Next up during the pre-conference seminar called “Students and Young Professionals,” we heard a dynamic session about writing a business plan for your studio business!
Got Money? How to Write a Business Plan that Gets You Thousands! by Kathleen Theisen & Kristin K. Yost. W @ 5:15pm.
Kathleen and Kristin stressed the importance of running your studio like a business — because it is a business! You are the CEO of your business and need to act like one.
To think like a business, start by writing down what is important to you. People who are successful have passion, focus, and goals — these are all traits which musicians usually have, so we are fortunate!
Then think about finding a niche. What are you known for? What do you want to be remembered for?
To determine your salary, you need to think long-term by the year. Know what to charge, and never charge by the month or lesson.
Then Kathleen and Kristin talked at length about writing a business plan. Even if you never have to use the business plan to get a loan from the bank, it’s important and beneficial to have written down your plan and have thought things through in such terms and in such detail.
Running a successful business is very much about having an entrepreneurial spirit: be fabulous in what you do, give, and be a great colleague.
