Whether it's the off-season, or a holiday break, we all know what that means - we are a little low on cash. Are you looking for a few ways to bring in some extra revenue, without having to add more classes onto your plate? Here are my top ways to try to drop more to your bottom line.
1. Offer a promotion to boost private lesson sales. (For example: “Buy 5, Get 1 Free” or “Book 20 Private Lessons, Get a Free Solo Costume.”)
2. Rent out your studio space for other groups to use when you are closed. There are many groups who could use larger spaces during non-peak hours. Get creative and reach out to other organizations first.
3. Offer economical preschool field trips. This admittedly may not bring in a lot of revenue, but you can also think of it as marketing to potential clients.
4. Take some time and evaluate your monthly costs, including merchandise fees, utilities, phone and internet, insurance, and accounting fees. Negotiate to lower your bill or find a better rate elsewhere. Every little bit helps.
5. Get to know which vendors offer volume and early bird discounts and give them your business. You could save a bundle using these discounts for retail merchandise, costumes, competitions, and more.
One more thing - I've put together a resource where you can get more tips on bringing in more revenue! Check it out!