Music is
universal from classical music, hip hop, reggae, rap and contemporary music.
The aim of a music school is to build instrumental knowledge for new
generations of stars.
Apart from leaning
instruments music schools provide voice training, dancing and choreography
classes. Starting a music school is capital intensive except the home based
model.
Commercial
music schools need permits and approval especially if the want to issue
certificates or diplomas. Other considerations before starting your enterprise
are build or lease property, equipment, teachers and licensing.
Others are
curriculum, business registration, furniture and students. The business is very
profitable however the difficulty level when establishing a music school is
high.
Tips
to Setting up a Music Teaching Business
Teaching
music requires lots of patience and time. Learning instrumental is difficult
however fun and rewarding.
To teach
music you need qualified instructors with a passion for their craft. Apply good
student relationship including effective strategies.
A few tips
include studying the competition and focusing on demand before establishment
the business in your community. Write a business plan and structure a strong
marketing strategy.
You need to
setup the studio correctly to show professionalism and focus. Also purchase the
right equipment tailored to your curriculum and classes.
Create your payment
terms to accommodate group lessons or annual fees. Write a comprehensive policy
that includes cancellations and payments.
If you run commercial
music schools avoid home tutelage it might be counter productive.
Business
Plan
Write a
business plan to guide your startup enterprise. Factor lease cost, equipment,
staff wages and business structure. The plan accommodates funding, type of
facility, licensing and permits including curriculum and students demography.
Startup
Capital
The size of
your music school, number of students, location, facility and musical equipment
determine the amount you need. A lager music school is capital expensive so you
need adequate funding.
To get
capital try selling startup equity in your enterprise. Actively seek core
investors or sell ordinary shares to private high net worth individuals.
Approach a commercial bank or merchant bank
for loans to launch your business. Make sure you have adequate collateral and initial
deposit including a good business plan. Use target savings or source funds from
friends and families.
Registration
Register your
business as a limited liability company and take out an insurance policy. Find
out state laws and requirements before starting your enterprise.
Secure an
employer identification number to fulfill tax requirement. You new business
needs a separate account from your personal one, therefore open a checking
account in you business name.
You can apply
for a credit card in your business name for transactions. Also consider the
number of signatories to operate the business account.
If your
school offers diploma certificates to graduates you need to apply for government
approval and permits. This is a difficult time consuming process so use a
consultant conversant with procedures.
Although
rules guiding certification and approval differ they look at certain things.
They consider the school curriculum, qualified member of staff, facility, board
of directors and other provisions.
You can’t run
a music school if you don’t get government approval.
Purchase
Musical Instrument
Musical
instruments are very expensive and accounts for 55% of your entire expenditure.
The instruments you purchase depend on the curriculum and focus of study.
A way to
reduce costs is leasing some of the equipment you need through a lease
contract. General equipment found in music school includes pianos, saxophones,
trumpets, keyboards others are talking drums, flutes, guitars and hand rattles.
You need
other equipment in your facility such as teaching aids, blackboards, and
computers. Others are classroom furniture, music stands and sheet music.
Location
Building a
music school from scratch is very expensive but with time you will recoup your
expenses. However it is advisable to start with a leased property and gradually
grow your students.
Your location
is very important to the success of your enterprise. You can lease a commercial property in an
urban area close to your customer base. Consider the age demography, number of
students, type of classes and host community.
If you don’t
have the finance to open a music school you can adopt private lessons or work
from home. Convert your garage into a small music class and equip
appropriately. Home tutelage does not require too many permit or licensing.
Create
a Curriculum
Visit your
educational board and request a basic curriculum. There are basic requirement
and provisions if your institution wants to run a certificate or diploma
program.
There are
also international bodies and associations that have their own curriculum and
certification including examinations.
Marketing
your Music School
You need lots
of students to make profit running a music school. Develop a befitting websites
highlighting your curriculum and admission requirement. Advertise in local
newspapers, educational magazines and entertainment magazines.
Use posters,
handbills, billboards, sign boards and business cards to reach potential
students. You can approach schools and institutions to offer your discounted
service.
Although
starting a music school is difficult the financial rewards is great especially
if you have lots of students.
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