Do you want to start a dance studio business and need to write a plan? If YES, here is a sample dance studio business plan template & FREE feasibility report.
Entrepreneurs who have built their businesses around the entertainment industry can attest to the fact that the industry is indeed a booming industry and it has the potentials to transcend the country where the business is established.
Little wonder entertainment TV shows, the Grammy Award, Most Beautiful Girl in The World – Beauty Pageant, amongst others, can be widely watched all over the globe just like the FIFA World Cup and the Olympic Games. There are many business opportunities in the entertainment industry and if you are interested in this industry, you can consider starting your own dance studio.
Depending on the part of the world you live in, establishing a dance studio whether for western dance or traditional dance means that you stand the chance of making good fortune from the business.
In other words, starting a dance studio can be capital intensive but it is indeed a profitable venture especially if your dance studio is well equipped and furnished and if it is located in the entertainment hub of your city or state. It might interest you to know that there are countless numbers of people in your community / city who are willing to pay their hard earned money to learn various dance steps.
Dance steps like Salsa, Ballet, Hip Hop Dance, Tap Dance, Yangko Dance, Belly Dance, Kathak, Gangnam Style, Break Dance, Line Dance, and also Yoga, Zumba and any other activities that can keep people in good shape.
That is why venturing into establishing your own dance studio might just be the right business decision to take. Here is a dance studio business plan template that you may want to consider using as a guide to write yours.
A Sample Dance Studio Business Plan Template
1. Industry Overview
When we talk about a dance studio, we are talking about a space where dancers and aspiring dancers and choreographers learn or rehearse various dancing steps; dance studios are deliberately built and equipped to fit into that purpose.
Generally, a dance studio is furnished with a smooth floor covering and in some cases it is furnished with a hardwood floor especially for tap dancing class.
The smooth vinyl floor covering in dance studios which is also known as a performance surface and commonly called “Marley“, is usually not attached permanently to the underlying floor and can be removed and transported to performance venues when the need arises.
Some other common features that can also be found in a standard dance studio include: a barre, which can be either fixed to the wall or be a detached move-able device that is around waist height and used as a means of support. As music is a vital part of dance, virtually all dance studios have a sound system for playing various music.
Aside from sound system for playing music, a keyboard can also be used during ballet, tap dance and some other dance steps particularly in standard dance studios.
Statistics has it that the dance studio industry in the united states of America, is worth $2.4, with an estimated growth rate of 3.0 percent. There are about 8,568 registered dance studios in the United States and they are responsible for employing about 50,266 people.
The commercialization of dance-inspired television shows and growing interest in dance as a good alternative form of exercise no doubt has positively impacted the dance studios industry especially during the last five years. The industry also benefited from the growing economy of the United States, as rising disposable income and employment resulted in a steady increase in consumers spending on dance instruction.
It was projected that from 2015 to 2022, the dance studio industry is expected to grow positively simply because the US economy is expected to grow during this period besides, improving economic conditions lead to greater spending on recreational activities which includes dance.
Beyond every reasonable doubt, the multi-billion dollar dance studios industry in the United States of America has benefited greatly from the promotion of dance-inspired television shows and the rising interest in health and fitness.
Over and above, the dance studio industry offer instructional classes focused on providing knowledge and skills related to various dance steps such as salsas, ballroom dancing, ballet, hip-hop and modern dance steps, et al. The industry include dance schools for children, intermediate and professional dancers.
2. Executive Summary
Ancient ‘n’ Modern® Dance Studio is a standard and well equipped dance studio with state of the art facility in all forms of dance class and choreography. We run a dance studio where kids, teens, and adults experience dance in a fun – fulfilled and relaxing atmosphere.
Our dance studio will be located in – between a well – populated residential estate and a business district in Smethport – Pennsylvania, United States of America. We hope to open branches in other key cities in the United States and Canada and also to sell franchise in the nearest future.
Ancient ‘n’ Modern® Dance Studio is a client-focused and result driven dance class business that provides ease to learn dance steps and experience at an affordable fee that won’t in any way put a hole in the pocket of our clients (students and organizations alike who would hire our services).
We will offer a standard and professional dance training and other dance related services in a highly secured and conducive learning environment to all our students. We will ensure that we work hard to meet and surpass all our students’ expectations as it relates to their goals of enrolling in our dance studio or engaging our services.
No doubt, our dance studio will be well – equipped with wood-sprung floors, rocking stereo systems, a comfortable lobby with flat screen TVs, and different locker room for change over equipped with showers for both kids and adults alike. We will also run a one – stop dance store in same facility where our customers can purchase authentic dancing kits and accessories.
