A dance studio is a large, open space suitable for a variety of activities, so why not get the most out of it? Dance studio rental is a fantastic way to maximize revenue. But don’t hand over the keys just yet – read our guide below to get started.
Why Rent out Your Studio?
Renting out your dance studio is a great way to generate extra income, especially during the slower summer months. Once you secure trustworthy renters, the effort on your end is minimal – you make money simply from letting someone use your space. Renting is especially helpful if you need to travel to attend a conference, perform in a show or even just take that well-earned vacation you’ve been putting off for years – with other people using your space, you can rest easy knowing that the power won’t be shut off at your studio while you’re away.
Dance studio rental also generates additional income by exposing your classes and services to new clients. Everyone that attends events held by renters at your studio will see firsthand the programs you offer and the space’s atmosphere, which can lead to new students. This type of exposure can sometimes be more effective than traditional marketing methods.
Who Can You Rent To?
The versatile design of a dance studio makes it a great fit for a wide range of activities. You can rent out the space for children’s birthday parties, and, if you have the resources, parents can hire one of your instructors to lead the party. The wood floors, high ceilings, sound systems and mirrored walls make dance studios a great fit for hosting fitness classes, like pilates and yoga.
If there’s a gym located near your studio, ask if they need extra space to hold their classes. Community groups and children’s scout troops are always looking for open spaces where they can hold events and meetings, too, along with local small businesses searching for an open space for team-building activities, retreats and training seminars.
Another creative way you can rent out your studio is by using it as a theater. Hanging black curtains on rods, adding seat risers and installing a few extra lights on the ceiling can transform a practice space into one fitting for performance. Dance Studio Life interviewed one studio owner who made an area of her studio workable as both a teaching space and a theater on a budget.
“You don’t have to have a large pocketbook to do the things you want to do. You just have to have a mission and share it—if you build it, they will come,” said Jonna Maule of Company Ballet School and Performing Arts Center in Spokane, Washington, in an interview with the site.
Once you’ve equipped your space with the basic theater equipment, you can rent it out to local performance groups, schools, dance troupes and bands. An added bonus is that your dancers now have a performance space in their studio, too.
“Successful renting depends on preparation and research.”
Liabilities to Consider
Successful and profitable renting depends on adequate preparation and research. Your first step should be to check whether your lease agreement for your facility allows you to rent out the space to other people, according to Dance Teacher magazine.
Safety is also another important consideration. Read up on your existing insurance policies and what they cover for outside renters and create a rental agreement outlining the risks the renter is responsible for that you can share with each client. It’s also necessary for the renter to have their own liability insurance so that you are not held responsible if they injure themselves during their classes or events.