Many people enjoy belly dancing lessons and participating in performances. After gaining experience in teaching and acting, he feels he is qualified to open a business. Do you want to open a studio in a domestic environment or do you want to rent a commercial space?
There are many great reasons to teach in a home; however, zoning regulations may not allow it. During the early stages of starting this business. It is in your best interest to use an attorney for legal advice.
Find a location in a commercial zoned area that provides a safe area for student parking. Rent or lease an old studio or select a space that can be configured to meet the needs of the classroom.
An important consideration is money. Most small businesses need a minimum of five years to be successful. There are many start-up costs and unexpected expenses that arise in the first year of business. Will your bank account be able to cover these expenses when school income cannot pay for obligations and your salary?
We love this art of dance and want to share our knowledge with others for an affordable fee. You need business education. Raising capital is the priority for owning a business.
Teaching is a part of creating income for the school. Other for-profit establishments maintain additional funds for safe operation. Make a list of all the companies that make money. Calculate the number of students to ensure a stable income. List other companies to supplement the basic income?
Keep a savings account and insurance to cover unexpected needs and emergency expenses.
It is important that you invest with personal money and recognize your abilities to generate other income. Don’t borrow money. It can help as a temporary solution, but it will add to an ongoing debt.
Traditional lending institutions, such as banks, view the entertainment industry as high risk and will say “no” to a loan. The use of credit cards will add debt with interest rates.
Avoid borrowing money from family and friends. They are often the last to see their money returned and hurt feelings and loss of friendships will prevail.
You are in the people business. Keep them happy. Other methods to support your business are original ideas, solutions and business knowledge.
Summary: Work your brain to think outside the box with creative ideas of making improvements to increase student ability. Accounting, contracts and record keeping are on a routine schedule. Dancers don’t find these daily tasks enjoyable or exciting, but regardless of your personal emotions, do them. If you ignore the financial details, how will you know if you are making a profit or a loss? You need to know the money spent and received.
