What if Your Studio Had a Gold Star Offer?
Running a studio can sometimes feel like a client numbers game. If $$ numbers don’t add up, our biz minds tend to go into “I NEED MORE” mode.
… I need to get more students..
… I need to add more days to my schedule.
… I need to teach more hours to fit everyone in…
Does that sound familiar to you? It certainly sounds familiar to me. It’s easy to fall into the trap of “I need to _____ more _____,” especially in the service based industry.
But let’s be honest… running a studio IS a client numbers game.
Having enough clients is essential to running a service based business. You need X clients to cover your operating budget. You need X clients to go into the rainy day fund. You need X clients to pay for health insurance. You need X clients to pay yourself.
You need X clients to pay for that vacation you promised your kids.
Yes, I’m including “non essentials” here. Because they’re essential to a balanced life.
Client numbers DO matter.
Until they don’t.
At some point your business model will reach the “saturation point.” After all, there are only so many hours in a day and so many days in a week. And you do have to eat, sleep, and have a life, right?
(Please say right, because taking care of yourself is super important. It should be your first priority as a solopreneur.)
You can only fit 5lbs of flour into a 5lb bag. You might be able to stuff more in there for a small period, but eventually the seams of that bag will give way.
In other words: The number of clients you serve can only increase if you can continue to serve them without compromising yourself or your business.
But what if the MAX number of clients you’re serving isn’t enough?
Then some decisions have to be made. You can…
- Hire out and find an assistant and/or another teacher. (MORE.)
- Make room to take on more clients by switching up your biz model. (MORE.)
- Find ways to better serve the clients that you currently have.
(Of course, there are more options out there if you want to get creative, but I’d like to keep this post brief.)
Did that last option say you should serve your current clients MORE than you already do?
Yes it did.
Please stick with me. I promise that this isn’t about working harder or providing more experiences without being fairly compensated. Let me explain…
When we find our rosters full and $$ still isn’t where it needs to be, there’s a natural inclination to continue expanding our client list until we reach financial stability.
Because more time with clients = more $$.
Annnnd enter the time = money trap. You knew that was coming, right? We’ve all fallen into this trap in the past. (Maybe you find yourself in it right now. Don’t worry… I’m about to throw you a rope, my friend!)
But first, let’s clear something up: in our profession, time actually does equal money. There’s no escaping that fact of the service industry. You are offering value to clients through your expertise and the time involved to deliver said expertise.
Everybody trades time for money.
The only difference is, people who run super successful studios trade their time for more money.
AND many of them know make that happen with the clients that they already have.
Yep. They’re able to make more money with the clients that they already have… and I’m not talking about a flat increase in tuition.
I’m talking about creating valuable services for your clients and giving them a premium experience for a premium rate.
A “Gold Star” offering, if you will.
What might that look like? Here are a few ideas for piano / voice teachers:
- A practice lab that overlaps with the next lesson. This gives students the opportunity to finish their theory homework or do a little practice on their own.
- An independent music lab where students work through lab assignments each week – hello iPad apps!
- Hiring an accompanist to attend voice lessons or a masterclass once a month. (How fun would that be?!)
- Creating a group theory class where students see you TWICE a week: once at a private lesson, and once at a group theory session. (Think college prep, RCM exams, or enjoy playing / singing “off the page.”)
That last one comes from the Queen of Music Theory, Glory St. Germain. (Hope you don’t mind me giving you a royal title, Glory. I just think you’re crazy cool!!)
Her group theory classes are fabulous example of how we can 1) serve our clients better and 2) offer a premium service at our studios.
Gold Star Offerings allow us to create an elevated tier of lessons in our studios, where we can offer our students some seriously awesome stuff.
Because they deserve the option to upgrade.
And because you deserve to run a very successful studio.
How do I get started?
The Gold Star Offerings don’t require us to get new students, but they do require us to be courageous!
Because it takes work to develop a premium service.
And in my world, that work often involves continuing education.
That’s how I operate. Not sure how to do something? Find someone who DOES know, and then pay them to teach you how. I’ve found this to be more effective and less time consuming than searching the interwebs.
Because there’s no need to start from scratch. There are lots of talented music educators out there who have already done the work for you.
(You guys rock!)
I’ve been researching for my own studio’s Gold Star offerings, which is why I’m working through The Ultimate Music Theory Certification Course by Glory St. Germain.
I’m excited to learn her tips about group theory classes and exploring learning styles so that I can start developing my own music lab for 2019!
Hellooooooo Gold Star Offer!
Looking for more?
If you’ve got a Gold Star offering in mind, but you need help developing and implementing, reach out! I’ve got some availability on my coaching calendar, and I’d love to help you reach your goals.