Money Money Money

If your finances make you go

Knowing Your Numbers.

We know that everyone would rather be dancing, looking at costumes, planing end of term party's generally anything other than your accounts!

Don't worry we were exactly the same but if you don't know your numbers how can you effectively grow your dance school?

so its time to pull up those big girl pants and tackle this head on!

Budget.

Get your expenses from last year out as a reference but i want you to write down every thing you need to run your classes for a year. Your expenses, so don't forget to include petrol and any subscriptions you have to Spotify, your wages, insurance, etc.

Now write down your predicted income for the year if your numbers stay the same.

Class Retention.

This is my favourite thing! Tracking class retention. you even have a whole double page spread dedicated to it in our Dance Teachers Diary (if you haven't got yours yet you can buy it here)

You need to have your figures for each class written down for each month so you can see when you loose them and when you gain.

Capacity is always a great extra to track too with a column at the bottom of your tracker for this.

To work out capacity you

Now you know what your spending- How can you make more money!

What classes are costing you money ?

Do you want to push through and increase marketing for this class to grow it or cancle/combine it with another?

Where are you making the most money?

if its preschool classes can you open another class or if its summer camps can you look to run more this summer?

The 2018 Goal.

You have done your current budget for the coming year, now i want you to do it again but add in the things your want to achieve, so if its to earn £15,000 a year or hire a teacher for 3 hours a week at £10 an hour. Add it in.

So now you have your expenses for your dream 2018? How much more money do you need to make to achieve this?

Say its £12,000 more a year which = £1,000 more a month or £250 a week . How many more students a week is this?

Our preschool classes are £5.50 a week so that is 45 more students to make £12,000 more a year Now getting these 45 new students doesn't seem half as scary as getting £12,000 more in 2018.

You can then break it down further by focusing on getting 3 to 4 new students a month to hit your goal by then end of 2018.

Remember You Deserve To Make Money Doing Something You Love!

Next weeks blog - How to make more money in your dance studio!