Monday, August 10, 2009

SO YOU WANT TO BE A DANCE STUDIO OWNER: 2


Finding a space for your dance studio

Okay so you’ve decided to open your own dance studio. What now? Well you will need a space to teach, of course. You may decide to teach in a church hall, rec centre, share an existing dance, self defence or exercise venue, or you may simply decide that you’d like to start out in your own building from the very beginning. Whatever your choice, you will need to take a few considerations on board.



LOCATION, LOCATION, LOCATION
Is your proposed space....
1. In a safe area? I once found a fantastic building that had been a social dance venue. I was excited until I discovered that it was around the corner from a brothel and therefore probably not a great idea.
2. Well lit and in a visible place? Your venue needs to be easy to find. If you have signage that can be seen from the road, all the better.
3. Near public transport and have plenty of parking? Many families only have one car which is often used by dad to get to work. Bus stops and train stations nearby are definitely a plus. However, the fact of the matter is that many students do arrive by car. If you have ever taught at a studio that has a lack of car spaces you will know what kind of agro this can cause.
4. In an area that has a great student demographic? Okay so you need lots of children and teens close to your studio. Being nearby to schools is probably a good indication. However, be warned that high student populations don’t always mean big business for you. There are other considerations...
5. Far enough away from other dance studios? I once did research and found a suburb that had a huge student population at all its local schools. I opened a studio there but it really struggled. Why? There was an oversaturation of dance studios there. It seems that everyone else had the same idea as me!
6. Noise tolerant? The building should be away from residential buildings that may have occupants who complain about noise levels. Considering most of your classes may be at night – this is very important.
7. Zoned for business? From time to time, I hear about dance teachers planning to buy houses to run dance classes from. Although this may be a sound investment for resale purposes, if you are not in a business zone you may be shut down pronto.
8. Within your budget and means? Whether you decide to rent a hall, lease a building or buy your own property you will need some kind of capital. Remember most businesses close within the first year. If you decide to buy and the studio doesn’t do the blistering business you thought you may need to sell quickly. There is nothing worse than a desperate vendor. Take the time and care to do a business plan. It’s worth it!

In my next post I will discuss what the space should physically look like and issues of safety. Until then....

Keep dancing!

TDT

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