Transcript 000 – Business Building 101 – Starting January 31!

Transcript: Business Building 101 – Starting January 31!

Transcript for 000 – Business Building 101 – Starting January 31!

Intro

Hey listeners. Today I want to talk to you about the upcoming Business Building 101 course! I’m going to talk about what the course is and what it isn’t.

But first, there’s been a slight change of plans in the schedule. If you’ve been listening the last few weeks, you know that the next live cohort was set to start next week! 

I’m excited to get this next cohort going, but I will be postponing the start date by one week. My family got covid this week and we just need another week to get back on track. So instead of starting the week of January 24, we’ll be starting the week of January 31.

Of course, all the content is available to you as soon as you enroll so you can get started today if you want, only our live office hours are impacted by this change.

OK, so about Business Building 101.

When I put this course together, I gathered all the questions that kept popping up in one-on-one coaching sessions.

Questions like: How much should I charge? Which should I include in my studio policies? How do I enforce a policy? How should I handle makeup lessons? Can I afford to be a full-time music teacher? What is an LLC? Why would I form one? Do I need to pay self-employment taxes? How can I increase my earnings?

Maybe you’ve had a few of these questions yourself.

In addition to those questions that teachers were asking a lot, there were a number of questions that WEREN’T getting asked, that are really important. 

Questions like… How do I set up my studio so I can afford to retire some day, if I want to? What do I actually *want* my studio to look like? Am I doing this because *I* want to or because other people are telling me I should? And, probably the most important AND most avoided question: Is the business I’ve designed WORTH building?

That last one is tough – but when we ask it early on, we can also ask the follow up question – what would need to change in order to make it worth building?

This course is about building a sustainable career, not just filling your roster or selling out a summer camp. There’s a strong emphasis on figuring out what *you want* your studio to look like and figuring out what to do to get there.

Because of the personalized nature, it’s not a very prescriptive course. I won’t give you a blueprint that says do A, B, and C, and you’ll get results X, Y, and Z.

Instead, the course HIGHLIGHTS the major decisions studio owners need to make. Then we WALK THROUGH the many different and equally valid responses to those decisions.

I give you these alternatives so you can then choose the decision that best serves the vision and values of YOUR studio.

Now, if we stopped there, I may as well just say “listen to your heart” and good luck! But the course doesn’t stop there. We take it one step further and test the financial viability of these decisions.

Let me give you an example – the decision in question is how to charge – by the lesson or by the month. Some would say that’s a financial decision, but I actually consider it a branding decision with financial implications.

There isn’t one best or right way. In fact, a creative pricing model could be how you set yourself apart in a crowded market 

Rather than prescribing a one-size fits all solution for pricing; I’m going to point you back to your vision and values and encourage you to choose the option that most aligns with your studio brand.

Now that’s all well and good, but there are still financial implications.. We’re going to look at the chosen pricing model and then revisit our numbers. We’ll consider how that pricing model impacts income and expenses and determine if the numbers still work. Iif not, we’ll figure out what we need to do to make them work. There’s rarely only one valid solution to a decision, and I want you to build a studio that is both aligned with your values AND financially sustainable.

That’s just one example of many we’ll encounter in the course.

I hope that illustrates my approach and gives you a sense of what to expect in terms of guidance.

Although it’s in a group setting, your goals are very much at the forefront and financial viability is considered at every step along the way.

Speaking of group setting, teachers who have taken this course rave about the live office hours. This is an hour a week of unstructured time to delve deeper into the course content, get personalized feedback, or ask questions about anything, or brainstorm. You’ve got access to my brain and the creative brains of other teachers on the call.

It’s insanely helpful and just a lot of fun.

Past participants in the course have been brand new music teachers, second career teachers, school music teachers turned private teachers, multi-teacher studio owners, teachers considering a co-op model, and solo teachers.

If you are still on the fence about whether or not to join the next cohort, feel free to drop me a line. Or go to musicstudiostartup.com to enroll today!

That’s all for today. Thanks for listening! I’ll be back next week.