-
studio business cashflow
Hello lovely veeners! I’m a newly proud business owner of a pole dance studio. And I’d like to get other fellow studio owners’ input on their studio revenue. I plan to live off my business’s revenue at some point since I am doing this full time. I’m about 6 months in. The studio has been generating enough revenue to pay bills and payroll. I’m a little nervous about the summer but I have some great marketing plans to hopefully keep sales up during the summer.
My question is ‘how long did it take your studio to start filling up classes and/or build a consistent revenue that you could live off of?’ Your feedback is much appreciated! 🙂 -
7 Replies
-
I’m curious about this thread. I would like to open my own studio too one day but not sure about how costly it would be
Are u renting a spac e? How manoy instructors do u have. I feel like I can twach. an intro class but that’s.about it -
Me and my friend just started in January. Only as a side job though.
We got our bills paid throm the first month, and it will probably be by the end of 2015 when we got back the money we had to invest. But that’s ok I guess.We started off with one 8-week course and have 3 right now (starting an new one every 2 months). We want to go up to 5, plus we have an intro class, 2 strong & flexi classes and pole jam.
It’s just a small studio (7 poles in one room) but we love it!
-
Are you offering just pole? Most of the studios that make just over their overhead offer lots of other types of classes. Parties are usually what pays the bills, the classes are a wash. And I know very few who this is their sole source of income. One owner I know who is in LA I think took her a full year before she started turning a profit, and she has AMAZING instructors and offers all sorts of aerial classes.
-
No we offer more than just pole classes…hoop, belly dance, chair dance, floorwork, conditioning, piyo and stretching. and a lot the students love the fact that they can take all these classes at ONE studio which was the original idea behind offering a variety of classes. I guess it’s also a matter of advertising more and getting the word out. I put up flyers around the city where I can and have partnered up with other local small-businesses to help cross-promote. social media is a full-time job in itself. I’m on the fence about print advertising. I would also like to get involved with more local festivals too.
-
Determining how long it would take to build enough revenue to live off of is something you have to do yourself because it’s based upon your financial needs which can be very different from the rest of us.
Most businesses do not survive past 3 years. that’s businesses of any type. 80% will not survive the 3 year mark.
After nearly 10 years of my own success I’ve seen 15 studios open and close in the same amount of time in our area.
The most common mistake is not consulting the right advisers. If you need a business plan speak to a financial adviser. For income, payroll and tax questions, speak with an accountant and for legal speak with an attorney.
I agree with Chemgoddess (and you’re on the right track) that surviving off pole alone is very difficult. Also surviving off a one-room studio is very difficult. You need space for multiple classes. Therefore you also need staff/instructors.
Figure out your highest possible income…subtract all your expenses…extra for the unexpected…and then see how close you are to your business covering fully supporting you if it were full to capacity every month. Then allow for drops in census and the unexpected expenses plus increases in rent, taxes, utilities, etc.
-
Forgot to add..in response to advertising. I am guessing that varies depending upon your locale. Personally we’ve had very poor response to print advertising. We do best off of internet presence and word of mouth.
-
Awwww…So many things to take into consideration…. I have to say I got into this business EARLY ON so my experience will be different from yours in some ways. We were the 3rd studio in the United States to open as a full time pole/sensual dance facility so competitors were at a minimum and in Atlanta I had no competitors for quite some time. So I am going to try to take this from a current day perspective
LOCATION…This is a big one. Are you in a big city or a small town? Conservative or liberal? This comes into play when you are talking about how many potential customers you might have. If you live in a small town then it might be harder to get the revenue you want simply just based on numbers. Also have to take into consideration the salaries and median incomes of potential clients and how much disposable income they have for your services.
TARGET MARKET…This is also something that you would have looked at when doing your business plan. Are you targeting everyday women housewives, single ladies, strippers,etc… or someone else? For example Choreography House targets women who want to compete and perform. I am not saying she doesn’t pull some everyday women but Kelly Yvonne is known for her choreography skills in regards to competitions. Same thing for Body and Pole in NYC. Once you identified your target market then you can adjust your marketing plan accordingly.
CURRENT COMPETITORS…How many current competitors do you have? How far are you away from them?
The more competitors you have the more you have to stand out. Location is very important.CLASS STRUCTURE…Are you doing drop ins only, series, memberships, etc??? This affects your money. I personally teach pole in a series format and we have 7 levels. (my background is in dance so I strongly believe that any dance form is learned best in a series..this is my own personal opinion…drop ins should supplement your base practice)This style has worked for me but I have the potential to keep students for 2+ years which I have successfully done with a good percentage of clients. Our clients can pay a la carte or do a membership and get it all! I would ask various owners the pros and cons to each structure.
TEACHERS AND STUDIO DANCE STYLE…The one no one likes to really talk about….Your pole dance style is also a selling point…Is it sexy and fierce? Or a more gymanstics/pole fitness style? Not saying that one is better than the other but your style needs to stand out and be the authentic you. Our studio is known for sexy pole dancing. That’s what myself and many of my instructors like. Do we offer contemporary pole or a gymnastics style pole? Absolutely 🙂 But its not our core style. So make sure you know what your core style is. If you do parties and market at a bridal shows, most brides want a sexy style of pole. So if you dont excel at sexy pole then that might not be a good market for you.
And your instructors need to have a good style as well. I only hire women who are absolute HAMS!!! LOL (and I hire from within only..meaning I pull from my students base; this has worked well for me)… meaning they must like performing and being in front of crowds and they MUST have a fluid dance style. When you bring on new staff this is important. Some people are honestly not good dancers…you can have all the certifications in the world but if you can’t present it in a cohesive package people aren’t going to buy it. I know that sounds harsh but its the truth. But there are many ways for people to get better at the dance component but it takes effort..especially if they dont come from a performing arts background. I have seen women transform into beautiful dancers…but someone also has to tell them that they need to work on it 😉WEBSITE…Some peoples websites are awful..This is the brochure to your business…Make sure its nice and user friendly…I can’t even begin to tell you how many new clients I get simply because some of my competitors websites are crappy looking. This is the first impression of your business. Don’t skip out on this.
HOW MANY ROOMS… I started with a one room studio and then grew to 2 studio space. This definitely increased my income a lot.At one point and time I had a 3rd studio space but I did have to close it down because the economy took a turn for the worst. Just make sure before you expand you have a plan in place for instructors and where you are going to get them from.
BOUTIQUE…Are you doing product sales at your studio? It might only bring in 1000.00 a month but over a year’s time that is 12,000. That is a lot of money…Selling shoes and shirts is great additional income. Don’t downplay it.
Yes I am able to draw a salary with my business and live off of it comfortably (except for my first year I did not; I put all the money back into the business).I know quite a few studio owners who do. It is very possible but a lot of factors go into it to making that happen. Now I do not have kids (I want them just haven’t found that special someone yet) but even if I did have a child I still feel I would be fine. And I would hope my future husband will have a job 🙂 I do keep my personal expenses as low as possible.
Make sure you surround yourself with successful people (even non pole businesses such as yoga, cross fit, hair salon owners, etc…).They have advice that they can share with you because owning a business, no matter what it is, has common denominators. There is also a show called “The Profit” on CNBC which is an excellent show for business owners.
I hope this helps. I have been doing this for 9 years and LOVE IT! I have a staff of 40+ women now and opened a second location in North Atlanta a few months ago. Just focus on your vision and try to make smart savvy business decisions.
All the best,
Angela
Log in to reply.