Should You Scale Your School?: Assessing Risk and Opportunities [7FMS Ep. #122]

by Daniel Patterson
 

A listener sent in a question and a REAL LIFE dilemma she faced.

She was presented an opportunity to take her studio out of her home… but it would require her taking a financial risk and investing in a commercial location.

Nate and I asked her if she wanted to come on the show for a live coaching session.

This is a different kind of episode… instead of Nate and I giving theoretical advice about expansion, scale, investment, and investing in a location…

We are responding to the real world facts of one of our listeners.

Click below to listen to the episode!

 

 

Or, check out the video version of the podcast:

 

 

Here’s what we cover in the episode:

  • What to do when you’re ready to scale your studio
  • Identifying your core issues and questions around scaling
  • Obstacles to growth: fear of commitment and unnecessary “risk aversion”
  • Understanding your financial projections
  • How to make a data-driven decision when you have a growth opportunity
  • Overcoming emotional hurdles when making a growth decision

One more thing… Daniel has been posting a lot of great advice on his Instagram.

Give us a follow if you’d like to see short inspiring clips in your feed during the week.

Orif you are a YouTube person… give us a follow here.

Show Notes

During the episode, Daniel and Nate mentioned a number of resources…

Fear-Setting: The Most Valuable Exercise I Do Every Month – Tim Ferriss | “I do an exercise called “fear-setting” at least once a quarter, often once a month. It is the most powerful exercise I do. Fear-setting has produced my biggest business and personal successes, as well as repeatedly helped me to avoid catastrophic mistakes.”

Finding a New Space for Your School – 7FMS Ep 17 | Every music school has to have a “space” to deliver their lessons…  And for the majority of music schools, that involves a commercial location. A physical space where learning happens and memories are made. In this episode, we dive into Nate’s experiences on how to find a great space or open a new location… do’s, don’ts, and best practices!

10 Lessons Nate Learned Opening a New Location (Pt. 1) – 7FMS Ep 71 | Over the past 13 years, Nate has opened 3 different Brooklyn Music Factory locations… Including their newest location, which was opened back in January of 2023. As Nate reflected on these various openings… He realized that he learned 10 important lessons about how to open a location successfully. He did things differently this time. And in this episode, we cover the first half of that list.

The Team You Need to Open a New Location (Pt. 2) – 7FMS Ep 72 | Who do you need on your team to help you open a new commercial location? In this episode, Nate talks about which jobs he delegated to his team… And who that team is!

Commercial Leases, Building Your Team, and Long-Term Business Relationships – 7FMS Ep 104 | In this special episode, we brought a group of school owners together at Brooklyn Music Factory to discuss commercial leases, negotiation, and building a team of professionals to help you grow your music school.

Sponsors

SPONSOR – Big Music Games

Big Music Games provides fun with a clear purpose. Ear training and music theory for students ages 4-14. 

Level up your student’s ears & ignite their passion and motivation to practice with 15 levels of rhythm, melody, harmony and songwriting games. 

Join the tribe of teachers dedicated to improving the way the world educates the next generation of musicians. BigMusicGames.com/7FMS

SPONSOR – Piano Express from GroupLessons.com

Now’s the time of year to consider what programs you are going to be offering in your music studio this fall…

And if you are looking for a program that will:

  • Increase student retention…
  • Increase the number of your beginners that become intermediate students…
  • Help students go through their books faster (Proven! We did a study on this!)…
  • Increase home practice time (Proven! We have years of data showing that this happens)

… Then you need to head over to GroupLessons.com, sign up for a free demo, and we’ll show you how hundreds of studios have easily started a new group program (sometimes in just a few weeks)… with little to no difficulty.

You can even begin our owner training for free (download our shopping list, and look through our teacher guides and method).

Click here for more information

 

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Daniel Patterson is a private teacher, writer, and marketing consultant for music schools. He began teaching in 2004. He co-founded and led marketing operations for a summer music camp that sees over 200 children each summer.

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