By Rachel Rizzuto
9 October 2019
Dreaming of opening a dance studio of your own? It might be more of a rude awakening than you’re imagining—especially if you’ve spent a few years as part of another studio’s faculty. Sure, you might have good ideas you’re ready to implement and a vision of yourself as the boss you’ve always wanted. But owning a business also means you’ll have to give up some of your favorite parts of your old job and learn or take on or even hire others for new roles and skills in order to keep your business moving forward. “If you’ve got the bug, it’s a magical adventure to own your own business,” says Genevieve Weeks, founder of Tutu School, a dance studio business with a successful franchise model that has grown to 34 locations throughout the country. “But some people are drawn to it because of the way they see it presented on Instagram. They’re not thinking about the layers underneath.”
You’ll Need a Business Owner’s Mind-set
Owning a studio is a dramatic change in job description and requires a switch to a business mind-set—so here are four things to keep in mind before you launch.
1. Make sure you have enough capital to give yourself a really long runway for takeoff.
“One of the primary reasons small businesses aren’t successful is that they’re not properly capitalized,” says Weeks. “You need enough of a runway to really give yourself a chance. You could be one month away from really turning a profit and becoming successful, but you have to shut down because you don’t have the next month’s rent or payroll.”
Read the full article on Dance Business Weekly.