At Ancient ‘n’ Modern® Dance Studio, our students’ overall best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professional dance coaches, instructors and choreographers who are specialized in various types of dance to work with our students.
Ancient ‘n’ Modern® Dance Studio School will at all times demonstrate her commitment to sustainability, both individually and as a dance related training organization, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our students’ needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients (students and corporate organization).
Our overall business goal is to position Ancient ‘n’ Modern® Dance Studio to become the leading brand in the dance studio industry in the whole of Smethport – Pennsylvania, United States of America, and also to be amongst the top 10 dance studio brand in the United States of America within the first 5 years of operations.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are enthusiastic and confident that Smethport is the right place to launch our dance studio business.
Ancient ‘n’ Modern® Dance Studio is founded by Dr. Maryjane Caster – McDowell and she will run the business with her business partner for many years Ms. Ella Jacobs. Dr. Maryjane Caster – McDowell is a renowned dancer and choreographer a former competitive dancer.
She was a cheerleader for many years and her success story as a professional and dully certified dancer and choreographer puts her amongst the best in the United States of America and Canada.
3. Our Product and Services
Ancient ‘n’ Modern® Dance Studio is going to offer varieties of dance related services within the scope of the dance studio industry in the United States of America. Our intention of starting our dance studio business is to help in individual and organization learn various dance steps and also perform choreographies at different functions.
We want to help our clients develop the fundamentals of dance and proper technique, and also promotes poise, harnesses passion and encourage performance and healthy lifestyle.
Lastly we are also in the dance studio business to make profits from the personal training cum coaching industry and we will do all that is permitted by the law in the US to achieve our aim and business goal. Our service offerings are listed below;
- Dance classes for-profit
- Dance classes nonprofit (community based, traditional walk – outs et al)
- Teaching dance classes (choreography et al)
- Providing instruction in ballet
- Providing instruction in modern dance and social dance
- Providing instruction in ballroom dance
- Providing instruction in hip-hop dance, tap dance and jazz dance
- Providing instruction in Latin dance / salsas et al
- Providing instruction in cardio based dance (cardio strip tease, cardio hip hop, tone and tighten, and much more)
- Dance production and consulting services (for organizations and cheerleaders)
- Merchandise sales (Dance related shoes, clothes, and other dance accessories)
4. Our Mission and Vision Statement
- Our vision is to build a highly competitive and effective dance studio business that will become the number one choice for both individuals and corporate organizations in Smethport – Pennsylvania and the whole of the United States of America
- Our mission is to provide affordable professional and highly effective dance related trainings and services to a wide range of clients that cuts across different divides.
- Our overall business goal is to position Ancient ‘n’ Modern® Dance Studio to become one of the leading dance studio brands in the industry in the whole of Smethport – Pennsylvania, and also to be amongst the top 10 dance studio brand in the United States of America and Canada within the first 5 years of operations.
Our Business Structure
Ancient ‘n’ Modern® Dance Studio will build a solid business structure that can support the growth of our dance studio business.
We will ensure that we hire competent hands to help us build the business of our dream. The fact that we want to become one of the leading dance studio brand in the industry in the whole of the United States of America and Canada makes it highly necessary for our organization to deliberately build a well – structured business from the very scratch.
Below is the business structure that we will build Ancient ‘n’ Modern® Dance Studio on;
- Principal Partner / Chief Executive Officer
- Administrator / Dance Studio Manager
- Personal Trainers for Various Skill Sets
- Accountant / Bursar
- Client Service Executive
- Front Desk Officer
5. Job Roles and Responsibilities
Head of the Tutorial College / School Coordinator:
- Responsible for providing direction for Ancient ‘n’ Modern® Dance Studio
- Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for handling high profile clients and deals (clients such as Top Government Officials, Sports Clubs, Superstars, and Celebrities et al)
- Responsible for fixing fees and signing business deals (partnership)
- Responsible for signing checks and documents on behalf of Ancient ‘n’ Modern® Dance Studio
- Coordinate all arms of the business and develop curriculum for Ancient ‘n’ Modern® Dance Studio
- Evaluates the success of the business
- Reports to the board of Ancient ‘n’ Modern® Dance Studio
Studio Administrator
- Responsible for overseeing the smooth running of HR and administrative tasks for Ancient ‘n’ Modern® Dance Studio
- Design job descriptions with KPI to drive performance management for dance instructors (coaches) and choreographers
- Regularly hold meetings with key stakeholders (clients and member of the board) to review the effectiveness of the business Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversees the smooth running of the daily activities of Ancient ‘n’ Modern® Dance Studio.
