Remaining Rational During Tough Economic Times [7FMS Ep. #27]

by Daniel Patterson

 

Many say a recession is coming…

And we are currently living in inflationary times.

How should a music school owner respond?

In this episode, we examine how to remain rational and calm in an economic downturn… as well as how to make “numbers” based decisions to prevent your school from going under.

Though we are responding to current events, we have made an episode that will be just as relevant in 10 years.

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 inflation means for your music school
  • The cost of doing business – consumer fear index?!?!
  • I’d like to introduce you to someone who can tell you what to do next in your business… (It’s not me or Nate)
  • How to respond to: “It’s just getting too hard to do lessons… but we’ll be back later!”?
  • Can your school afford to give discounts during hard times?
  • How to make a wise decision about “inflation proofing” your school
  • EVERY committed action you should be taking to raise your rates for next year
  • Offensive and unexpected data about how some schools are doing better than most in our industry

Did you enjoy this episode?

Do you have a question or comment?

We’d love to hear from you…

You can do so by contacting us here.

Very best,
Daniel and Nate

 

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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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