If you are a professional dancer who wants to start their very own dance studio, you’ve come to the right place.

At Dance Pro Income Booster, we are dedicated to helping budding entrepreneurs expand their streams of income and forge a successful and profitable dance career.

Before starting any business, it is essential to take a critical approach and ask yourself some tough questions. Be brutal with your answers; they will help you assess your readiness for embarking upon one of the most important adventures of your life.

Here are some must-ask questions to help you evaluate where you stand before you make a big move.

Do I Have The Finances?

If opening a studio is your dream, you need to first take a look at the state of your finances. Do you have enough to invest in a new studio? If not, who will you borrow from? Are you willing to seek an investor?

Once you’ve answered these questions, get down to calculating your running costs. Set projections for the first quarter so you have realistic expectation of the profit you will turn in, if any.

New businesses often go months before they start making a profit so it is normal if you don’t see the big bucks right away.

Having said that, calculate to see if you can afford to lose money, whether you will go in debt or how much borrowed money you will have to pay back. Seeking help from a financial advisor is a great option for getting sound advice.

Will I Go The Extra Mile?

You may be an amazing dancer; you may be invested in seeing your clients perform well; however, these aren’t things that will make you a good business owner.

To be one, you need to go the extra mile and may have to become the planner, investor, marketer, etc. all at once. Until you can start delegating or outsourcing your tasks, you need to make sure you are willing to put a significant amount of time and energy into making your dance studio a success. 

Who Are my Competitors?

Answering this question will help you while choosing a location and deciding how to differentiate yourself from all other studios. While selecting a location for your studio, research the area to find out if other studios operate in the locality and what they offer.

Researching your competition and assessing them beforehand, helps you strategize accordingly and ensures you stand out and thrive amongst the competition.

 

What Is My Unique Selling Proposition?

If you wish to stand out from the crowd, you need to bring something new and add value to your clients.

Decide on what makes you different.

Are you targeting a niche clientele that is not usually catered to such as couples or the elderly? Are you offering unique dance classes that no other studio in your locality is offering? Working out your unique selling proposition will give you a competitive advantage in the market and help you business get established much faster.

Every successful business needs a mastermind who has a clear vision and a strong drive. Checking in with yourself first before taking the plunge will ensure you don’t suffer any mental roadblocks down the line.

Want more tips for running a dance studio effectively? Visit Dance Pro Income Booster.  We have a treasure-trove of valuable resources to get you started.