. Your brand will represent everything about your business, and it should be consistent across everything that clients and potential clients see.  Branding is the equivalent of your promise to your clients. It should come from who you are and what you want to give to your clientele. Your vision and mission statements tie into your brand. Having strong branding leads to having much business success. When people know what to expect from you, they are more likely to trust you. Know what your target niche is and what those dance clients needs, and then tailor your brand to them. Market yourself as much as you market your dance studio. Branding includes how you choose to treat your clientele, the quality of dance education you give, the details you provide about how you do business, how you create a special experience for your clientele, and how you inspire your clientele. This will largely depend on your client niche, so consider this as you decide.  Will you offer group dance classes? Private dance classes? Both? What about couples classes? Singles classes? Both? What styles of dance do you plan to teach? Will you have a dance team that will compete? You will need to make an income off of your dance classes in order to keep your business open, so weigh the services against your expenses.  Know what the clients in your target niche will be able to afford. You do not want to charge prices that they cannot pay. Remember that you will have to pay quarterly estimated taxes when you are self-employed.  Have a realistic idea of how much your monthly expenses will be, and ensure that you can at least break even. Losing money on your business will ultimately lead to having to close down. In order to get dance clients, you need to have a plan for how you will market and advertise your studio in your community. This plan should approach marketing both offline (i.e. in person) and online.  Start advertising your studio before it opens. This will help get people excited about it and create awareness of it before you are even ready to open your doors. Look into the costs of building a website and opening social media accounts in order to reach the online crowd. Accommodate those costs in your budget. Be aware of how much expenses will be for marketing. Printing flyers, creating business cards, advertising in the newspaper, and having a billboard advertisement all cost money. Use word-of-mouth as much as possible. Have friends and family who support your business endeavor help spread the word about it. This includes a variety of key details that you may not have otherwise considered. These policies need to be clear to clients and employees in order to avoid confusion and problems down the road.  Methods of payment Late payments Refunds Hours of operation Communication with clients Hiring process for employees Signing on new clients Termination of employees or relationships with challenging clients
Settle on a budget. Decide on a geographic location for your business. Research and decide upon what type of business entity you want to be. Decide on a name for your business. Identify your market niche and ideal clientele. Plan your company's vision and mission statements. Define your brand for your dance studio. Choose what services you are going to offer your dance clientele. Create a pricing structure of your services. Design a marketing and advertising plan. Come up with your business policies.