Dance Instructor
- Responsible for performing complex movements to entertain an audience
- Auditions for a part in a show or work with a dance company
- Works closely with instructors or other dancers to interpret or modify choreography
- Rehearses for several hours a day
- Attends promotional events, such as photo sessions, for the show or event they are participating in.
Choreographer
- Responsible for creating routines for individual performers, competitions, musical performances, marching bands, ballets and other spectacles. Performing complex movements to entertain an audience
- Studies story lines and musical scores to translate ideas and moods into movements
- Directing rehearsals to instruct dancers in steps and techniques
- Chooses music, sound effects or narrative to accompany a dance
- Designs dance movements
- Works with music directors
- Auditions performers for dance parts
Marketing and Sales Executive
- Identifies, prioritizes, and reaches out to new students, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of projects.
- Writes winning proposal documents, negotiates fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents Ancient ‘n’ Modern® Dance Studio in strategic meetings
- Helps to increase sales and growth for Ancient ‘n’ Modern® Dance Studio.
Accountant
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for Ancient ‘n’ Modern® Dance Studio
- Serves as internal auditor for Ancient ‘n’ Modern® Dance Studio.
Client Service Executive
- Welcomes students and visitors by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with students on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the studio coordinator in an effective and timely manner
- Consistently stays abreast of any new information on the schools’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to students when they make enquiries
6. SWOT Analysis
Ancient ‘n’ Modern® Dance Studio engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured dance studio business that can favorably compete in the highly competitive dance studio industry in the United States and the world at large.
Part of what the team of business consultants we worked with did was to work with the management of our organization in conducting a SWOT analysis for Ancient ‘n’ Modern® Dance Studio. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Ancient ‘n’ Modern® Dance Studio;
- Strength:
Our core strength lies in the power of our team; our workforce. We have a team that are considered experts in the dance studio industry, a team with excellent qualifications and experience in professional dance and choreography.
Aside from the synergy that exist in our carefully selected faculty members and our strong online presence, Ancient ‘n’ Modern® Dance Studio is well positioned in a community with the right demography and we know we will attract loads of individual and corporate clients from the first day we open our doors for business.
- Weakness:
As a new dance studio in Smethport – Pennsylvania, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the already saturated dance studio industry; that is perhaps our major weakness.
- Opportunities:
No doubt, the opportunities in the dance studio industry is massive considering the number of individuals and corporate organizations who would want to acquire new dancing skills, young couples who would want to learn wedding dance steps, and corporate organizations who would want to hire the services of professional choreographers and cheerleaders.
As a standard and well equipped dance studio that is centrally located, we are ready to take advantage of any opportunity that comes our way.
- Threat:
Every business faces a threat or challenge at any part of the life cycle of the business. These threats can be external or internal. This shows the importance of a business plan, because most threats or challenges are to be anticipated and plans put in place to cushion what effect they might bring to the business.
Some of the threats that we are likely going to face as a dance studio business operating in the United States of America are unfavorable government policies that might affect business such as ours, the arrival of a competitor within our location of operations.
So also health clubs that provide dance classes will remain a growing threat and global economic downturn which usually affects spending / purchasing power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.
7. MARKET ANALYSIS
- Market Trends
One thing is certain, the trend in the dance studio industry is such that if you want to be ahead of your competitors, you should be able to make your dance classes easy for students to adapt to and you should be able to have loads of testimonies from your students. The truth is that, if your student experienced huge difference in their life as a result of enrolling in your dance studio, then they will be compelled to help promote your organization.
Another notable trend in the multibillion – dollar dance studios industry in the United States of America is that, they have benefited greatly from the promotion of dance-inspired television shows and the rising interest in health and fitness.
Lastly, another trend common with standard dance studios is that they are furnished with a smooth floor covering and with a hardwood floor especially for tap dancing class.
8. Our Target Market
The target market for a dance studio is broad and of course all encompassing. Ancient ‘n’ Modern® Dance Studio is a dance studio business that is positioned to offer a wide range of dance related trainings and dance related services to a wide range of clients ranging from kids to adults and to people with health challenges.
As a standard and well equipped dance studio, Ancient ‘n’ Modern® Dance Studio offers a wide range of dance related services hence we are well trained and equipped to services a wide range of clients (both individual clients and corporate clients alike).
