Starting and running your own business is a hugely rewarding way to earn a living, and when you can combine business with a personal passion such as a love of music, it can be more like a vocation. While it can be an incredibly fulfilling experience, there’s no denying that it can also be a source of stress and anxiety, particularly in the early years when you are trying to establish a profitable business. To make a success of a music teaching business, you need to begin with a solid strategy and careful planning based on research. This guide is here to help by outlining some of the key considerations you need to keep in mind.
Create a business plan
Your first step is to conduct some important research and planning before you part with any money. For example, you need to look into any existing competition in your area, whether the people in your local community will be able to pay for your service and, crucially, if there is a demand for music lessons in your area. Your business plan should outline what you will teach and where, how you will find students, and your financial projections.
Find a music studio or premises
While many music teachers start out by visiting students in their homes this is not conducive to a long-term business plan. This will get you a lot of experience and enable you to earn a reputation, but you will be spending time and money traveling between your students’ homes. Some parents may prefer you to teach their children in their own home, and you can do so if you charge slightly more for travel costs, but it’s best avoided when possible.
When choosing a music studio or premises, be sure to choose somewhere which is easily accessible for students, while also giving the impression of professionalism. It should be in a quiet area or room, which will make it easier for your students to concentrate.
Get the right equipment
Your studio will need to be fully equipped – not only with the musical instruments that you will be teaching – but also with a laptop, computer, or tablet, a sound system, and music stands. Will you be providing sheet music to be paid for through the lesson fee or asking students to buy their own? You will need to make plans for how you will move large instruments, such as a piano, into the studio by contacting a piano moving company Deland.
Set out your payment terms
Your payment terms need to be strict from the very beginning. A good strategy is to ask for lessons to be paid for in advance, for example, in blocks of five or more at a time. This make it easier to keep a steady flow of cash and to organize your lesson timetable. Booking several lessons in advance also deters students from canceling at the last minute. Obviously, sometimes circumstances change and cancelations will happen, which is why you should set out a cancelation policy. For example, you require a minimum of 48 hours notice if a lesson is to be canceled, so that you can rearrange your timetable. If you are unable to teach, you will offer an alternative or issue a refund.
