NCKP 2011 | (5) Got Money? by Kathleen Theisen and Kristin K. Yost

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.

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