We are coming into the dance studio industry with a business concept and company’s profile that will enable us work with the students at different learning stages and different status. Below is a list of the clients that we have specifically design our services for;
- Working Class Adults / Corporate Executives
- Sport Clubs (Cheerleaders and choreographers et al)
- Kids
- About Wed Couples
- Business People / Entrepreneurs
- Government Officials
- Celebrities
- Public Figures
- Applicants / School Leavers
- Sports Men and Women
- College Students
No doubt, the dance studio industry is indeed a very prolific and highly competitive industry. Clients will only enroll in you dance studio or hire your services if they know that you can successfully help them acquire a new dancing skills or successful stage a world class choreography in their functions.
It is the practice for dance instructors, coaches and instructors to acquire as much certifications as it relates to their area of specialization; it is part of what will make them stay competitive in the industry
We are quite aware that to be highly competitive in the dance studio industry means that you should be able to deliver consistent quality service, your students should be able to experience remarkable difference and improvement and you should be able to meet the expectations of your clients at all times.
Ancient ‘n’ Modern® Dance Studio might be new Smethport – Pennsylvania, but we have a team that are considered experts in the dance studio industry, a team with excellent qualifications and experience in professional dance and choreography.
Aside from the synergy that exist in our carefully selected faculty members and our strong online presence, Ancient ‘n’ Modern® Dance Studio is well positioned in a community with the right demography and we know we will attract loads of individual and corporate clients from the first day we open our doors for business.
Lastly, our employees (personal trainers and coaches) will be well taken care of, and their welfare package will be among the best within our category (startups dance studio businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
We are mindful of the fact that there is stiffer competition amongst dance studio businesses in the United States of America; hence we have been able to hire some of the best marketing experts to handle our sales and marketing.
Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of Ancient ‘n’ Modern® Dance Studio.
We will also ensure that our students’ becomes experts with the dancing skills they acquire; we want to build a standard and dance studio brand that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).
Our goal is to grow Ancient ‘n’ Modern® Dance Studio to become one of the top 10 personal dance studio brand in the United States of America and Canada which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in Smethport – Pennsylvania but also in other cities in the United States of America and Canada where we intend opening branches of dance studio.
Ancient ‘n’ Modern® Dance Studio is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our dance studio by sending introductory letters alongside our brochure to corporate organizations, households and key stake holders in Smethport – Pennsylvania.
- Print out fliers and business cards and strategically drop them in offices, libraries, public facilities and train stations et al.
- Use friends and family to spread word about our dance studio
- Post information about our dance studio and the services we offer on bulletin boards in places like schools, libraries, and local coffee shops et al
- Placing a small or classified advertisement in the newspaper, or local publication about our dance studio and the services we offer
- Using referral networks such as agencies that will help match students and corporate clients with our dance studio.
- Advertise our dance studio in relevant entertainment magazines, newspapers, TV stations, and radio station.
- Attend relevant entrainment expos, seminars, and business fairs et al
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied students
Sources of Income
Ancient ‘n’ Modern® Dance Studio is established with the aim of maximizing profits in the dance studio industry and we are going to go all the way to ensure that we do all it takes to attract both individual clients and corporate clients on a regular basis.
Ancient ‘n’ Modern® Dance Studio will generate income by offering the following services;
- Dance classes for-profit
- Dance classes nonprofit (community based, traditional walk – outs et al)
- Teaching dance classes (choreography et al)
- Providing instruction in ballet
- Providing instruction in modern dance and social dance
- Providing instruction in ballroom dance
- Providing instruction in hip-hop dance, tap dance and jazz dance
- Providing instruction in Latin dance / salsas et al
- Providing instruction in cardio based dance (cardio strip tease, cardio hip hop, tone and tighten, and much more)
- Dance production and consulting services (for organizations and cheerleaders)
- Merchandise sales (Dance related shoes, clothes, and other dance accessories)
10. Sales Forecast
One thing is certain, there would always be corporate organization and individual clients who would need that extra coaching or push in order to acquire the required dancing skill set that will enable them live their life the way they wanted to live it. This is the major reason why the services of dance studios i.e. dance instructors, dance coaches and choreographer et al will always be needed. This is why we are strategically positioned.
We are well positioned to take on the available market in Smethport – Pennsylvania and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow our dance studio business and our clientele base.
We have been able to critically examine the dance studio industry – market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to similar startups in Smethport – Pennsylvania.
Below is the sales projection for Ancient ‘n’ Modern® Dance Studio, it is based on the location of our dance studio business and of course the wide range of dance classes and dance related services that we will be offering;
- First Year-: $100,000
- Second Year-: $350,000
- Third Year-: $750,000
N.B: This projection is done based on what is obtainable in the dance studio industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same additional dance related services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Our Pricing Strategy
Generally for dance studio business both per hour billing and flat fees on a weekly, monthly basis and contract applies. As a result of this, Ancient ‘n’ Modern® Dance Studio will charge our clients flat fees except for few occasions where there will be need for us to charge special clients on hourly basis mostly during dance related consultancy and advisory services.
