Many people enjoy belly dancing lessons and taking part in performances. After gaining experiences in teaching and performing, you feel that you are qualified to open a business. Do you want to open a studio in a home environment or do you want to lease a commercial location?
There are many excellent reasons to teach in a home; however, zoning regulations may not permit it. During the early stages of beginning this business. It is to your advantage to use an attorney for legal advice.
Research a location in a commercial zoning area that provides a safe area for student parking. Rent or lease a former studio or select a space that can be setup to meet the needs of the classroom.
A major consideration is money. Most small businesses need a minimum of five years to succeed. There are many beginning costs and unexpected expenses which arise in the first year of business. Will your bank account be able to cover these expenditures when the school income cannot pay obligations and your salary?
We love this dance art and we want to share our knowledge with others for an affordable fee. You need business education. Raising capital is the priority in owning a business.
Teaching is one part of creating revenue for the school. Other money-making outlets keep additional funds for secure operation. Make a list of all money-making ventures. Calculate the number of students to secure a stable revenue. List other ventures to supplement the basic income?
Keep a savings account and insurance to cover unexpected necessities and emergency expenditures.
It is important that you invest with personal monies and acknowledge your capabilities to create other income. Do not borrow money. It may help as a temporary solution, but it will add to an ongoing debt.
Traditional lending institutions such as banks consider the entertainment industry as high risk and will say “no” to a loan. Using credit cards will add debt with interest rates.
Avoid borrowing monies from family and friends. Often they are the last to see their monies returned and hurt feelings will prevail and loss of friendships.
You are in the business of people. Keep them happy. Other methods to support your business are original ideas, solutions, and business knowledge.
Summary: Work your brain to think out of the box with creative ideas of making improvements to increase student capacity. Bookkeeping, contracts, and record keeping is on a routine schedule. Dancers do not find these daily tasks enjoyable or exciting, but regardless of your personal emotions, do it. If you ignore financial details how will you know if you are making profits or losses? You need to know of spent and received monies.