30 | Earn More Money with Your Teaching Studio Business
In epidode #30 Nikki Loney talks about our relationship with money and the direct effect that relationship has on how we run our businesses. Plus we’ve got a Top 10+ list of how teachers can earn more money in their music teaching studios.
Top 10+ Strategies
1. Know your financial bottom line.
- Save $$. Revisit your expenses and determine if services, memberships or subscriptions are really worth the investment.
- Set up an emergency fund. Emergencies happen. You get sick; cars break down. Having a minimum of $1000 set aside for emergencies will keep you on track.
2. Raise your rates. Everyone is entitled to the cost of living wage increases and that includes music teachers. If you haven’t raised your rates in a while – just do it. Give your students plenty of notice and put the changes in writing.
3. Fix your lesson studio policy. If you are stressed by too many unpaid cancellations or if you are killing yourself with make-up lessons, it is time to update your teaching policy. Check out these helpful resources:
- FULL VOICE Podcast #18 Updating Your Lesson Studio Policy https://fullvoicemusic.com/podcast/18-updating-your-lesson-studio-policy/
- more great business resources at www.composecreate.com https://composecreate.com/
3a) Stop offering make-up lessons. Time is money. Take back your time. It is possible.
3b) Fire students that cause you suffering. Listen to podcast #16 HOW TO FIRE A STUDENT (nicely).
- Check out FULL VOICE Podcast #16: How to Fire a Student (nicely!) https://fullvoicemusic.com/podcast/16-how-to-fire-a-student/
4. Accommodate avocational adult students. (bonus income!) Part-time adult students can be a delight. They can take the early and later lesson times that aren’t convenient for younger students. Use My Music Staff scheduling tools so they can reserve lesson times themselves. https://www.mymusicstaff.com/
5. Group classes. Consider teaching small group classes for beginner voice, theory, acting, choral music, musical theatre etc. If you are new to group lessons check out these resources:
- Group Lessons 101 Online Course for Music Teachers (with Tracy Selle): https://topmusic.co/course/group-lessons-101/?srsltid=AfmBOopDyenZ3Yg02YMMSvQVHi7evlKo8Kc1nb_3ZVASW5r_fwHtW3Ii
6. Organize/host workshops. The topics are endless; performance skills, exam preparation, musical theatre, etc. You can present the material yourself or hire a guest to come in. Make sure to price the event so you can cover your costs AND pay yourself.
7. Summer workshops. Summer months are tough for private teachers as students tend to disappear. Booking intensive week-long summer camps can ensure you survive the drought.
- Check out FULL VOICE Podcast #15: Vocal Workshops: Interview with Sara Campbell https://fullvoicemusic.com/podcast/15-vocal-workshops-interview-with-sara-campbell/
8. Be a guest speaker/presenter. If you have a speciality that your colleagues may be interested in, why not develop a presentation? This is a great way to earn more money and network with colleagues.
8a) Accompanist skills. If you are also a collaborative pianist, seek out opportunities to use your piano skills for extra income.
9. Create & sell your resources. (future podcast topic in development!) Many/most of our podcast guests have used their music education experience to create resources for other teachers. From online courses to sight singing books – authors, composers, and arrangers can now sell directly to other teachers and successfully market their products online. Is it time for you to share your ideas too? (Yes. The answer is yes!)
10. Invest in your business skills. Take a course about being an entrepreneur or running a business. Invest in software or online platforms (My Music Staff, QuickBooks) that can help you keep a keen eye on your business.
OR
Invest in the services of other professionals, (accountant, bookkeeper, financial planner) to make sure your business is running smoothly.
May you sing long and prosper.
