How does one go about owning their own dance studio?

Question

Ok well i'm only a freshman in highschool but i really want to own my own dance studio when i'm older. What college degrees and experience do you need to do this? I know i would obviously have to have a dance degree so I would probably major in dance but do i need to minor in business?

Answer 1

You don't have to major in dance to own your own studio - however, it definitely helps. If you're planning on running, owning, managing, advertising, etc all by yourself, I would load up on the Business classes:

- Marketing (for your advertising and networking)

- business management

- business law (need to know about LLCs & liability)

- accounting would be helpful (taxes, bills, bookkeeping)

It may be in your best interest to create a business plan. I am currently working on mine for my dance studio in my area. Because without a business plan, and assistance from a lawyer, you'll find it hard to get a decent loan to pay for your mirrors, hardwood/marley floors, barres, etc.

Thats the last thing I wanted to do, b/c I just wanted to teach dance, no deal with all the business aspects...however, you cannot have a successful business without some preparation....

- read some business plan books, and start one of your own

- speak with a lawyer (liability purposes, are you going to have employees working there etc)

- speak with a loan officer if you are needing to make huge decor/construction changes

- lease a building to start with, before purchasing. rent is easier than mortgage and property taxes.

- check out other studios in the area to get an idea of classes & pricing

- continue with dance education yourself

- NETWORK!! meet people who can "do things"

- and make sure you have a client base of students, a loan officer is going to need to know that he'll get his money back for the risk, and students help!

Hope this helps!