Friday is the perfect day to take a bit of time out and go through your numbers for the week – and with Dance Studio Owner Mentor, Clint Salter this is the one place your finances are fun. Join us for the Finance Friday revolution!
Check Out Clint’s Finance Friday Tips Here.
Today I just wanted to give you five of my top tips when it comes to making the most of the dollars, or the pounds, that you are making inside of your studio.
And how to not let all of the money slip through the cracks.
- Make sure you shop around.This can relate to costumes, uniform, stationary, printing your programs for recital, paint if you gonna paint your studios, your flooring, right?
It’s really important that you shop around, because often you’re gonna find some really really great deals.
The other thing, if you’ve got a supplier that you are continually using, I would also say to them, “Hey, you know John, we’ve been coming to you for a few years now. Do you have a loyalty program? Like what do you have in place to continually ensure that my business is coming to you? ‘Cause we’ve got people knocking down our door calling us everyday asking us to purchase our costumes or our uniforms from them. And I would love to keep our business with you. But as you can understand from a business perspective, you’re costing us a lot more than some of these other companies.”
Have the conversation with your suppliers, because they wanna keep your business. And most of them will do whatever they can to ensure that it continues to be that way. But you’ve gotta have the conversations.
- Consolidate fees and bills where possible.
So for instance, let’s say you have internet at home and you have internet in your studio, and you have cable at home, and your children have cellphones. See if there’s a provider where you can bundle everything together. Consolidate everything household and business under one roof. Make sure you talk to your accountant about it, but you are gonna save a whole lot of money.
I know a lot of families who have their kids are on T-Mobile and they’re on Verizon, and someone else is on AT&T. And their internet’s with someone else. Put everything under the one roof. You would be surprised – you could save hundreds, maybe thousands depending on how many kids you’ve got.
Thousands of dollars every single month by consolidating and putting everything under the one roof.
- Get your team working more efficiently.This is a huge topic. But I just wanted to give you two tools that you can be using with your team. The first one is RescueTime.
RescueTime is gonna give them a report every day or every week around how efficient they are with their time. What I love so much about RescueTime is it shows you how much time you’re spending on social media, that’ll be red, because it’s a very productive time most of the time.
It’ll tell you when you’re working on like document project driven work. It’s really really great.
Another tool I’m loving at the moment is Harvest. This is a time-tracking tool for you to see where your team is spending their time. And they can break it up into different revenue streams. So this is great for your office staff, your DOFI (Director of First Impressions, or receptionist).
- Use technology in your business.I know that a lot of you are a little bit afraid of technology. But I wanna say to you: it’s not going anywhere, and it’s gonna save you so so much time every single week if you are utilizing the technology inside of your business.
So for example Zoom.
Zoom is a great online video conferencing tool. It’s free, depending on what plan you take. But you can do teacher meetings on that, and your teachers don’t have to come to the studio. They can be sitting in their lounge room, or in their car if they want.
You can use it also with your team, your office admin team, right?
Anything that saves you time, saves you money. Hundreds and thousands of dollars every single year. That’s why you need to be on technology.
- Make the most of your space.I went to visit a studio in New York a couple of weeks ago, while having this very conversation around the amount of white space that they have during the day.
What you need to make sure is that you are maximizing your space.
So what does that mean?
Well, it could hiring out your studio space. They were talking about a film going to do some stuff in their dance studio. It can be yoga classes. You can list on Craigslist or Gumtree. You can put it on directories. There’s so many kinda space directories now.
You could create a Facebook group, or join a Facebook group of local businesses or community … The local community where you put that this space is available there. That’s just one example around rental. But you want to maximize your space.
Do you have a space where you could a pop-up shop? Is there a local shop that you could come and do thing with?
If you’re leasing a space, and you have use of it 24/7, make sure you’re maximizing it. It could look like birthday parties, right? Think about those additional revenue streams that you are missing out on.
For the next 2 weeks, you can join Clint and our team of studio growth coaches inside our brand new FREE training, New Student Blitz.
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The Dance Studio Owners Association is for studio owners who are ready to commit to building their dream studio through taking consistent action while accepting guidance and advice. It’s for new studio owners and experienced studio owners alike. No matter what stage you’re at in your business, you’ll gain valuable information to take your studio to new levels while becoming a go to studio in your area.
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