How to Increase Your School’s Profit Margin [7FMS Ep. #99]

by Daniel Patterson

 

“It’s not how much you make… it’s what you keep that counts.”

So, often we focus on the growth and increasing revenue.

But – some schools have a spending problem and don’t even know it!

In this “fun-sized” episode, we explore every music school’s 8 largest expenses…

And give practical guidelines on what you should be spending in those categories.

When you get these 8 categories under control, you will increase your profit margins by default.

And that’s the difference between being strapped for cash… or being able to take time off, save for retirement, or take that vacation you’ve always wanted to take!

Click below to listen to the episode.

 

 

Or, check out the video version of the podcast:

 

 

Here’s what we cover in the episode:

  • Maximizing your earnings without getting new students
  • Evaluating benefits packages and labor costs
  • Figuring out rent costs for both music schools and home studios
  • Shifting your focus away from dollar signs
  • Strategies to monitor your studio’s spending
  • Breaking down + optimizing admin costs
  • Where to spend and where to save in your studio
  • What you need in your equipment budget

This episode presented the categories and spending percentages…

But, perhaps you need help in getting your school to match these categories.

If so, schedule a free consultation with us.

We have helped schools 5x-10x their revenue (not a typo)…

Put hiring systems in place…

Train their team better…

And solve their marketing and lead problems for good.

Let us know how we can help you!

Free Workshop

On Thursday, December 7th, Daniel is hosting a FREE workshop that will prepare your music school for 2024.

If you’d like support and training on creating an action plan for your school in 2024…

You are going to want to register for this workshop.

In this workshop, you will:

  • Learn a simple annual planning process that you can use
  • Learn how to take your plan and actually use it during 2024
  • Follow along as we actually start the annual planning process WITH you
  • Hear inspiring stories about how the annual planning process created huge changes in my businesses
  • Harness the power of team brainstorming to identify your school’s strengths and weaknesses
  • Learn strategies to address challenges in your studio (internal + external)
  • Make the most of the unique programs your school has to offer
  • Learn from several special guests (I’m keeping them a secret for now!)
  • Participate in a live Q&A with Daniel and guests

A replay will be made available but only to those who register.

Click here to register for the free annual planning workshop

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

Would you like to start a group piano program in your studio… but are concerned about the logistics, the setup, and (most of all) the response from your studio families?

Don’t be scared!

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).

Don’t let an imaginary “boogeyman” keep you from making a profitable change in your studio!

 

The following two tabs change content below.
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.

How Do You Want to Grow Your Studio?

Get More Students

Bring in $1000s in new revenue with a studio funnel

Begin Group Lessons

Start a high-quality group program that parents say “Yes!” to

Free Up Time

Scale your studio, make more, and in less time

Leave a comment

Your email address will not be published. Required fields are marked *

Share This