Music School Money Habits (So You Don’t Run Out of Ca$h) [7FMS Ep. #162]

by Daniel Patterson

Last week, we shared a plain and simple way to create a budget for your music school.

This week, we’re taking it one step further—breaking down the financial habits that help a school owner stay profitable and sane.

It’s not about becoming an accountant.

It’s about creating a rhythm of review that brings you peace of mind…

And puts you in the top 1% of small business owners who are actually still thriving 10 years after opening.

Even if you’re starting from scratch—or feeling major imposter syndrome around numbers—this episode will show you how to build a financially healthy school without getting lost in spreadsheets.

Click below to listen and start building the habits that will shape your next decade.

Or, check out the video version of the podcast:

Here’s what we cover in the episode:

  • Money habits you NEED (so you don’t run out!)
  • Breaking down your daily money habits (+ our favorite tools)
  • Breaking down your weekly money habits (3 simple principles)
  • Using simple spreadsheets to monitor cash flow and labor costs
  • Breaking down your monthly money habits (3 things to track)
  • Breaking down your quarterly reports (keep it simple!)
  • Breaking down your annual reports (historical, trends, forecasting)
  • Where all of your beautiful reports should live + why you have them

We’d love to hear from you… what was your big takeaway this episode? What questions do you have?

We won’t know unless you reach out and tell us!

You can do so by contacting us here.

🎯 Want a Profitable Summer Without the Burnout?

Most studio owners bleed cash and energy every summer.

They run camps that don’t fill. Lose students. Take a hit to their income and morale.

Alyssa says: Enough.

In this free training, she lays out how to:

  • Ditch unprofitable summer offers
  • Focus on what actually drives revenue
  • Take the summer off (yes, really)
  • Or double your income if you want to go hard

It’s blunt. Tactical. Proven. We’ve run this playbook with our Accelerator coaching clients to GREAT success.

Here’s what to do:

💥 Watch the Summer Success Workshop Replay

Watch the full training + get Alyssa’s 4-stage summer strategy here:

👉Watch the Summer Success Workshop Replay

🎯 Then grab a $100 strategy session with Alyssa before the price goes up.

Would you like help building your summer or fall plan?

Alyssa is offering limited $100 strategy calls (that’s 80% off the regular price).

Book a session here

Sometimes the best strategy isn’t adding more.

It’s removing what’s not working.

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)
  • And increase the profit in your studio (not just revenue)…

… 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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