When did profit become a bad word?
In writing my new class on money for the members I found myself questioning why dance school owners are afraid of profit. With sayings such as “I do it for the kids” ” I do it for the love” but you know you CAN do it for those reasons and STILL make a decent living. Being a martyr to the cause will help no-one if you cannot but food on the table in your own house. I was once told many years ago - you will never make money in dance. And I always loved the notion that I would prove at person wrong.
In many aspects they are right.
As professional dancers we worked for free to ‘gain experience’ because ultimately you can’t work without experience. As assistant teachers many of us worked for free to gain extra knowledge and skills from the teachers. As dance school owners, we put in numerous hours for free ‘for the love of it’
Imagine for a minute a lawyer putting in extra hours for free, the lawyer may love their job, but they will NOT work for free. Or a council worker, loving their job, but not putting in over what they are paid. Yet continually as dance school owners if we actually charged for all we do, then prices would be bonkers!
However, and this is a big however, we should be paid for what we do! So how can we change the mental shift from one of being the underdog to the valued business owner.
First it takes a shift in mind, from worrying what people will think if you put up your prices! The customer and their opinions on the price of things should not dictate your perception of what you value yourself at.
If your minimum price for teaching a class for someone else is £25, then that is the price you pay yourself in your business and if the maths is not adding up, then you need to figure out why its not adding up.
‘ I couldn’t possibly charge more, they won’t like it’ who is ‘they’ your customers? What would your customers say if you went out of business because you couldn’t pay your rent or your staff,? What would they say if they knew you were working for free? Some would say- oh there we are then, others, more fool her, others would say oh that’s wrong. And when you do put up your prices if they don’t like it or understand why you need to do it, then they did not value you or your school.
You need to get your numbers right, and start valuing your school correctly.
Dance classes are often classed as community ventures or not for profit (some are) but mostly they are a business.
So why not join me in THE DEN where we talk money, mindset, profit, marketing and so much more! Take a step in the right direction to push your business to the next level. You can join the DEN here for as little as £10 a month.
Or you can download a FREE e-book.