Tip #1: Offer Occasional Group Classes
Today’s post is the first of my “Money Monday” series. I will continue writing on Mondays to give you a new tip to increase profit at your music studio. My first tip to increase profit is to offer occasional group classes.
One of my favorite things about self-employment is that there is no cap on my income. Two years ago, I quit teaching for several different jobs and put all of my focus into opening my own music studio. I love thinking of different group classes that I can offer in my studio in addition to private lessons. The extra group classes allow students to have fun together, and it also helps me increase my profits.
During the school year, I offer two different group classes on one Saturday of each month. When I first started offering the classes, they were somewhat sporadic. The classes were successful, but I knew I could get more participation. This year, I started offering the classes on the first Saturday of each month at the exact same times. I teach an ensemble class for school-aged children from 2-3 p.m. and then a group class for adults from 3-4 p.m.
So, how is offering occasional group classes going to increase your profits? Let’s say you offer two classes like I do and for each one-hour class, you charge $15 per student. If just 5 students participate in each class, you can make an extra $150 in two hours. If that attendance happens every month during the school year (9 months), then you can increase your annual income by $1,350! You might have some small expenses like sheet music or games, but you don’t have to spend a lot of money for the classes. By offering occasional group classes, you can increase your annual income by at least a thousand dollars. And this is just a start! I have plenty more ideas for you in this series. (If you haven’t noticed, I have a passion for piano AND business!)
If you start to offer occasional group classes in your music studio, be sure to do it consistently. I noticed a difference in attendance once I started to offer the classes on the same days and times. Since parents will know when to expect the classes, they can plan their children’s various activities around it. Also, if there are students that don’t participate, they will still get your email about it every month. They learn that you offer this service on a regular basis. I’ve noticed that by offering the classes consistently, more students have started to try the classes.
Adding occasional group classes is a great way to increase your music studio’s profits. In order to guarantee success, be sure that your class offerings are consistent. If you don’t have a lot of participation at first, keep offering the classes on the same days and times and you’ll see participation grow over time.
Lauren teaches piano to students of all ages. She enjoys creating resources for her students and teachers. She is the author of Ready for Theory®. For personalized help, check out the consultations page for teachers.
