6 Threats to a Dance Studio
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Transcript of 6 Threats to a Dance Studio
SIXto a dance studio
Survival
Real threats
Marketing
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DanceStudio-Pro.com
Threats to Today’s Dance Studio Owners
Vital Areas of Concern
CASH
1 Burn Out
3Visibilit
y
2
Expansion
4
ProfessionalDevelopment
6
Marketing
5
DanceStudio-Pro.com
#1 - Cash
Spending too much on
Rent, Teacher Salaries, and
general overhead
Not Saving for the slow
times. (Summer
Break)
Not collecting cash fast enough. Allowing tuition to
age.
Lack of discipline
and relentless
focus on the details of expenses
and income
DanceStudio-Pro.com
#2 – Visibility
Lack of ability to see a decline in
active enrollment
Limited to no warning
signals for increased expenses
and teacher payroll
No way to predict and
manage through rapid
growth
Lack of insight into
the real feelings of
your customer
base
DanceStudio-Pro.com
#3 – Burn Out
Lack of financial reward breeds
resentment for the
business
No Standard Operating Procedures
makes every issue a new experience
More time is spent fire-
fighting than growing and developing
the business
Lack of formal
boundaries leads to a
highly skewed work-life balance
DanceStudio-Pro.com
#4 - Expansion
Failure to expand with new products and services
Failure to consider
expanding beyond a
single location
Fear of adding
additional teachers to
support growth
Lack of tools to support
growth beyond a
single location
DanceStudio-Pro.com
#5 - Marketing
Spending real money
in the wrong places. (e.g.
High Cost local
magazines)
A general failure to
take advantage of
all social media
platforms
Failure to invest in any
type of marketing. 100% Word
of Mouth
Lack of planning for the formal marketing
and advertising
strategy
DanceStudio-Pro.com
#6 – Professional Development
Having a general fear
or being reluctant to seek out the help of tax
professionals
Lack for understanding the need of a relationship with a good
attorney
Limited understanding in the art
of managing and leading a
team
Failure to stay up to
date on the trade
DanceStudio-Pro.com
How to mitigate these threats
Establish a relationship with a good
CPA
Setup metrics for
your business to establish
alarms that we reviewed
weekly
Ensure that you are highly
profitable to justify the time and
heart-ache that goes
into running a studio
No matter how small or new you are,
plan for growth.
DanceStudio-Pro.com
Dedicate one day out each
month to document
your marketing
strategy and goals.
Join an business coaching
network to assist with weak areas
in your business
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