At Ancient ‘n’ Modern® Dance Studio we will keep our fees below the average market rate for all of our students by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to all our individual clients at regular intervals.
We are aware that there are some clients that would need special assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.
- Payment Options
At Ancient ‘n’ Modern® Dance Studio, our payment policy will be all inclusive because we are quite aware that different clients would prefer different payment options as it suits them. Here are the payment options that we have researched about and will make available to our clients at all times;
- Payment by via bank transfer
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
- Payment via mobile money
- Payment with cash
In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.
11. Publicity and Advertising Strategy
Publicity is one of the backbones of any business and we have been able to work with our branding and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.
We are set to become the number one choice for both corporate clients and private students in the whole of Smethport – Pennsylvania which is why we have made provisions for effective publicity and advertisement of our dance studio business.
Below are the platforms we intend to leverage on to promote and advertise Ancient ‘n’ Modern® Dance Studio;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events / programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
- Install our Bill Boards on strategic locations all around Smethport – Pennsylvania.
- Engage in road show from time to time in targeted neighborhoods
- Distribute our fliers and handbills in target areas
- Contact corporate organizations by calling them up and informing them of Ancient ‘n’ Modern® Dance Studio and the services we offer
- List Ancient ‘n’ Modern® Dance Studio on local directories / yellow pages
- Advertise our dance studio business in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our dance instructors, dance coaches, choreographers and staff members wear our branded shirts and all our vehicles are well branded with our corporate logo et al.
12. Financial Projections and Costing
In setting up a dance studio business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a higher amount of capital as you would need to ensure that your employees are well taken care of, and that your dance studio environment is conducive enough for the students to learn.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The materials and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.
As for the detailed cost analysis for starting a dance studio business; it might differ in other countries due to the value of their money. However, this is what it would cost us in the United of America;
- Business incorporating fees in the United States of America will cost – $750.
- The budget for Liability insurance, permits and license will cost – $3,500
- Acquiring a space or warehouse that will be converted into the dance studio and that can accommodate the number of students that will come to learn various dance steps for at least 6 months (Re – Construction of the facility inclusive) will cost – $150,000.
- Equipping the dance studio (studio floor, sound system, DVD players, Pianos, Flat Screen TVs, computers, printers, projectors, markers, pens and pencils, furniture, telephones, filing cabinets, and electronics) will cost – $100,000
- Launching an official Website will cost – $500
- Amount need to pay bills and staff members for at least 2 to 3 months – $70,000
- Additional Expenditure such as Business cards, Signage, Adverts and Promotions will cost – $5,000
While a home tutor might not have to incur all these expenses but going by the above report, we will need an average of $350,000 to start a standard but medium scale dance studio business in the United States of America.
Generating Funding / Startup Capital for Ancient ‘n’ Modern® Dance Studio
It is very necessary to first determine the ways through which funds for your business will be generated. This is exactly what we have done. Hence, Ancient ‘n’ Modern® Dance Studio is a business that will be owned by Dr. Maryjane Caster – McDowell and she will run the business with her business partner for many years Ms. Ella Jacobs.
They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources. These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings and sale of his stocks
- Generate part of the start – up capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about 0,000 (Personal savings ,000 and soft loan from family members ,000) and we are at the final stages of obtaining a loan facility of 0,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
13. BUSINESS GROWTH: Sustainability and Expansion Strategy
It is easier for businesses to survive when they have steady flow of business deals / customers patronizing their products and services. We are aware of this which is why we have decided to offer a wide range of dance classes and other related services to corporate clients and individual clients
We know that if we continue to deliver excellent and effective dance studio services and other dance related services, there will be steady flow of income for the organization.
Our key sustainability and expansion strategy is to ensure that we only hire competent and selfless dance instructors, dance coaches and choreographers, create a conducive working environment and employee benefits for our staff members.
In the nearest future, we will explore the options of either selling out franchise or expanding our scope beyond Smethport – Pennsylvania to other major cities in the United States of America and Canada. We know that if we implement our business strategies, we will achieve our business goals and objectives in record time.
Check List / Milestone
- Business Name Availability Check:>Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the start – up capital from the founders: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of Logo for the dance studio: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the business: In Progress
- Creating Awareness for the dance studio in Smethport – Pennsylvania: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in various industries: In Progress