Treading Water? We can help! Five ways to earn additional revenue with your current enrollment
In our seven dance studios across the San Francisco Bay Area we “treading water.” It’s November and the enrollment number we started with in August at the beginning of the new dance season is about the same. Which is about 30% of my enrollment at this time last year.
In business the name of the game is how can I increase my revenue without also increasing my expenses. Said another way, for our businesses to continue to stay afloat how do we get the dancers currently enrolled to earn us more revenue?
Here are five ways to start earning more revenue today:
1. Encourage dancers to take 2-3 classes per week
Although we often focus on enrollment numbers, more important is the average tuition per student. You can have 150 students, but if they are only paying you $50 per month you are only earning $7500 in tuition. If you get just half of those dancers to take a second class and pay $30 more that’s an additional $2250 each month.
2. .Invite dancers to join your Performing Company
Create or invite them to an existing performance group that gets them to take an additional class or rehearsal, buy additional costumes, and be more invested in your studio.
3. Open registration for Mini Camps
Offering one-hour mini dance camps during weekdays or on the weekends is a great way to earn additional revenue; dancers can even invite their friends to help increase valuable Word of Mouth Marketing to your business.
4. Increase dancer participation in your Holiday Show and Recital
need a goal to work towards and having two performance opportunities per season makes them more invested and better dancers. Shows are also an important revenue stream for our business and offering virtual performances or in studio filmings are very little cost to you.
5. Don’t forget Studio Swag
T-shirts, trophies, flowers, etc. Even in Covid-19 climate families want to buy something to commemorate their performance.
Want more inspiration? Join us live for Studio Owner OVERCOME a two-day virtual conference experience presented by dance studio owner and industry leader, Tiffany Henderson, featuring intimate conversations with women business owners and experts.
Gain Insight and Expert Advice on:
Managing Cash Flow
Optimizing Additional Revenue Streams
Planning a Recital Experience
Marketing to New and Returning Dancers
Hiring, Training, Managing Teachers and Staff
Network from the comfort of your home! Studio Owner OVERCOME is scheduled for November 12-13, 2020 and will contain Live Q+A with Expert Panelists, Business Sessions, and Inspirational Keynote. We will be releasing the schedule and class descriptions for Studio Owner OVERCOME very soon.