Hi Tina: As one who made the transition from teaching at home to partnering in a performing arts studio, the answer is a great big YES.
If you are turning away that many students because of a full schedule, consider taking on one other teacher who you trust completely and with whom you feel you can work under a similar set of policies. Make sure you both want the same thing out of the business.
Will you be sole proprietor and pay the other as an employee or go into a partnership? Both have pros and cons. We did the partnership thing but for many reasons. Currently, we're considering adding a new teacher in Sept. who would simply be an employee of ours - not a third owner or partner.
Consistency between teachers and a catchy name will help make your studio one that people seek out. Offering some diversity (ie...piano and keyboard or classical piano and pop piano) helps invite many different kinds of clients. Some day you may specialize but having a bit of choice is good for the customer.
I paired up with my best friend who is a dance instructor. As a voice teacher (with drama experience) we made the perfect match. We've developed a musical theatre drama program that is so popular we keep having to add classes. We teach song and dance. I have trained my friend to be a vocal coach and she does the beginnner and intermediate song & dance students. She trained me in dance and I now co-teach the ladies' programs with her and can choreograph for the younger kids' drama classes with ease. We both had experience in musicals and productions and I also took some acting courses and improv. so it all fits together quite nicely. We have partnered up since 1995 and are now known in our city as the "triple threat" studio where you can sing, dance and act all under one roof. (It makes for much more interesting recitals too). I have to say, I don't enjoy piano recitals that go on for 2 hours. It's much more exciting when there are instrumentalists, singers, dancers etc.
We have a policy sheet that each parent gets so that they know what we expect of them and what to expect from us. We got funky business cards (didn't need letterhead), a stamp with our studio address/phone/email on it for stamping envelopes, etc and an eye catching sign outside plus great windows (painted music symbols etc). Because we were both known already, our students just came with us. Now, many take more than one type of lesson because of the availability.
I also know 2 sisters (both married women) who paired up and offer piano and theory lessons. They're both doing very well and can teach for each other in case of illness or something like that.
Start up expenses include rent, getting a phone number and phone installed, answering machine, sufficient waiting area for parents, filing cabinets and office supplies. Much of this may already exist in your home studio.
The best benefit of all is that the atmosphere is more professional than the home studio (even if you're very professional about how you run it it's still in your house).
The downside is that parents often drop off their kids extremely early because they know that since you're a business, you're open so then, if you're trying to get some work or practising done, you now have kids there when you thought you'd have some time.
We have recently added a gift boutique and sewing business to our studio which is really rounding out the whole package.
Good luck with whatever you decide. Remember, you can write off all the expenses associated with opening and running the business which can come in handy at tax time.
Jacqueline SlightlyoffBroadway check out our website: www.slightlyoffbroadway.com
jaxsobcon@n... Visit our website at: http://www.slightlyoffbroadway.com Read Jacqueline's musical theatre articles at: http://www.suite101.com/welcome.cfm/musical_theatre and http://www.musicaltheatreinfo.com
Have fun at: www.geocities.com/sloffbrdway
"There's no business like show business"
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