In podcast #30 we are talking about our relationship with money and how it has a direct effect on how we run our businesses. Includes a top ten (+) list of how teachers can earn more money in their music teaching studios.
1. Know your financial bottom line. Visit our FREE RESOURCES page for February’s freebie
1a) Save $$. Revisit your expenses and determine if services, memberships or subscriptions are really worth the investment.
1b) Set up an emergency fund. Emergencies happen. You get sick; cars break down. Having a minimum of $1000 set aside for emergencies will keep you on track.
2. Raise Your Rates. Everyone is entitled to the cost of living wage increases and that includes music teachers. If you haven’t raised your rates in a while – just do it. Give your students plenty of notice and put the changes in writing.
3. Fix Your Lesson Studio Policy. If you are stressed by too many unpaid cancellations or if you are killing yourself with makeup lessons, it is time to update your teaching policy. Listen to podcast # 18 UPDATING YOUR STUDIO POLICY and visit www.composecreate.com for great business resources.
3a) Stop offering Make-Up lessons. Time is money. Take back your time. It is possible.
3b) Fire students that cause you suffering. Listen to podcast #16 HOW TO FIRE A STUDENT (nicely).
4. Accommodate Avocational Adult students. (bonus income) Part-time adult students can be a delight. They can take the early and later lesson times that aren’t convenient for younger students. Use MYMUSICSTAFF scheduling and have them reserve their lessons.
5. Group Classes: Consider teaching small group classes for beginner voice, theory, acting, choral music, musical theater etc. If you are new to group lessons – check out Tracy Selle’s workshop
Check out Glory St. Germain’s webinar about Theory club classes
6. Organize/Host Workshop classes. The topics are endless. (performance skills, exam preparation, musical theater, etc) You can present the material yourself or hire a guest to come in. Make sure to price the event so you can cover your costs AND pay yourself.
7. Summer Workshops: Summer months are tough for private teachers as students tend to disappear. Booking intensive week-long summer camps can ensure you survive the drought. Revisit 15 with Sara Campbell about Summer Workshops and music camps.
8. Be a Guest Speaker/Presenter. If you have a speciality that your colleagues may be interested in, why not develop a presentation? A great way to earn more money and network with colleagues.
8a) Accompanist skills. If you are a collaborative pianist, seek out opportunities to use your piano skills for extra income.
9. Create & Sell your Resources (future podcast in development) Many/most of our Podcast guests have used their music education experience to create resources for other teachers. From online courses to sight singing books – authors, composers, and arrangers can now sell directly to other teachers and successfully market their products online. Is it time for you to share your ideas too? (yes. the answer is – yes.)
10. Invest in your Business Skills. Take a course about being an entrepreneur or running a business. Invest in software or online platforms (my music staff, QuickBooks) that can help you keep a keen eye on your business.
Invest in the services of other professionals, (accountant, bookkeeper, financial planner) to make sure your business is running smoothly.
May you sing long and prosper.