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Finances Tag

09 Aug

Innovative Advertising

by cconrad
in Marketing, Policies and Procedures, Program Development
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Last week I took an online training course to become a certified teacher of a new music program at my studio.  A great deal of time was spent on marketing, and teachers from all over weighed in and gave fantastic, orginal ideas that have helped them grow their studio effectively.  Here’s a few ideas I learned that I thought were worth sharing as we begin advertising for “back to school” at our studios:

  • Sample Classes-Set up a freebie class at your local library or community center for students to “sample” what you’re offering.  Bring enrollment forms and studio policy, and perhaps consider offering a one-time discount to families who sign up following the sample class.
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09 Jul

Marketing Your Studio in a Bad Economy

by cconrad
in Finances, Marketing, Program Development
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At one of my recent teaching association meetings, we discussed how even studio owners and music teachers are feeling the affects of the bad economy.  As families tighten their belts a bit more and look for ways to lower their budget, some of their children’s extra curricular activities are seen as unnecessary luxuries.  Use some of the tips below to prevent your studio growth from becoming stagnant during lean times:

Educate your clients

Make sure your client base understands the importance of the service that you offer, and why it isn’t expendable.  I use quarterly newsletters to reiterate the importance of music lessons by linking studies and data that show the benefits of learning piano.  I also write occasional articles for our local parenting magazine about the benefits of music education.  Doing so helps my students and their families prioritize music lessons and hopefully look to cut other things out of their budget if they are faced with making difficult choices during financial hardships.

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21 Jul

Budgeting 101

by admin
in Finances
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BudgetNow that you are charging what you’re worth (last month’s blog), it’s time to discuss what to do with all of that money! A budget is an essential tool for any successful business. Ben Franklin said,

“If you fail to plan, you plan to fail.”

What is a Budget?

As a teaching artist and studio owner striving to learn the ropes of running a small business, I find it particularly challenging when faced with financial obligations such as creating a budget. But it is a task that must be done and the simpler I can keep it, the better! So, what is a budget? The website, investopedia.com, defines budget as “an estimation of the revenue and expenses over a specified future period of time.” A budget can be prepared weekly, monthly, quarterly, or yearly. An important reason to have a budget is to maintain control over expenses and avoid overspending. On the other hand, a business must spend money to make money. A budget provides a tool for organizing cash flow and planning for the future. Learning what you have to grow the business and compete is another function of a budget.

In my research, I found that there two types of budgets: a static or fixed budget and a flexible budget. The static budget is simpler because it projects established levels of fixed income and expenses over a set period of time. It works best for businesses that expect income and expenses to be stable. A flexible budget is one that takes into account varying levels of income and expenses. A static budget can be used prior to the start of a budgeting period. The flexible budget helps in evaluating performance and can be adjusted as needed when income and cost fluctuate.

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