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6 Threats to a Dance Studio


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This document explores the top six threats that could impact your dance studio and real world solutions on how to avoid them.

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Published in: Education, Technology
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6 Threats to a Dance Studio

  1. 1. SIX to a dance studio Survival Real threats Marketing  Parents K Profit? ZInventory x Time ( Labor b 8 5 $ a  >  [K S Let’s come & see 9 
  2. 2. Threats to Today’s Dance Studio Owners Vital Areas of Concern CASH 1 Burn Out 3 Visibility 2 Expansion 4 Professional Development 6 Marketing 5
  3. 3. #1 - Cash Spending too much on Rent, Teacher Salaries, and general overhead Not Saving for the slow times. (Summer Break) Not collecting cash fast enough. Allowing tuition to age. Lack of discipline and relentless focus on the details of expenses and income
  4. 4. #2 – Visibility Lack of ability to see a decline in active enrollment Limited to no warning signals for increased expenses and teacher payroll No way to predict and manage through rapid growth Lack of insight into the real feelings of your customer base
  5. 5. #3 – Burn Out Lack of financial reward breeds resentment for the business No Standard Operating Procedures makes every issue a new experience More time is spent fire- fighting than growing and developing the business Lack of formal boundaries leads to a highly skewed work-life balance
  6. 6. #4 - Expansion Failure to expand with new products and services Failure to consider expanding beyond a single location Fear of adding additional teachers to support growth Lack of tools to support growth beyond a single location
  7. 7. #5 - Marketing Spending real money in the wrong places. (e.g. High Cost local magazines) A general failure to take advantage of all social media platforms Failure to invest in any type of marketing. 100% Word of Mouth Lack of planning for the formal marketing and advertising strategy
  8. 8. #6 – Professional Development Having a general fear or being reluctant to seek out the help of tax professionals Lack for understanding the need of a relationship with a good attorney Limited understanding in the art of managing and leading a team Failure to stay up to date on the trade
  9. 9. How to mitigate these threats Establish a relationship with a good CPA Setup metrics for your business to establish alarms that we reviewed weekly Ensure that you are highly profitable to justify the time and heart-ache that goes into running a studio No matter how small or new you are, plan for growth.
  10. 10. Dedicate one day out each month to document your marketing strategy and goals. Join an business coaching network to assist with weak areas in your business
  11. 11. Sponsored by