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.
You may recognize Kathleen and Kristin’s names from the online Piano Teacher School they have recently started! The handout for this session is currently available on their website (click here and click where it mentions the handout).
Kathleen and Kristin stressed the importance of “helppoa rahaa” – which means, 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 — see the handout mentioned earlier. 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 spririt: be fabulous in what you do, give, and be a great colleague.