The evidence is overwhelming: Kids who learn to play an instrument excel in school and have a competitive edge that stays with the through the rest of their lives.
Unfortunately, the funding for music education in public schools continues to be cut back. Parents looking for ways to help their children succeed as adults are looking for ways to compensate, and this presents an opportunity to build your own business giving music lessons.
Begin with a business plan. It’s important to consider all of the expenses involved with your new endeavor. Kristin Yost opened up her music school in the midst of the 2008 recession. She wrote a book about her experience titled How I Made $100,000 My First Year of Teaching Piano!
Yost says that it’s important to invest early in advertising. You want to be busy teaching students, not busy looking for clients. It’s also why you should network with schools and music teachers. They are excellent referral sources.
Music teacher Martyn Croston also advises that you think about the logistics involved. You have the choice of traveling to your students, or having them come to you. He advises the latter. “I spent so much time driving to their homes and being stuck in traffic, that suddenly my rate per hour didn’t seem quite as good,” he says. “If you spend 2 hours in total to teach a 1-hour lesson, it means you could teach 2 lessons in the same time if you did it in your own studio. It’s something you should think about very carefully as the amount of income you could be missing out on soon mounts up.”
While you’re thinking about your marketing approach, you’ll also have to prepare to be a business person as well as a music teacher.
- Form a legal entity. This prevents you from being personally liable if there’s a lawsuit.
- Register and prepare for taxes. As a legal entity, you’ll have state and federal tax considerations. You don’t have the luxury of saying you weren’t aware of your tax obligations. It’s also why you should open a business account. You can keep operational expenses separate from your personal life. Many people choose to engage an accountant or bookkeeping business for this.
- Research and obtain the necessary permits and licenses you’ll need to operate a business. Make sure that you also properly insure your business.
Instant Music Studio
If you’ve got the space on your own property and zoning regulations allow, we can help you create the perfect place to launch your new music lessons business. Our prefabricated building kits are pre-fabricated and can be put up in the fraction of the time it takes for traditional construction. Our building kits are less expensive than traditional construction, too, so you can invest more into building your new business.
Use this form to tell us about your music studio plans. We’ll send you free building information.