Writing a dance studio business plan is a BIG project. But an important one! This plan will lay out your studio’s hopes and dreams, as well as the step-by-step process for getting from Point A to Point B. A few questions to ask yourself as you get started:
Where are you now?
Where do you want to be in three years? In five?
Who will help you get there?
The point of a dance studio business plan is to clearly lay out the aspects of a new company: strengths, challenges, and all of the minor details that will make the business a success. This document is an opportunity for entrepreneurs and hopeful business owners to put all of their ideas on paper, so that colleagues and other advisors can review the plan and offer any advice or criticism before the business is launched.
As an example, TutuTix has created a sample dance studio business plan for our imaginary dance studio, TIPS (the TutuTix Imaginary Performance Studios).
Feel free to use our guide’s ideas in your own plan, and please send us feedback about ideas we might not have that work particularly well in your studio! You can download the example dance studio business plan for free by completing the form below:
The layout of a business plan follows a logical progression of topics that a company needs to have defined prior to opening for business.
That order of topics should look something like this:
A concise description of your company, that acts as an overview of your goals and values. Keep it short but sweet! Why did you choose to build this kind of company?
Here, you can flesh out your overview and touch on how your business will function. Talk a little about your customer base, marketing goals, and strengths of your company. Why are you the best? Is it because you have the best staff, the most experience, the best rates?
Who are you competing against? How strong is that competition, and why do you think your studio can handle it? How will your business grow in this community over time?
There are lots of talented teachers and dancers who would be great studio owners. But in their current city or location, they would have a really hard time getting into the market and signing up students. That might be because of competition, lack of student interest in the area, or other reasons. How will your studio stand up to these tests?
Products and Services
Which dance classes will you offer? Will you rent out your space? Will you sell any retail items?
This section lists out your business functions: what do you offer, and how much will you charge? All of the items listed here will add up to be your studio’s income.
Marketing Publishing Strategy
How will people find out about your business, and how will you recruit additional students after your first season? What does your brand mean to you, and what do you want it to mean to others?
Operational Plan, Legal, and Startup Expenses
You can’t start a business from scratch: you’ll need funds and some professional consulting to get your company off the ground. How will you pay for your startup costs? Do you have that money already, or will you need to raise money with partners? Is a loan from the bank your best option?
By the time you get to writing this portion, hopefully you’ve talked to colleagues who might be opening the studio with you, or you’ve found a legal and/or financial professional who can advise you on the best way to move forward. Taking on debt to open a business is always risky, so you want to find funds the right way and have a plan to pay that debt back.
Most importantly: don’t be afraid to adapt! After the completion of the business plan, go back through and make adjustments based on information you’ve learned along the way! Ideas can and should evolve when they’re laid out on paper, so be sure to look for guidance from other teachers and business owners when putting together your plan.
This business plan is included in the FREE TutuTix E-Book, “Dance Studio Ideas and More: The Official TutuTix E-Book.” You can download our e-book here.